Cathy Mankus

Hi Ellie-
One bedrooms are not a bad investment at all- for all of the reasons you see below. There are always people just starting out OR conversely who are down sizing and want a smaller place. There are also people who travel frequently to Portland for work and prefer to have a place of their own over a hotel.

What will make it a good or bad investmant is the location and what you pay for it. If you overpay, it doesnt matter what size the unit is- it will take longer to appreciate to the price you paid for it. The most important thing is that you have someone that you trust to point out the pros and cons of the various units you look at.

As a buyer, it is ALWAYS in your best interest to work with a realtor. It doesnt cost you a penny (we are paid by the seller's agent). So, you get the experience and expertise of a professional to assist you in analyzing each property. If you have never worked with a realtor before, talk to a couple. The relationship you have will be a close one and if you dont feel comfortable or that you can trust the first realtor you speak to, talk to another. Just be sure to pick one and stick with them.

Hope this is helpful. Feel free to contact me if you have any other questions.

Best,
Cathy

Cathy Mankus, MS, GRI
The Hasson Company
503-705-8795
cathy@cathymankus.com

If there is anything I can do to assist you, I would be delighted to. - Wed Jun 11 2008, 14:43

Hi-
It all depends on your situation. Before you can make the decision of selling vs renting you need all the facts:

1. What could you sell it for? (you would want a realtor..hopefully me (grin)) do a CMA (Comparative Market Analysis) for you. This would give you an idea of what it would sell for.

2. You would want to figure out what you can rent for. http://www.ziplfy.com is a great website that tells you the average rents in any given area. Will you be able to rent it for enough to cover your mortgage? If not, are you comfortable with paying a portion of the mortgage.

With this information you can better determine if it makes sense financially.

Next, you want to figure out how you will manage the rental. Will you use a company? If so, you need to consider their fees. If not, how are you going to verify that the people you get to rent are good paying renters? Also, how will you address problems that come up that need repair.

Renting from a distance can be tough- especially if you have never done it before. I recommend you gather all the facts first and then make an informed decision.

I would love to be of assistance. Feel free to call or email me.

Hope this was helpful!

Cathy

Cathy Mankus, MS, GRI
The Hasson Company
503-705-8795
cathy@cathymankus.com

Turning Houses into Homes - Fri May 30 2008, 10:56

Sarah- If you are in the inspection period, you are in luck. If you are concerned about the experience of your realtor, talk to him! Ask him if their is someone in his office who could help out. We all have principal brokers who are there for us. He should definately be communicating with his principal and other realtors who have been in similar situations. If he doesnt provide you with an answer that you are comfortable with (or is uncomfortable going to someone for help) then pick up the phone and call his principal broker yourself. The entire reason you have a real estate broker is to make sure you are being made aware of all your options. If you are not getting that- tell the principal that you need more help. THis is a huge purchase for you and you need to feel comfortable with and confident in the person who is managing the process.

I so hope this is helpful to you.

best,
Cathy

The Hasson Company Realtors
503-705-8795

cathy@cathymankus.com

Turning Houses into Homes

The good news for you is that if you are not able to successfully negotiate a resolution during the 10 day inspection period you can get out of the transaction with no loss of your earnest money. Just make sure you know what your dates are. - Thu May 29 2008, 13:07

PS- if you are just thinking about making an offer and havent already done so, I would be more then happy to help you out. I can be reached by cell or email: cathy@cathymankus.com - Thu May 29 2008, 11:46

Hi Sarah-
All of these are things that you can (and should) get quotes on. Sounds like the house needs a little work. Couple of things to keep in mind. If you are the seller, it is your responsibility to take care of the roof and sewer lines. You can call any vendor and they will come out and give you a quote at no expense to you. If you are the buyer and these were found after the inspection.....you will probably end up paying for them yourself UNLESS you are still in your inspection period. In that case, you can request the seller repair them. Regardless, a good contractor will come out and give you an estimate at not cost whether you are the buyer OR the seller. I would strongly urge you to have at a minimum a roofer, an electrician and an excavation/drain company come out to do this.

It is unfortunate that you didnt have a sewer scope done. This would have identified the problems with the line. At this point you will probably need to have one done to determine exactly what and where the problems are. This will cost you about 100.00. How did you find out about this after the inspection
anyway?

I hope you are being represented because it sounds like you need some assistance here. Your realtor should be able to provide you names of good contractors to provide quotes as well as discuss with you negotiating strategies. If you are under contract with no representation, my heart goes out to you. You may want to read your contract carefully (or seek legal counsel) to see where you are in the process (i.e. are you still in the repair period), whether you have received all the proper disclosures and what your options are.

I wish you well.

Cathy Mankus
The Hasson Company
503-705-8795

Turning Houses into Homes - Thu May 29 2008, 11:43

Hi Dog-
I would talk with a lender about this. Banks are changing the rules pretty frequently these days and your best bet is to speak with a professional mortgage broker or bank. You definately cannot get a Home Equity Line while your home is on the market.

Best wishes!

Cathy - Wed May 28 2008, 19:17

Tigard is a great area and the clients that have bought there love it. I always recommend clients check out crime stats for any neighborhood they are considering. You may want to know both the crime figures and the locations of sex offenders. This information is easily available over the internet.

For sex offenders, go to: http://www.familywatchdog.us

For general crime statistics, go to:

http://www.cityrating.com/citycrime.asp?city=Tigard&state=OR

http://www.idcide.com/citydata/or/tigard.htm

http://tigard.areaconnect.com/crime1.htm

It is always good to drive the neighborhoods in the evening and on weekends. THis will give you a better sense of how it looks (and feels to you) when everyone is home. A visit in the middle of the day is not the best indicator of what the neighborhood is like.

If I can ever be of service, please feel free to call or email me:

Cathy

Cathy Mankus MS, GRI
Diamond Member - Million Dollar Club
2007 Women's Council of Realtors "Realtor of the Year"

The Hasson Company Realtors
Phone: (503) 705-8795
Cathy@cathymankus.com - Wed May 28 2008, 08:28