All Forum Posts by: Michell P.

Well, you're going to want to look at their P&L & rent rolls if they have it - you want to see what their repair & maintenance costs are.  You also want to know what the utilities are, and average rents for the neighborhood.  Sounds like you know the neighborhood, so the last thing if all the numbers look good is to go tour it and see in what sort of shape it is in.

And don't forget capex (how old is the roof / water heater), and account for property management.

In my market, I'd be interested in that property, though taxes are a bit high.  How do taxes compare to neighboring properties? 

Grab their business card before you kick them out - and report them to their brokerage.  That kind of behavior is unacceptable and their broker will most likely be completely on your side.  

If people are staring into your window and invading your privacy, you can call the police - they are trespassing, and you have rights.  

Probably b/c the market is so hot right now any realtor who even hints at a "coming soon" listing is being flooded with interest.  No reason to list it if you're getting top dollar just through networking.  It's an annoying trend :/ 

There are no rules.  

I tend to counter over anything and everything, b/c why not?  Actually it's kind of crazy how few buyers (or sellers) will counter these days.  They'll make one low-ball offer and then shrug their shoulders when the seller doesn't automatically accept.  And so many sellers counter back at full price.  Methinks they don't know what negotiating looks like.  

Pricing is both an art & a science - and it's local to your market.  What works in Portland isn't going to work in Atlanta.  This is pretty much the main reason to hire a good realtor.  

It probably depends on your relationship with your contractor, but I try to only bring contractors in when I'm pretty sure I want the property so I don't end up wasting their time.  

No problem - someone's gotta be paranoid on your behalf, might as well be you :) 

Good luck with the property!

This is unfortunate - if it's a long story then he knows it and should share with you.  He shouldn't be dismissing your concerns - and I'd let him know you don't appreciate it.  Sometimes agents forget that for a new buyer its a nerve racking purchase, and if you let them know how they're coming across, then they'll happily adjust their behavior - they just need to be aware of it.  If you're comfortable confronting him, your relationship as a client / agent may improve.  He wants your business after all.

Sergiu, 

Estoppels aren't common in Oregon b/c most everyone uses leases, but think of estoppels as part of your due diligence. It's a letter that is delivered to the tenant, who is given a short amount of time to sign. If they don't sign, then they've accepted the letter and terms within as true and you can move forward. You shouldn't move out of your due diligence period without either leases or estoppels, and if the seller refuses to give you either, then you should seriously consider if this property is right for you. I'd definitely ask your mortgage broker if estoppels will work with FHA, I've only had to use them once with a conventional loan and that was b/c the sellers "forgot" what they did with the security deposits.

If there are no leases then you can give 30 day notice for the tenant to vacate, but if the tenant disputes that they had a lease, then problems might arise, which is what the estoppel prevents.  

There's really no reason why you can't pick out a unit and put it in your offer that the seller will give notice for that tenant to vacate, say, within 3 days of the end of your due diligence period. That way the seller is protected in case you walk during inspections, and you're protected for the FHA.

But I also give sellers the side-eye whenever they make it a point that they won't assist in tenant removal (especially when I don't bring it up).  Who knows what can happen if a tenant doesn't want to move?  I don't really want to find out.  

Welcome @Kyler Pace! 

There are a ton of Portland people on Bigger Pockets - and they're all really helpful.  You may want to start by making sure you know all the costs associated with owning rental real estate - because a lot of those 4plexes don't pencil out too great, especially not close-in to Portland.  But you can definitely find some deals.  

Good Luck!