OT: Eviction Moratorium

[azrider]

Originally Posted by AngryScientist

With the red hot seller's market we are in now, i dont think it makes sense to try and rent your current home over just cashing out right now.

Being a landlord is a huge gamble, verses getting cash right now. i have no crystal ball, but your house is probably worth the most it's going to be in quite some time right now.

By the way, I do not agree with villainizing landlords who are just trying to collect rent. No one should be expected to provide goods, services or anything else in exchange for nothing. That's not fair.

Well the thought process behind keeping it is two fold: one, we'd like to avoid selling it because we're not 100% sold on the idea of moving to Portland full time and we don't want to sell it then not be able to afford getting back into this particular market.

1000% in agreement with comment about villainizing landlords. To do otherwise is pretty short sighted atmo

[Clean39T]

Originally Posted by azrider

Ha.....love the disclaimer.

No I hear you on the "find good tenants" piece and all that. We've lived in the house for close to 5 years and have nice little chunk of equity but we're talking about moving to PDX actually so we can be closer to family. Moving from the desert to Portland is a MAJOR contrast in environment so instead of throwing all of our eggs in one basket we've thought "hey lets move their for a year and rent our house out while we decide if we can tolerate rain, etc".......so it's not like we trying to become rich doing this but I certainly don't want to risk getting a tenant who "can't" be evicted UNLESS I could get some sort of relief that they get.

Then again, I'm sure qualifying for one of those programs would be a hit to our credit rating in some form or fashion...............

I wonder if it matters if you classify the rental as "short-term" vs. standard?

As someone who sold their home and wishes they hadn't (at least so far, I'll see what hindsight is like when we get some more months down the road), I fully support the optionality of test-driving the move before you fully commit. Though it has to be said that no option is without risk - just gotta weigh which ones matter most to you.

Also: if you'd like some biased reviews of different parts of Portland, lemme know

[redir]

I don't think you could pay me to get into this business LOL. There really is a difference between landlords and simple property owners who rent out a spare house. But still I'd not do either, ever, too many horror stories.

[FlashUNC]

Originally Posted by AngryScientist

With the red hot seller's market we are in now, i dont think it makes sense to try and rent your current home over just cashing out right now.

Being a landlord is a huge gamble, verses getting cash right now. i have no crystal ball, but your house is probably worth the most it's going to be in quite some time right now.

By the way, I do not agree with villainizing landlords who are just trying to collect rent. No one should be expected to provide goods, services or anything else in exchange for nothing. That's not fair.

I would be more inclined to agree with this sentiment if an astounding number of landlords in this country weren't faceless private equity firms who gobbled real estate by the truckload during the Great Recession.

Between 2011 and 2017, some of the world’s largest private-equity groups and hedge funds, as well as other large investors, spent a combined $36 billion on more than 200,000 homes in ailing markets across the country. In one Atlanta zip code, they bought almost 90 percent of the 7,500 homes sold between January 2011 and June 2012; today, institutional investors own at least one in five single-family rentals in some parts of the metro area, according to Dan Immergluck, a professor at the Urban Studies Institute at Georgia State University.

https://www.theatlantic.com/technolo...street/582394/

[Ozz]

Originally Posted by azrider

You bring up a good point. The folks who are receiving these rent forbearance programs or benefits, they have to actually pay for those months missed back at some point don't they?



This is the point I'm getting at. My wife and I have been toying with the idea of keeping and renting out our current "home" (not condo or apt) and buying another house. Since it's not completely paid off we'd still owe the bank each month but if we happened to get a tenant who couldn't make rent, would we be afforded the same or similar program to help with our loan payment to the bank?

What sort of businesses are in your area? Is there any high tech or such that brings in people from out of town to work?

There are property management companies that provide short term rentals for people who stay in an area for work 3-12 mos who need a place to live. The companies are usually the ones paying the rent....because you don't get year long leases, the rents are usually 2-3x higher than normal, so it works out.

When we sold our old house prior to buying our new one, we stayed in corporate housing for about 4 months or so until we found a new place.

[thew]

Originally Posted by FlashUNC

I would be more inclined to agree with this sentiment if an astounding number of landlords in this country weren't faceless private equity firms who gobbled real estate by the truckload during the Great Recession.



https://www.theatlantic.com/technolo...street/582394/

As in 2009 the private equity firms can adsorb it when a portion of their tenants can’t pay rent. It’s the folks who have a few properties as a side investment who will be most impacted. I’m sure the big investors are slavering for the little fish to go into foreclosure so they can buy up their properties and further consolidate.

[azrider]

Originally Posted by Ozz

What sort of businesses are in your area? Is there any high tech or such that brings in people from out of town to work?

There are property management companies that provide short term rentals for people who stay in an area for work 3-12 mos who need a place to live. The companies are usually the ones paying the rent....because you don't get year long leases, the rents are usually 2-3x higher than normal, so it works out.

When we sold our old house prior to buying our new one, we stayed in corporate housing for about 4 months or so until we found a new place.

It's interesting you bring this up. We don't necessarily have that many businesses 'per se' but our house is only a few short miles away from Mayo Clinic's Cardiology campus. People fly in from all over the world to have major, MAJOR surgeries. Surgeries that require 8-12 month post op stays.

[Clean39T]

Originally Posted by Ozz

What sort of businesses are in your area? Is there any high tech or such that brings in people from out of town to work?

There are property management companies that provide short term rentals for people who stay in an area for work 3-12 mos who need a place to live. The companies are usually the ones paying the rent....because you don't get year long leases, the rents are usually 2-3x higher than normal, so it works out.

When we sold our old house prior to buying our new one, we stayed in corporate housing for about 4 months or so until we found a new place.

This is what I was thinking. You may be able to run a monthly rental through AirBnB if you leave it moderately furnished and be under a completely different set of "rules" relative to landlord-tenant law. Even spending 2-3 months in Portland could tell you whether you are ready/willing to make the move - and give you a feel for where to look for a home there.

[azrider]

Originally Posted by Clean39T

This is what I was thinking. You may be able to run a monthly rental through AirBnB if you leave it moderately furnished and be under a completely different set of "rules" relative to landlord-tenant law. Even spending 2-3 months in Portland could tell you whether you are ready/willing to make the move - and give you a feel for where to look for a home there.

Location isn't the issue. It's literally adjusting to the rainy season that has us concerned. Beaverton is where we'd eventually buy if we moved to Portland as it's where the most of her side of the family resides.

[XXtwindad]

California provides relief for both tenants and small landlords. I’m not sure what the cut-off point is for defining what a “small” landlord is. Easy and convenient in these highly politicized and fraught times to demonize the “other” side.

And lazy, too.

[Clean39T]

Originally Posted by azrider

Location isn't the issue. It's literally adjusting to the rainy season that has us concerned. Beaverton is where we'd eventually buy if we moved to Portland as it's where the most of her side of the family resides.

Shorter, darker days too.. is what it is. Budget for trips to the sunny side of the state or further south once or twice a winter and you'll be fine. There are parts of Beaverton that are really nice - and from any of it you have great cycling opportunities, even when it's wet and cold and dark

[Ozz]

Originally Posted by azrider

Location isn't the issue. It's literally adjusting to the rainy season that has us concerned. Beaverton is where we'd eventually buy if we moved to Portland as it's where the most of her side of the family resides.

If Portland has been like Seattle, there has not been rain since May.....don't tell anyone.....

BTW - did you hear about our "Heat Dome" back in June?

https://www.newyorker.com/news/daily...-the-heat-dome

https://www.cbsnews.com/news/heat-wa...tland-weather/

Ugh.....

Like "Clean" mentions....most people have trouble adjusting to the dark winters....look up "seasonal affective disorder"...aka "SAD"....flip side is that in the summer the sun doesn't set until almost 10:00 PM!

[fredd]

Isn't giving vouchers for tenants to pay rent essentially giving vouchers to landlords, though?

[azrider]

Originally Posted by Clean39T

Shorter, darker days too.. is what it is. Budget for trips to the sunny side of the state or further south once or twice a winter and you'll be fine. There are parts of Beaverton that are really nice - and from any of it you have great cycling opportunities, even when it's wet and cold and dark

Yes, the brother who lives in Beaverton has done well for himself and has a second place at Black Butte.....which, if and when I buy the lottery, will be the first place I'm looking to buy real estate. We absolutely love going there and usually spend a couple of weeks in June/July during non pandemic summers

[azrider]

Originally Posted by Ozz

If Portland has been like Seattle, there has not been rain since May.....don't tell anyone.....

BTW - did you hear about our "Heat Dome" back in June?

https://www.newyorker.com/news/daily...-the-heat-dome

https://www.cbsnews.com/news/heat-wa...tland-weather/

Ugh.....

Ha...yes, but it's all worth enduring in an effort to raise the kids around so many cousins/aunts/uncles etc.....every time we get all 12 or so cousins together we kick ourselves for not being closer....