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All Forum Posts by: Michell P.

Michell P. has started 7 posts and replied 153 times.

Post: Need to save money! Suggestions??

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

google your local wholesaler for items and sometimes you can find great deals.  Lilyanncabinets has good pricing and so does Ikea.  HDsupply has some good deals and if you learn your local homedepot you can find some great deals.  But if you hire it all out your contractors may have their preferred vendors.  

And you know if you go through the pro desk at home depot you can get discounts, I think if you spend over $2,500 a purchase.  

If you check out your craigslist you can often find interesting sales from contractors selling materials from jobs that have been cancelled.  

Goodluck!

Post: Rental application

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

You want an application local to the state when your unit is at, so you might want to google the local housing authority and see if they have one you can use.  That way you know it's been checked over by a lawyer and legal in your area.  

You could check out cozy for background checks - tenant pays directly to them so you don't have to worry about it.  

Post: Where to look??

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

Why not hook up with a local realtor?  Redfin is a great tool if it's available in your area.  Keep in mind that Zillow & Trulia aren't the best at being up to date or accurate about listings so something that catches your eye may not actually be available.  

The best deals tend to go before they hit the MLS, but maybe you can find something on craigslist or loopnet or a local classifieds section run by the newspaper.

Goodluck!

Post: More people keep moving in...

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

lol, well I've just been told I wasn't very clear about what I'm asking for here, so let me see if I can do better.

I'm looking for advice on how to salvage this tenancy.  

Basically, this list of complaints is nothing compared to what I've been dealing with.  My partners are remodeling the complex, and my job is to keep these tenants in good standing while we remodel a different section.  So ideally they prefer that I don't evict anyone who is living in a block we aren't touching at the moment.  Most likely we won't be ready to look at these tenants' block for another 6 - 9 months.

But now that I have everyone paying rent, the drug dealers and other bad elements are out, I'm looking to these smaller issues and wondering if anyone else has had success in working with the tenants vs just giving them notice.  If I have to evict, I will, but the continued cash flow while half the complex is out of commission is very helpful.

We've gone from the place looking/feeling like a dump to everyone being pretty happy - which is why I feel a little like I should just mind my own business and not rock the boat until I'm forced to.

Post: More people keep moving in...

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

Hey all, 

Ok... I have a tenant who has been kind of a problem ever since I got involved with the property.  They were placed in the unit by the previous property manager and their lease is OK but pretty minimal and now they're on month to month.  They're often late paying rent but usually catch up before I give them a 72 hr notice.  

They're in a 2 bedroom, 1 bath and I thought there were 4 people there.  Turns out there were 5 (3 adults, 2 kids under 4).  Now I'm pretty sure they just moved in their grandmother.  So 6 people in a small 750 sqft 2 bedroom apt (plus a large companion dog).  Only 2 of the adults are on the lease that I have for them.  

And they're very rough on the unit, borderline hoarder issues and general uncleanliness.  I just inspected the unit and I've amazed at how bad the place is looking considering it was remodeled less than 2 years ago.  

Today, I saw the guy walking around with a lighter touching random bits of grass... so I'm guessing there is some hard drug use going on but no proof.  And he's not on the lease.  

We're at the bottom of the market, and they've repeatedly sobbed (literally crying) that they have nowhere to go because rents are so high everywhere so I'm pretty sure they'll force me to evict them before they'll move.  I've offered to return half their security deposit if they'll just leave, but they turned that down.

I'm torn between feeling like I'm sticking my nose where it doesn't belong and feeling like I'm just protecting the property.  If your answer is that I should just give them notice, then do you also have any strategies you use in cases like this to help minimize the pain? If that's even possible... 

Post: Investing in Portland Metro Area Rentals

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

@Cameron Rouse

Hey Cameron - I've been in your boat and just abandoned Portland all together.  And now I watch the market wishing I had bought when it was 200k, or 300k, or 400k... and now I'm looking at 500k homes wondering if I should jump in... 

At all those price points, cash flow was almost nonexistent but the homes keep doubling in price. So do you want cash flow MoM or appreciation YoY?  If you want appreciation and cash flow is a distant second, then I agree - follow the tram.  Stay out of "suburban hell" type of neighborhoods.  Look at New Seasons and where they're planning on building.  Look at the roads - you want small narrow roads vs wide.  Some neighborhoods can look pretty rough, but when you look at the zoning, roads, schools and tram line, you'll see they have potential.  Oh, and look for sidewalks & potholes.  

But if you want cash flow first then I'd think about leaving Portland Metro entirely.  

Post: Eviction question about 144 hr or 72 hr eviction notice

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

Hi Sherry, 

Check out this link for Oregon Evictions http://courts.oregon.gov/Washington/docs/civil/FED...

And this is a good generalized overview you should read: 

http://www.nolo.com/legal-encyclopedia/oregon-late...

Generally, yes it's 72 hour or 144 hour - benefit to the notices depend on you and your tenants.  If you have a tenant that just needs a reminder, 144 hour might be good.  I personally like 72 hour because it adds a sense of hurry and encourages everyone to act.  

The specifics also depend on the lease you use, make sure you always follow what is written.  

You might also want to check out tenanttech.com, they have all the forms from Multifamily NW which is the larger housing association in the area.

Goodluck! 

Post: Flooring for Rental

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

Check out your local flooring wholesalers, you'll be able to get 12mm for the same price as 8mm at HD.  

8mm is basically pointless, IMO.  You'll be switching it out in a few years.  If your tenant drops gum on the floors, drags heavy furniture across it, has a pet or child, etc etc then those floors will lose their coating and look horrible.  It'll also warp with water (if you get a 12mm water resistant laminate it should hold up better, but really depends on the quality of your tenant), and it'll warp if you don't install it right.

I rarely see cheap laminate look good a year or two after install.  

Regarding the vinyl plank flooring...  I'm replacing all my warped laminate with it and tenants love it.  Cleans easily, feels nice on the feet, and no hollow clanking sound as you walk across it.  Definitely takes a bit of time and patience to learn how to install it but once you know what you're doing the process goes fast.  However, make sure your flooring is level with no dips or unevenness (with older homes) because the plank flooring will highlight every imperfection.

Post: Need an Oregon Broker who will Carry My Licence

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

Hey Steven, 

Check out Kelly Right Real Estate - we have offices in Idaho, Washington & Oregon, so you can probably coordinate among them to have Oregon carry your license.  Lesli Bauder is our Oregon principal broker.  The firm does charge a monthly fee ($79) to carry your license.  

Otherwise, check out any of the firms that have both Idaho & Oregon offices and call around, you'll find someone who will carry it for you.  

Post: Help.. Struggling to rent first investment property

Michell P.Posted
  • Residential Real Estate Broker
  • Portland, OR
  • Posts 153
  • Votes 105

Have you toured other properties for rent in the area?  Sometimes small cheap upgrades can help - like a fan in the living room or upgraded shower head & kitchen faucet.  Is your security deposit requirement in line with other rentals?  If your area has an abundance of similar types of properties for rent you may need to lower your rental amount again - if you lowered it to $850 and got it rented in a few weeks vs holding it for another 2 months at $925 then you come out ahead it would seem.  $75 x 12 = $900 lost over the year vs $1850 trying to get market rate for example... Goodluck! 

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