All Forum Posts by: Jonathan Stone

Check the supply of available housing wherever you are looking and make sure you are checking into local laws. There has been a huge rush into the STR space in the last 2 years, myself included. How the market will act over the next 18-24 months is anyones guess. Traveling healthcare workers may be a good target audience, but in places like California and Oregon you give tenants rights at 30+days. If someone decides they don't want to leave at that point you are stuck. Just my 2 cents.

@Kevin Romines do you have any details on the REVIN meeting?  I am south of y'all in the Portland suburbs but would like to network. We could see a place in SW Washington in our future.

I would add that rents in the area have been going up in a hurry.  Some of that seems to be property owners trying to protect their investments as the tenant laws have limited the ability to collect when tenants don't pay or damage properties. We are not in Portland proper but the suburbs and have seen rent move up between 10% and 20% over the last year and a half.

I would suggest this will also significantly affect those who have private money to lend. As Fannie/Freddie see rates increase as will Other Notes. We may see more people willing to or wanting to be on the loan side. At sub 5 percent and certainly sub 4 percent I don’t think the appetite was very big for originating notes. At 6 or 7 percent that would change quickly.  

The view and water access that really makes it worth it. 

 new

Kitchen cabinets going in. 

30 yard dumpster and 30 years of stuff from the previous owners. 

Wall and floor opened up after mold mitigation.

The portion of the subfloor that was cut out to assess the level of damage and mold underneath. 

Areas we found water damage from worn and cracked drain vent boots on the roof.