All Forum Posts by: Mathew Wray

Hey Charles!

Congrats on getting going...I really think taking that first step is the hardest and you've already done that! It's definitely a long-term, patience game so you're right on track to be wanting to get the ball rolling. Congrats again and welcome to Portland. 

Looking forward to seeing you around! 

Mathew

Hey Ron,

Just google Rarebird and you'll see the calendars and contact info. It's a great group and filled with good people who give back to the larger community. Jay is right...they're the real deal! 

Also, shoot me a private message if you'd like a couple of Property Manager recommendations. It sort of depends on scale and goals. 

Thanks and good luck as you get started!

Mathew

What a great gift to yourselves as you enter retirement...congratulations! It's what most all of us are working towards and why many are in real estate to begin. 

Just one piece of unsolicited advice (that you are likely already aware of): Keep in close contact with a CPA before you approach the three and four year mark for the home being a rental. As the rules stand now, if you do decide to sell in the future, you stand to save a ton on capital gains taxes if you sell it as a personal residence that you've lived in for 2 of the last 5 years vs. deciding to sell in 6+ years and paying back depreciation, capital gains, etc. Half the benefit of owning real estate/rentals is in the taxes, so just make sure you've got reminders on your calendar to assess where you stand at regular intervals!

Enjoy your retirement!!

Steve brought up some great points, and helps to know that it was for sale. Was the house tenant occupied when for sale? An occupied SFR is a tough scenario for selling!

Without knowing goals and strategies it’s hard to say, but sounds like sticking out the lease and then selling is a good course of action. Of course, as a rental now you’ll have capital gains to deal with. 

Either way, a lot of this likely could’ve been prevented with good Property Manager up front. Shoot me a PM if you want a couple referrals to PMs for you to talk with if you’re considering a change. 

Best of luck!

Mathew

Patrick, Lisa really outlines the pro/cons of getting your license well. It may or may not be worth it for you to get a license. If you do choose to do it, talk with a couple of brokerages to see who is going to let you hang your license easily but don’t ignore the help a good brokerage will give you...they’ll also likely have a discount code for the coursework-I know mine does. 

Finally, don’t ignore the disclosure agreements! If you are licensed in real estate, you have to disclose it to anybody you get in contact with around real estate. 

Let me know if I can help!

Best of luck! 

Also, check with your cpa and see if you can write off the solar leases as a loss against your rental income! There might be at least some benefit you can find there. 

$130/month times two units times 12 months is $3,120 a year. That’s not chump change and I understand why you’d like to defray the costs associated with it. But, it sounds like it wasn’t clear in the lease up front. 

Could you go to a lawyer, have them research, and potentially go to court to solve the problem...I’d say yes, but at what cost and headache to you? With our tenant friendly state, do you want to risk losing in court and being out fees on top of the income? Is that Wirth your time?

What about your tenants? If a landlord would’ve taken me to court I would’ve left post-haste so now you factor in an early or contested (you know any charge you make them while moving out is going to be challenged as retribution) vacancy and how much does that cost you?

Although it stings, I’d shelve the request and wait until the leases are up, then clearly define who’s responsible for the payments. In the meantime, just chalk it up to a learning experience.

Mathew

Hey John, 

Welcome back (almost) to Portland! Your understanding of the realities of house hacking here will help make that transition a lot easier on you. There are plenty of brokers here who have helped folks house hack their way to success, of which I'm one. I'd be happy to get you some recommendations from those who have worked with me in the past. 

That being said, you're wise to look ahead to changing zoning and land-use requirements. Some big changes are coming that will, potentially, increase the ability to develop certain lots down the line. If you want to do some pre-research now, the city Bureau of Planning and Sustainability has a website with more information (see below)

https://www.portlandoregon.gov/bps/67728

and here is a link to an overview of the proposed changes that is likely easier to skim over:

https://www.portlandoregon.gov/bps/article/678802

Welcome back!

Mathew

Also, for more info (and there's an email update list you can sign up for so you'll get future updates) check out:

https://www.portlandoregon.gov/bps/67728

I’m sure some form of it will pass as well. I just know the NIMBY is strong here so I don’t hold my breath waiting for the end result 😀

As for tracking, since you’re not local it’ll be a bit tougher to just have it pop up in the news. I’d sign up for the Portland Business Journal’s online daily update. They’re a great source of info on what’s happening around town. You can also throw a calendar reminder in as a placeholder to check back in here in a few months. 

Keep us updated about your search! 

Mathew