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All Forum Posts by: Uriah Maynard

Uriah Maynard has started 0 posts and replied 5 times.

Post: why do people hate landlords?

Uriah MaynardPosted
  • Developer
  • Portland, OR
  • Posts 5
  • Votes 12

Put yourself in a renter's shoes. We're talking about some guy that you barely know and aren't friends with who wants to come into your personal space and inspect your home on a regular basis, a guy who tells you to take better care of the lawn, tells you that you can't have a pet even though you're sure that cat isn't going to do any damage to the place, tells you who you can and cannot rent any spare rooms to, and who might tell you to leave on fairly short notice at any time for almost any reason. He barely maintains the place and cheaps out on all the appliances and all the finishes when he does do some maintenance. The furnace is ancient and inefficient and the house is drafty and your heating bills are huge and the garage is full of his stuff so you can't even use it. Oh and you have to pay him hundreds or thousands of dollars every month and act like it's a privilege to do so, and you might have to pay even more money for housing basically whenever this guy feels like he can get away with it. Then if you have to or want to move you've got to kiss up to whatever new landlord you're applying to move in with, and just hope that they accept your application, all because you can't qualify to buy a house where you wouldn't have to put up with any of that, and you don't want to pay 50% more to live in a luxury apartment where you still get treated like a peasant but at least have a nice well-maintained space, though it's two thirds the size or less and you can hear the neighbors all the time and there's constant notices about the rules to remind you who's boss. 

I wouldn't want to rent from a landlord, would you? If you're an independent kind of person who wants a measure of control and dignity with regard to their living space it's basically a terrible arrangement. The question isn't why people hate landlords, it's what are you doing differently to change those feelings?

Post: Halloween Fun: Anyone Ever Own a Haunted Property?

Uriah MaynardPosted
  • Developer
  • Portland, OR
  • Posts 5
  • Votes 12

Being from New England originally I have a few ghost stories. The first I'll tell you involves the family homestead in Peterborough NH, a big 1791 colonial farmhouse up on the hill that's been in the family for almost the entire time, though nobody has actually lived there full time in a few decades. Many of my relatives have been born, lived and died in that house over the past couple centuries, and everyone who's been there that's sensitive to ghost activity has told us it's haunted. There's been a lot of stories but the most common recurring theme to the ghost sightings is a little girl in the north room on the third floor. Family members staying in the room say that she's lonely and wants to play. Non-family members say that she's angry and wants them to leave, and more than one person has refused to stay in the house after feeling the ghostly presence. In either case there's no shortage of strange sounds, that room will randomly go cold for no apparent reason, doors will swing shut or creak open on their own, and there's weird vibes to the property in general. I wouldn't characterize it as bad vibes, just weird, numinous feelings, like you can feel the history there. I'd assume that it's just that it's such an old house, it's a bit drafty and it shifts in the wind and that's what causes the phenomena, but who knows?

Another, scarier story I have is from when my business partner at the time and I were touring a house that'd been vacant and on the market for a few years, deep in the back woods of Vershire VT, real middle of nowhere town that has fewer residents now than way back in the 18th century. He'd heard from the realtor that the house was rumored to be haunted and the owners had abandoned it after doing some renovations and briefly moving into it. Apparently there'd been a murder/suicide in the home, the previous owner went crazy and killed his wife in the basement, and then weeks later himself. As part of the renovations they'd painted over a bunch of satanic looking symbols that had been graffiti'd all over the house, a tasteful light mint as I recall. Maybe the graffiti had been done by bored kids looking for thrills while the house was vacant for a few years after the killings, maybe they were done as part of the husband's psychosis that had led to it all. 

So we go into this house, and it's a fairly small colonial with a decently renovated kitchen for the time (around 2002). You can smell the fresh paint but there's something stale there too, like unloved houses sometimes have. It's not staged or anything, just an empty house. We've been there for a minute or two checking out the main floor when a door slams upstairs. I'm like "are we alone here?" But there's no other cars outside so who could it be? We're a couple big manly men so we go upstairs and there's a couple bedrooms and a small bathroom, but it is crazy cold up here, like ten degrees colder than it is outside at least. The lights start flickering and we hear another door slam somewhere else in the house. Between hearing the history here and the feeling of dread in my heart I've had enough at this point but my friend loves this kind of stuff and wants to look around some more, so I leave and go back to the car while he checks it out. 

A couple minutes later he comes hurrying out of the door, white as a ghost. He tells me that he went down to the basement and there was a door at the bottom of the stairs. He'd tried to open it, and it was unlocked, but when he pushed on it the door pushed back. So he pushed harder, put his shoulder into it, and he's a big guy, 6' and 240lbs of more muscle than flab, and he said he got further in that time, but he said that something pushed the door closed so hard that he fell back on the stairs, and all the lights went out for a few seconds, and he heard the door upstairs slam shut again. And then as he's lying there on the stairs the basement door creaked open an inch, only to slam shut and latch this time, he got up and couldn't get it to open at all, it was now locked, and nobody answered his calls. He went upstairs and now the cold was in the main room, and the lights started to flicker again, and the door upstairs slammed twice, three times in quick succession. So he left, and we never went back. I don't know if it ever sold or who would have bought it or if it slowly rotted to nothing over the last two decades. Maybe it was a decently strong squatter holed up in the basement and some faulty wiring? Maybe it was the work of malevolent spirits, trapped between worlds. Maybe he made up the last part just to **** with me, I don't know, but he is not typically a man to show fear like that.

Post: Seeking Biggest Mistakes and Lessons Learned Stories (Again!)

Uriah MaynardPosted
  • Developer
  • Portland, OR
  • Posts 5
  • Votes 12

Building a 14 unit apartment building, I once made the mistake of paying a plumber for the entire 14 unit project up front. I'd submitted a construction draw for half the contract but the lender didn't look carefully at the draw and sent a check for the entire contract. Meanwhile the plumber had refused to continue work on that or the other two projects he was working on until he got paid his deposit for the new one, which he'd bought some supplies for on credit and so all three jobs were just sitting for two weeks while we waited endlessly for the lender to process the draw. 

Our hard money lender was a very prickly lawyer who had never built anything and nickle and dimed us over absolutely everything and wanted way more progress reports and monthly budget updates and all this stuff than anyone else we worked with, and he was a total jerk any time you had to ask him for anything. So I get this check for $204k for the plumber and rather than get the lender to cut the check again for the right amount, I made the call to go ahead and give the plumber the check, since we still had a fair bit left to pay on the other two projects, so I thought we'd have some leverage there. Nope! He worked for like another few weeks, screwed up his rough in, got pissy with the project manager when he was told to fix it, and finally walked off the incomplete job. He also never paid his supplier, who wound up liening all three properties for a total of $36k. We had to get a new guy to do $24k of repairs that the first guy screwed up and then $60k+ to finish the job. 

All in all, between the $120k in plumbing overruns and going over on excavation and permits and a few other items, we were like $180k over budget by the time we were ready for finishes. So what did the lender do? They made us pay $180k out of pocket, refusing to issue any more draws until the loan reserves were enough to bring the project to completion, which is something that took us completely by surprise. That was almost four months of contractors getting increasingly pissed and work slowing to a crawl while we scrambled to use what cash we had on hand to keep the project moving forward. We sold a couple other completed projects and were eventually able to see things through completion, lease up, and finally a fairly decent profit, but yeah, it took a lot of juggling and some tight months to bring that project to a successful close, even if it wasn't as successful as we'd hoped. Our no money down project wound up being like $300k out of pocket by the end but we still made a good return so it could have been worse.

Don't borrow money from jerks. Those rates may look good and you might not have anything else as good lined up but a bad lender can kill your project. Watch out for the details in the loan documents, the easygoing guy you negotiated the loan with might not be the guy managing the loan and if you agree to onerous terms you should expect them to be enforced, even if it kills your project. It's not common, but some lenders want you to fail so they can foreclose, and they will attempt to do so if you give them any opportunity. We easily could have lost the property if we'd had fewer resources at the time.

Don't give a low bidder a second large project until they've successfully finished the first, and never ever pay anyone in full before the work is done. 

Don't skimp on your proforma. Sure, most lenders won't hold you to your budget and it's easier to get a loan with optimistic construction costs and you can always pay a few contractors out of pocket and a few when you close your refi at completion, but sometimes it really bites you in the ***.

Post: Tenant moving out with 9 months left on lease

Uriah MaynardPosted
  • Developer
  • Portland, OR
  • Posts 5
  • Votes 12

As I recall, here in Oregon you have to make a good faith effort to lease the place and can only collect for the time it is vacant, whatever the lease says about early termination fees. Look it up for your own state, there's probably good resources that will explain the law in a clear and concise way.

Post: What would you do? 575 Credit. 20k in Savings, ready to buy.

Uriah MaynardPosted
  • Developer
  • Portland, OR
  • Posts 5
  • Votes 12

Dispute everything bad on your credit report three times each with all three of the reporting agencies. This will knock off a lot of the old or small stuff. Then pay off any that remain. That alone should get you up where you need to be credit wise. 

If you don't have a credit card, now is the time. People say to use it a bit each month but really it doesn't matter, you can pretty much just stick it in a safe and ignore it and it'll be fine, though eventually they may close it for inactivity, years from now. Neither of my earliest secured cards ever closed and they haven't been used even once since I qualified for a good cash back card shortly after buying my house. At this point I'd rather have the old account than my deposit back.

Also, don't put your gf on the mortgage. Her lack of income is a problem, and unless the money you're putting down is partly hers, there is absolutely no reason to put her on there, and there could be big consequences if you break up, though I'm sure you'll be among the lucky few who make it. Fix your credit, and you'll qualify on your own this year if you've got two years at your job. That said, you may need more money to buy in LA even with an FHA loan. You may qualify for a first time homebuyer grant to cover your down payment though, be sure to check on that.