All Forum Posts by: Mathew Wray

@Albert Hasson I tend to agree that it’s more about the principle. In the grand scheme of things, the bill itself is far better than what Portland’s city council would’ve done if they could. 

@Justine L Haney definitely a mixed bag! Some of our clients are looking at this as a big opportunity to gain a few rentals at great prices if landlords are dumping them. But, I haven’t seen a “run” it’s really just increased interest and conversation around what happens. Even the ones contemplating selling are doing so cautiously. Selling is not a decision they can undo after years of building their portfolios. 

I’m not normally one to worry too much, having a lot of faith in the long-term game and knowing that there will be bumps and blocks along the way and on the surface, this isn’t that bad (who knows what it will adjust to in the future) and I could live with it. And yet, there is more already brewing with one of our city council proposing a tax on vacant units and another in the house legislature proposing to end any sort of pet rent. 

It’s odd times, that’s for sure. 

Hey Taj, 

I'd defer here to others...

I believe @Caleb Webster could likely give you a little advice on splitting and building. For what it's worth, the RIP is still in process and we should have answers within the next couple months. My guess is that you'll have a final answer on how the RIP impacts the lot before you'd get approval from the city to divide and build. 

Please keep us in the loop on how it goes!

Mathew

I understand completely! My agreement with my wife is we don't touch the equity in our home either...get it paid off. 

In the meantime, there's other ways to get in the game, make some extra money, partnerships, etc. The whole point of earning real estate wealth is to live a good life so what's the point of ruining a relationship over it! Your time will come! 

In the meantime, just keep educating yourself!

Good luck!

Mathew

Hi @Brett Chandler...been out of town for a few days and catching up. 

One thing to keep in mind is that having a condo as an investment is not the same as a SFR or a multi-family. I know the price points are lower and that is super attractive, but there are some drawbacks as well. Besides the obvious of HOAs (just as an aside, don't shop based on the HOA fee), their fees and management, you have some danger zones down the line as well. Condos typically drop in value first, and faster, than other properties. If enough in a complex are foreclosed on you can lose the ability for a buyer to finance in that complex so you could get stuck with an asset you have to deeply discount to unload. There are more concerns than just those...just want you to consider information as you formulate your plan.

Best of luck, 

Mathew 

@Caleb Webster

I did not! I had a client in who wanted to see a property ASAP and write an offer so I made that a priority instead. 

I'm headed to New Orleans on Friday and will be able to watch the replay on YouTube (https://www.youtube.com/user/bpswebteam/videos) while I'm traveling. 

Glad that you gained from it...I really think it's shaping up to be a win for landlords/developers/investors...and the city! 

Thanks Jay!

I want to make sure I have the funds on hand through a HELOC so I can move on opportunities as I can, but not have the guaranteed hit from a cash-out refi. I like the flexibility. Saw what over-leverage did to others 10 years ago and looking to avoid that for myself and my clients.

Fantastic!

Thanks Alex!

Morning Kyle,

I think one thing we forget sometimes is that price isn’t solely set by what someone is willing to pay for a home but also by what someone is willing to sell it for. There’s two sides to that equation. 

There’s great advice here and it sounds like you’re on the right path already...to add a little, I’d say go back and look at your offers. Are they presented professionally using contracts, forms, and terms a listing agent will be familiar with? 

In your 280 vs. 310 example a seller or listing agent may not have thought you were a serious contender. If the 280 offer was a known quantity then maybe that confidence in closing was worth 30k to the seller. 

Good luck!

Mathew 

Thanks Chris and Jeff! 

I’m not opposed to calling around, but figured it would be easier with a head start on which to call first!

Thanks!