All Forum Posts by: Richard Sherman

@Adriel Hsu is the property manager doing everything else well except the turns and communication?  How long are turns taking (make ready)?  You say too long, but how long?

How would you collect rents?  Are your tenants going to push back on electronic, can you set up for deposit into bank account directly with local bank etc?

@Jay Hinrichs yeah, Umpqua has gotten pretty big comparatively, I had good luck with them, but then again were cash out reifiing paid for properties and only at 50% LTV...so, of course, they were nice..haha

Have you talked to Opus?  Thats where the loans have ended up with Commercial Lending Group and they have been great.

@Daniel Roure IF it were me I would 100% cancel that check if it has not cleared.  Then they are going after you to get the money not the other way around.  150%..not legal advice, just what I would do personally in this situation.

@Jay Hinrichs Hey buddy..normally yes...But NOT for someone from SCIO!  ahaha...JK..@Ezra Peachey , I grew up in Jefferson so we are sworn enemies...and probably related!

Umpqua Bank is a great player for commercial and are pretty flexible (we did a portfolio loan spread over 5 properties with them last year.)  We have used Marc Person at Commercial Lending Group out of Portland for most of our larger purchases, they are awesome but I think do not do anything smaller than 1 million.  We talked with First Tech Credit union and they were very open to the portfolio loan as well even though we eventually went with Umpqua. Jeremy Stephens @ Willamette Valley Bank might also be a good person to talk to.  They are more on the smaller commercial and residential but very scrappy and good people.

@Brandon Rodriguez Ahaha..yeah, when people ask if I am the football player "sure, just not the good one you are thinking of..haha"

AirBNB/STR can be great or awful, so much depends on the property, the operator etc. You do WANT to have something unique or different (location, decor etc) and it is more hands on, but systems work well. GET A GOOD CLEANER THAT YOU TRUST!!!

@Andrew Cooper it is worth talking to  CPA on this one.

@Zach Wilkinson Welcome and go kick some butt!!

@Jason Lawrence I have been looking around as well for a while (not for a PM company, just for our own properties.  I THINK we have decided on Rent Manager but there are some pretty extensive start-up costs compared to others (sounds like around 1k.) On a recent BP podcast the guest (PM from Main that runs Brandons MHP recommended it and said he liked it the best.

@Brandon Rodriguez We are painting a unit to do this very thing in a 6 unit building we have (on a creek with a deck and only 5 minute walk to downtown Salem.)  We will probably tell the other renters just so they know to expect different people and tell them that their cooperation in making that a viable business will work to keep their rent increases lower....hint  hint..

@Russell Brazil I only buy on the commercial multi side, so our PSAs say pretty much whatever we want them to...my counterpoint to your 3 vs 6 is what about 117%....so I have to close because someone gave me pawn shop rates?  

haha..For sure a state by state thing and probably varies depending on residential or larger commercial PSAs that re less templated.