Hey, everyone! I was sick last week, but my life was too busy to stay for a long time. The tenants of our rental apartment choose not to continue the lease and move out. Now, I’m busy selling apartments. Since 2011, we have the apartment. This is a good rent, but I no longer want to be a landlord. I would rather invest in real estate crowdfunding crowdEssence This is much easier than becoming a handsome Follow.
In addition, we plan to move within about 4 years. This will be very stressful, and I think to minimize potential problems. Getting rid of the rent is a thing to deal with it in the future. Well, let me tell you the history of this rental apartment and the history I want to repair.
Apartment history
This comprehensive building was built in 1965 and has almost the same tower. Sita is the tallest building in Portland and has been about 4 years. That’s very neat. These buildings and the historic Halprin open space sequences are part of Portland’s first city renewal project. At that time, the inner city fell into decline, and the residents moved to a new suburbs. The area south of the urban area is a Jewish and immigrant community. This is a simple goal. The city condemned 54 blocks for reconstruction and relocated more than 1,500 residents. This is the broadcast of the region in 1935.
By 1964, most of the buildings above were razed to the ground. The images below look north. If you are familiar with Portland, you can see the old US 99W highway on the right side of the picture. In the 1970s, the traffic was re-routing to the i-5 on the river through the I-5, and Tom McCord Waterfront Park replaced it.
Our building rose in 1965. This image looks western.
Our comprehensive building (hovering) was built as an apartment, and they kept this state until the real estate bubble in 2006. The developer purchased the comprehensive building and renovated. In 2006 and 2007, the two towers became apartments. The last one was not completed until 2008, but the real estate bubble had broken. The last tower became an apartment building because no one was purchased in 2008. Many of the units in the two early buildings have been canceled or turned into short sales.
Buy in 2011
From 2008 to 2019, we lived in a bedroom apartment in Dongta. Portland was great at the time. This is safe. I like to live with my family. We enjoyed the beautiful scenery of Hudshan and River. The park is safe, you can stroll at night without having to worry. The theater is outside the block, and the PSU is next door. Very good.
In 2011, we bought a bedroom apartment in Sita so that my mother could live nearby. However, she doesn’t like to live alone, so she moves with us. We turned 1 bedroom into rent.
We provide a fairly good price for the rental apartment because this is a short selling. This is in the financial crisis that the real estate market is struggling. The purchase price is $ 140,000. This is a major discount of previous sales. The apartment was sold at a price of $ 240,000 in 2006.
Unfortunately, this complex did not appreciate it as other apartments in Portland. I think this is because of age. However, we like to live there. It is noisy than other parts of the urban area and is close to everything. We can take almost anywhere, riding a bicycle or a tram. The only main disadvantage is that there is no washing machine/dryer in our equipment. Residents need to go to the basement to wash clothes.
In 2011, we rented a bedroom apartment for $ 1,075 per month. By 2024, the rent has increased to $ 1,600 per month. If our tenant stays, I will increase the rent to $ 1,700 this year. Since then, the cost has increased significantly.
Rental apartment cash flow 2024
rent: $ 1,600
- HOA: -D $ 565
- Property tax: -$ 334
- Insurance: -$ 30
- Mortgage: 0 US dollars (we repaid the money when we moved in 2019. It seems that I should retain the mortgage loan and invest in the money. In the past 5 years, the stock market has performed well.)
Our cash flow is about $ 670 per month. All these costs are increasing in 2025, and I will have to raise rent to help pay.
Price appreciation
The Portland apartment market is not good. I think the peak may be in 2017. At that time we should sell it. In the past few years, the city’s reputation is not good. I think this reduces property prices. In the past 5 years, real estate prices in other parts of the United States have risen sharply. Somehow, Portland missed the trend of rise.
In any case, I met the real estate agent and set the sales price to $ 215,000. We will still profit at this price. I don’t think I can complain.
Ready to sell
Before putting the apartment in the market, there were a lot of things to be repaired.
- painting -At my last painting was in 2019. A layer of fresh paint always brings a good lift to this place. I have done almost this task. There are only bathrooms.
- Change the lamp -Is real estate agents recommend using new low -key LED fixed devices instead of old lamps to modernize them. I did it on the weekend. The new fixed device looks great.
- Replace the faucetEssence Old wear looks bad. Wip.
- Refresh the kitchen cabinet -The kitchen cabinet is a layer of the plate, some of which are very wear. I will order some woody conditioner to help apply it a little. It is best to change the cabinet, but I think this is not worth it. The cabinets are expensive. Wip.
- New carpet -The ancient carpet has a history of nearly 20 years, and it has been chaotic. Rentors did not really take care of the carpet. I was cleaned in steam in 2019, which is nothing to do. I have been busy running around. A person quotes me $ 2,800. I must look like a suction cup! Home will be cheaper than this. In any case, I found that the carpet should be installed at a price of about $ 1,300. Wip.
- scrub -Tons are well cleaned up, but this place still needs a little scrubbing. after…
oops! I am slowly completing these tasks. Painting is a simple way to make a fresh place. I have done it many times. However, my knees and elbows are not like the past. After the painting changes, they are all sour. I’m too old. Next time, I will pay RB40JR to complete all these tasks.
Tax
After selling apartments, I have to levy some estimated taxes. However, I don’t know how many national tax bureaus to send. Due to depreciation, the calculation is very complicated. I will make the best guess and send it to it. I believe I can offset benefits by maintaining another property. I need to repair the wall board and apply it on the outside. We also need to rebuild the bathroom and kitchen. These projects will offset most of their profits from the leasing apartment. After all, I don’t need to levy estimate taxes.
Okay, this is the case today. If everything goes well, I will deal with one thing as soon as possible. It is good to be a landlord, but in Portland, this is too big. These days, I am investing crowdEssence They are the leading companies in the field of real estate crowdfunding, and they have many commercial projects to choose from. The crowd is great because you can diversify geographically. Portland is a terrible market.
Disclose: If you register through the above link, we may receive a recommendation fee.
Please follow and like us:
Passive income is the key to retirement in advance. This year, Qiao is investing in commercial real estate with CrowdStreet. They have many projects around the United States, so please check!
Qiao also strongly suggested to provide personal capital to DIY investors. They have many useful tools to help you achieve financial independence.
Source link
