All Forum Posts by: Mathew Wray

I think this is a golden thread, with a huge lesson that is right in front of us but is sometimes hard to see through the trees. This is a business and we need to take our emotions and frustrations out of it...I would want to get the police and everyone else involved, have the PM take care of it, make an example, etc. But once you set those "want" aside and look at the facts, you realize that like was said, it's going to be long and expensive road. Way better to just pay up front and get them out ASAP. You'll be doing better by your tenants, your business, and you'll greatly reduce the stress/headache factor. 

Great reminder!

Hi Kelvin, 

Sorry to hear about the issues with your property. I'd lean on your PM company to find a for-cause eviction reason. Lets be honest, if they're stealing and doing drugs then there is likely other activity that will qualify them for an expedited exit from your property!

Also, you could consider one of the digital monitoring systems that are really cost effective (I believe there's a company that is a sponsor of the BP Podcast). Inform the tenants that due to security concerns the common areas will now be under surveillance (maybe check with a real estate lawyer to ensure that will hold up in landlord/tenant court) and then see what you see. 

Hope that helps! 

Mathew

Hi Nicole, 

Congrats on having a great problem! 

I've got two recommendations for you to check out. I'm verifying that one is looking for more work-assuming she says yes then I'll definitely give you her info. One downside, she is in Hillsboro, but she does great remote work. In addition to her, I know of a bookkeeper in Woodstock who has worked with a few other realtors who may be what you're looking for. 

PM me for details. 

Good luck!

Hey Paul, 

I'm sure Sue will treat you well and I know Neal is a great guy with a fantastic reputation. 

As a fellow Portland native let me say, it's always nice to have folks look back to home. The community has changed a lot, but is still an amazing place to be and has definite opportunity for investment. 

Whether you talk with me, Sue, or Neal, make sure you check out some of the lending programs specifically designed for doctors and buying second properties. Let me know if you have any questions about them!

Thanks and good luck!

Mathew Wray

Hey Raymond, 

I understand trying to avoid the hassle but if you, as an experienced owner/operator, are having trouble finding an outlet to sell the whole thing, then I have to assume your less-savvy buyers will struggle to find your listing even more. Why limit your buyer pool? 

Why not consider selling traditionally and including the infrastructure and personal property in the sale? There are plenty of people on RMLS looking for potential Air B&B properties. And, you’ll get the benefit of exposure to traditional buyers as well. 

Shoot me a message if you want to explore what that can look like. 

Best of luck! 

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Thanks Mike! 

I'll definitely reach out to the other commissioners...I'll write a letter and hope that handwritten helps get it through the gatekeepers before following up with an email. Good luck testifying. I'll be there and put my name on the list as well. 

Great advice from Angelo! 

Focus on the numbers and buy for the long-term. If you're planning on continuing to buy for years and years then the exact timing is minimized-some you'll buy up, some you'll buy down, and they'll all average out. If you're more interested in flipping then that short-term cycle is going to be more important. 

If you want a local resource, send me a PM and I'll connect you with a great agent we've referred a couple folks to out in Astoria. She'll be able to tell you more about the specifics of the North Coast. 

Thanks and good luck,

Mathew

Hey Mike, that is great info! I'm really appreciative for the background and your involvement. Do you know when they're having "public" comments or a way that we can get involved? I know for the last public comments we sat through hours of testimony only to have 3 people testifying against the policies get two minutes each. 

Hey Sean, sorry for the late reply. 

You can try to negotiate anything during the inspection period, but once that is up you're relying on their good will to get any credit for handling the tenants. To Jessica's point, you did know they were there ahead of time and that you agreed to accept them. Doesn't mean you can't revisit the issue now, but it may hurt your chances/credibility. Better to me, to just negotiate harder on the facts of the property vs. the subjectivity of the tenants. If you do move beyond the inspection period there may still be some contingencies for you to get out of the deal but your earnest money could also be at risk. Of course, I'm going to tell you to consult your real estate partner on the deal for actual advice on how you should handle this specific situation. It sounds like you're working without an agent so I'd hit up a lawyer for an hour of their time and make sure you've got an out if you so desire one. 

Hope that helps!