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pawz
Member, Moderator, Swaye's Wigwam Posts: 22,477 
https://www.redfin.com/WA/Aberdeen/818-E-1st-St-98520/home/14785856
What am I missing?
Tri-plex generates $1525/mo in rents. Allegedly it is being rented for under-market rents.
The payment on $200k is only $780/mo.
Seems like a good location? Corner lot close to Market street and the river.
I'm sure there is deferred maintenance coming due. But fuck, what's new for a home built pre-1900?
What gives?
@creepycoug
What am I missing?
Tri-plex generates $1525/mo in rents. Allegedly it is being rented for under-market rents.
The payment on $200k is only $780/mo.
Seems like a good location? Corner lot close to Market street and the river.
I'm sure there is deferred maintenance coming due. But fuck, what's new for a home built pre-1900?
What gives?
@creepycoug
Comments
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"The Deen"
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Someone might have been murdered there
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As far as Washington State law is concerned, that is not a "material fact".DerekJohnson said:Someone might have been murdered there
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Finally an area of expertise for Creepy. @RaceBannon and @dflea will stand down on this one, even though they probably know.
First, that's right on "B" Street (clever name) my broseff. And right on the edge of the worst part of town (yes, there is a "worst"). Just east of there is a neighborhood on the way to North Aberdeen that is truly awful. Tahola awful (sorry @Swaye ). There are people there who smell like mushrooms and who want to hurt you.
A las, who you gonna rent to? That, right there, is my problem with Aberdeen rentals. Anybody who can't afford to buy a fucking house in Aberdeen has some serious limitations bromando. Serious. I wouldn't pay a dime over $100,000 for that house, and that would be a hard pill. The property itself is worthless. It's only about what you could pull in rent from someone on gov't assistance. No thanks.
Interestingly, there has been a known quantity of Seattle "investors" over the last several years who have bought Aberdeen properties for rental investment. I wonder what their experience has been.
One more funny story. If you do the streetview of that property, turn the camera 180 degrees you'll be heading "out the Wishkah". Precisely three blocks from that very location was where, 30+ years ago, I could be found carrying a passed out girl over my shoulders trying desperately to get off B street into the darker adjacent block before a cop came by. Someone's older brother came by with a flatbed pick up and took her and her girlfriends ... home I guess. A party gone awry. A distinct memory. Long story. Creep got into a bit of a bind over that one. We? still talk about it.
Sadly that whole area used to be solidly middle-working-class. Stewart Field is just down that road about 1/2 a mile.
Oh, one more thing @pawz ... being close to the river, any river, in Aberdeen is not a good thing ... at all. We didn't call them river rats for nothing. -
Being close to the river might not just be about the rats. Is a prior flood claim a material fact?
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Post more.Number1AtNumber2 said:Being close to the river might not just be about the rats. Is a prior flood claim a material fact?
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I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.
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If those walls could talk...Number1AtNumber2 said:I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.
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Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.Number1AtNumber2 said:I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.
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If you want to become a rental property owner DO NOT DO IT IN WASHINGTON STATE.
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#MeTooYellowSnow said:
Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.Number1AtNumber2 said:I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.
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CONFIRMED.Number1AtNumber2 said:Being close to the river might not just be about the rats. Is a prior flood claim a material fact?
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The host of the BiggerPockets podcast has in fact crushed the 'Deen real estate scene.creepycoug said:
Interestingly, there has been a known quantity of Seattle "investors" over the last several years who have bought Aberdeen properties for rental investment. I wonder what their experience has been.
I've posted about him before but am too lazy to go find it.
BiggerPockets.com is nails for all things RE investing. -
I have been fortunate for the most part. I have had an uncanny (so far) ability to “read” people and potential situations. Have had to “flex” a couple of tims when I smell trouble, and they usually toe the line...the wife is “good cop”, I am not...YellowSnow said:
Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.Number1AtNumber2 said:I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.
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What would be your read on @PostGameOrangeSlices?Fishpo31 said:
I have been fortunate for the most part. I have had an uncanny (so far) ability to “read” people and potential situations. Have had to “flex” a couple of tims when I smell trouble, and they usually toe the line...the wife is “good cop”, I am not...YellowSnow said:
Take brass balls much of the time to be in the landlord bidness. I haven't the stomach nor the patience.Number1AtNumber2 said:I am also curious if as a seller you need to disclose that messy weirdo with the leopard print curtains who hasn't paid rent since Feb 1 2020? There was a good article about this in the Sunday paper that deserves it's own thread to raise the age old question of if you would want to own and manage rentals.
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@DerekJohnson: I'd need to look him in the eye, and then I'd probably shift my wallet to the front pocket...
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What’s the tsunami insurance rate for that sucker? It’s a big reason the flat parts of Aberdeen- Hoquiam seem like bargains on the real estate market but never sell.pawz said:https://www.redfin.com/WA/Aberdeen/818-E-1st-St-98520/home/14785856
What am I missing?
Tri-plex generates $1525/mo in rents. Allegedly it is being rented for under-market rents.
The payment on $200k is only $780/mo.
Seems like a good location? Corner lot close to Market street and the river.
I'm sure there is deferred maintenance coming due. But fuck, what's new for a home built pre-1900?
What gives?
@creepycoug -
Oregon just extended rent moratorium to Feb 2022. Anyone buying rental houses now is either Mother Teresa or a former Blockbuster executive.
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Have to give Kate Brown credit. In the Covid shutdown game, seeing her hang with Inslee was not surprising, being left of Newson from California takes some doing.Kaepsknee said:Oregon just extended rent moratorium to Feb 2022. Anyone buying rental houses now is either Mother Teresa or a former Blockbuster executive.
She also came out yesterday and said if the state would get to 70% Vaccination Rate, she would rollback most of the phases.
Every article I am reading says about 50% of the people have got the shot and we are stalling out there. Anyone who wanted a shot the last month could have gotten one with no issue or wait time.
Getting to 70% is going to be almost impossible.
Feb 2022 will almost be two full years for landlords to not get paid. #ouch
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And they have rent control in Oregon. It's a fool's errand to buy rentals in any way coast state. Go to Iowa or Nebraska or some place like that.
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I'll preface by saying that I thought from the get-go that the way "relief" was handled was fucking retarded. Instead of giving thousands of dollars to somebody like me who coincidentally had the highest earnings year of his life, I don't understand why they couldn't have just temporarily paid 100% UI and walked away. If you want to simultaneously prime the economy to keep it going, fuck, pay 100% + $300 or something. Simply making people whole for lost wages would have completely removed the need for any of the other unfair and confusing things like eviction and foreclosure moratoriums. Then again, offer 100% UI, and the Tugtard crowd would complain about disincentivizing employment (and they'd be right in a non-zero percent of cases), so you're damned if you do, damned if you don't.godawgst said:
Have to give Kate Brown credit. In the Covid shutdown game, seeing her hang with Inslee was not surprising, being left of Newson from California takes some doing.Kaepsknee said:Oregon just extended rent moratorium to Feb 2022. Anyone buying rental houses now is either Mother Teresa or a former Blockbuster executive.
She also came out yesterday and said if the state would get to 70% Vaccination Rate, she would rollback most of the phases.
Every article I am reading says about 50% of the people have got the shot and we are stalling out there. Anyone who wanted a shot the last month could have gotten one with no issue or wait time.
Getting to 70% is going to be almost impossible.
Feb 2022 will almost be two full years for landlords to not get paid. #ouch
ATBSJBS, I can't be mad at a governor who says, "All you have to do is an extremely simple thing that the government has spent billions of dollars paying for so you don't have to, takes 30 minutes of your time, and could not be simpler to schedule and find, and everything will go back to normal."
As I type this, I'm midway through a "day" that's already lasted close to 30 hours and has a long way to go, starting an 18-hour shift at midnight just seven hours after finishing a 10 hour shift because I work with apes who don't want The Man injecting 5G into their arm, so they keep getting fucking COVID and I have to cover. I'm fuckin' over it, tired of having to wear a mask at work a month past being vaccinated against this shit, tired of being forced to get shithoused at home alone, and, most importantly, tired of seeing my fucking kids during school hours. At this point, I don't care if it's landlords being buttfucked by policy, sports fans not being able to watch the purple and gray disappoint in person, or drunks tired of drunking in private, my response is the same: "Then get the fucking FREE vaccine."
Brown's not the problem. The fact that 50% seems to be the ceiling is the problem. This is very much why we can't have nice things. -
I was reading this thread and was gonna mention Bigger Pockets and that guys property (properties?) in Aberdeen.pawz said:
The host of the BiggerPockets podcast has in fact crushed the 'Deen real estate scene.creepycoug said:
Interestingly, there has been a known quantity of Seattle "investors" over the last several years who have bought Aberdeen properties for rental investment. I wonder what their experience has been.
I've posted about him before but am too lazy to go find it.
BiggerPockets.com is nails for all things RE investing.
You probably already know this but that guy - I think his name is Brandon - got into a very niche market by targeting mobile home parks. I think he’s also from the area so he had a good idea of what he’s doing regarding Aberdeen. I’d be hesitant to get into an area like Aberdeen without having a really solid background and information.
To echo what @YellowSnow said, being a landlord/property manager can be a pain. Over the last 8 years, we’ve had a vacation rental on Kauai, a condo in Seattle and a townhome here in Lexington.
Vacation rental was pretty easy and a lot of fun. We had a solid team on island to help us manage it.
The Seattle condo was great until we missed a year of checking on it. The tenant - we inherited him when we bought it - never missed rent but something went off the rails and he turned into a hoarder and the place was a mess. We told him we were selling, he moved and we remodeled and sold it. Things were great until they weren’t.
The Lexington townhouse is really for lil’ nacho to live in while in college but we bought it a year prior to her sophomore year. The current tenants are good but 3 young millennial girls and email/text with all sorts of random, trivial shit. -
Did you at least make some money off the deal before it went south?CFetters_Nacho_Lover said:...The Seattle condo was great until we missed a year of checking on it. The tenant - we inherited him when we bought it - never missed rent but something went off the rails and he turned into a hoarder and the place was a mess. We told him we were selling, he moved and we remodeled and sold it. Things were great until they weren’t.
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Pics?CFetters_Nacho_Lover said:
I was reading this thread and was gonna mention Bigger Pockets and that guys property (properties?) in Aberdeen.pawz said:
The host of the BiggerPockets podcast has in fact crushed the 'Deen real estate scene.creepycoug said:
Interestingly, there has been a known quantity of Seattle "investors" over the last several years who have bought Aberdeen properties for rental investment. I wonder what their experience has been.
I've posted about him before but am too lazy to go find it.
BiggerPockets.com is nails for all things RE investing.
You probably already know this but that guy - I think his name is Brandon - got into a very niche market by targeting mobile home parks. I think he’s also from the area so he had a good idea of what he’s doing regarding Aberdeen. I’d be hesitant to get into an area like Aberdeen without having a really solid background and information.
To echo what @YellowSnow said, being a landlord/property manager can be a pain. Over the last 8 years, we’ve had a vacation rental on Kauai, a condo in Seattle and a townhome here in Lexington.
Vacation rental was pretty easy and a lot of fun. We had a solid team on island to help us manage it.
The Seattle condo was great until we missed a year of checking on it. The tenant - we inherited him when we bought it - never missed rent but something went off the rails and he turned into a hoarder and the place was a mess. We told him we were selling, he moved and we remodeled and sold it. Things were great until they weren’t.
The Lexington townhouse is really for lil’ nacho to live in while in college but we bought it a year prior to her sophomore year. The current tenants are good but 3 young millennial girls and email/text with all sorts of random, trivial shit. -
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I know someone who has done deals with him. He's not just a PE guy. He has a "belief system."1to392831weretaken said:
I like my money and investment opportunities simple: green. I'll come here for the inspirational quotes. -
We made a good chunk when we sold and the tenant never missed his rent. I’m not even sure if we kept his security deposit as we were worried he might not vacate and this was Seattle in 2018; we didn’t want to have an eviction process to fight in a progressive place like Seattle.1to392831weretaken said:
Did you at least make some money off the deal before it went south?CFetters_Nacho_Lover said:...The Seattle condo was great until we missed a year of checking on it. The tenant - we inherited him when we bought it - never missed rent but something went off the rails and he turned into a hoarder and the place was a mess. We told him we were selling, he moved and we remodeled and sold it. Things were great until they weren’t.
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Oregon is at 56% as a whole now. She isn’t counting 2nd shots. Just firsts. As the Queen bitch took? the J & J publically and can’t make 2nd shots the standard.1to392831weretaken said:
I'll preface by saying that I thought from the get-go that the way "relief" was handled was fucking retarded. Instead of giving thousands of dollars to somebody like me who coincidentally had the highest earnings year of his life, I don't understand why they couldn't have just temporarily paid 100% UI and walked away. If you want to simultaneously prime the economy to keep it going, fuck, pay 100% + $300 or something. Simply making people whole for lost wages would have completely removed the need for any of the other unfair and confusing things like eviction and foreclosure moratoriums. Then again, offer 100% UI, and the Tugtard crowd would complain about disincentivizing employment (and they'd be right in a non-zero percent of cases), so you're damned if you do, damned if you don't.godawgst said:
Have to give Kate Brown credit. In the Covid shutdown game, seeing her hang with Inslee was not surprising, being left of Newson from California takes some doing.Kaepsknee said:Oregon just extended rent moratorium to Feb 2022. Anyone buying rental houses now is either Mother Teresa or a former Blockbuster executive.
She also came out yesterday and said if the state would get to 70% Vaccination Rate, she would rollback most of the phases.
Every article I am reading says about 50% of the people have got the shot and we are stalling out there. Anyone who wanted a shot the last month could have gotten one with no issue or wait time.
Getting to 70% is going to be almost impossible.
Feb 2022 will almost be two full years for landlords to not get paid. #ouch
ATBSJBS, I can't be mad at a governor who says, "All you have to do is an extremely simple thing that the government has spent billions of dollars paying for so you don't have to, takes 30 minutes of your time, and could not be simpler to schedule and find, and everything will go back to normal."
As I type this, I'm midway through a "day" that's already lasted close to 30 hours and has a long way to go, starting an 18-hour shift at midnight just seven hours after finishing a 10 hour shift because I work with apes who don't want The Man injecting 5G into their arm, so they keep getting fucking COVID and I have to cover. I'm fuckin' over it, tired of having to wear a mask at work a month past being vaccinated against this shit, tired of being forced to get shithoused at home alone, and, most importantly, tired of seeing my fucking kids during school hours. At this point, I don't care if it's landlords being buttfucked by policy, sports fans not being able to watch the purple and gray disappoint in person, or drunks tired of drunking in private, my response is the same: "Then get the fucking FREE vaccine."
Brown's not the problem. The fact that 50% seems to be the ceiling is the problem. This is very much why we can't have nice things.
But Marion County, where I live? is still below 40. Marion County has a huge Hispanic population and they aren’t getting the shots. And they never will. It’s a culture thing. And a trust thing.
One sidebar she spoke of was that a County is good as long as they are 65% and are making steps to make vaccination access “more equitable”. My guysm that should know wtf that means have no answers.
2 weeks ago Oregon was the only state in the Union that didn’t allow indoor dining.
Oregon’s death rate is still bottom 5 in the country. Kate is done and can’t run again due to term limits. Why would this be happening?
