Carla Muss-Jacobs, ABR, CEBA, e-PRO

Marisa,

There are quite a few nuances with the type of home purchase you described. You want to make sure that your Father's interests, as well as yours are set up correctly. How the Deed in Trust is establsihed and set up is one fo the prudent details I can help you with; apply some due diligence on

My brokerage representes buyers . . . Exclusively.

Not many agents are set up in this manner. My office does not take listings, or otherwise legally represent the seller in any form of agency relatoinship established by the Real Estate Agency of the State of Oregon.

And that's why you need an EBA . . . I see the entirity of a home purchase, and not just the sale.

I offer a one hour, free, consultation and go over the buying process. If you're new to this whole "buying a house" thing, please consider setting up a meeting and we can discuss the details, and you can make a decision if I'd be the right agent for you.

Please feel free to contact me.

Regards,


Carla E. Muss-Jacobs, ABR, CEBA, e-PRO
Broker/Owner
EBA Portland, LLC
14845 SW Murray Scholls Dr., #110-518
Beaverton, OR 97007
(503) 810-7192
EMAIL TO: CarlaHomes@msn.com

All rights reserved. Copyright protected. EBA Portland, LLC. does not authorize the disseminating, distributing or copying of content in whole or in part. This message contains confidential information intended only for the use of the intended recipient(s) and may contain information that is privileged. If you are not the intended recipient, or the person responsible for delivering it to the intended recipient, you are hereby notified that reading, disseminating, distributing or copying this message is strictly prohibited. - Sat Oct 25 2008, 10:39

Please visit my website because I have a very cool "Cost of Commuting Calculator" It will tell you how much you'll spend on your commute vs. buying closer in.

Yes, we have the tax issue on the Oregon state side, but when you factor in the travel costs, it might make better "cents" to live closer to your employement. You'll need to ask yourself if, realistically, you'll be at your job more then a couple of years. If so, this commute will get old very soon. And, the commute will be costly, and adds up. Sure, the $50 (plus) to fill up seems CHEAPER then the taxes you pay . . . but is it?!?

It might be a penny-wise, pound foolish notion to live in an area but work in another. If you're not self-employed and can't deduct your commute, think about what you CAN deduct . . .

There are plenty of nice, comparable neighborhoods in the Metro Portland area that would make a suitable home. It used to be that housing prices were less in Washington, just over the bridge. Not so anymore. They've caught up to us!

But, now is a great time to buy. I've never seen the market look so favorable to buyers -- and that's on both sides of the river!!

I've been working with buyers (exclusively) for 10 years, and it really does make sense to buy, no matter where!! And I'm not just saying that because I'm an EBA. It's amazing what sellers are doing now, and the inventory is GREAT!

Best regards! - Sat Sep 20 2008, 21:50

After reading the answers you've been provided, it seems that no one is telling you the first, and to me, the most important step in buying rental property. And that is . . . you are going to be one thing you are not now: a landlord.

As such, you better bone up on Landlord / Tenant law, because even with a Property Management company, you're the one that will be looked at as Landlord, since you'll be the owner of the property.

I have several rental properties, and while my office does not provide Property Management services, I would be happy to talk to you about life as a Landlord. I've assisted several of my clients with the rental of their properties, but more importantly, I talk to them (consult) about what duties the Landlord has, what to look out for with Tenants, what forms to use, and how to do the property management yourself, and save yourself 6-10% of the gross rent each month.

I'm an Exclusive Buyer Agent in the Metro Portland area. And there are some really good properties that would "pencil out" with down payments and rents paying the PITI. Rental income, overall, has gone up and the rental market is quite stable now. Rental property is a good investment, and offers some good tax incentives, and diversification of investment funds.

Again, my office does not do property management. I offer my experience to buyers, and not only is it practical, but its invaluable. I work with the K.I.S.S. principles. Being a Landlord is not as daunting as it might sound, and I've had over 15 years experience with rental properties, tenants, forms, etc. As I said, I've assisted clients with renting, and it's more of a "freebie" I offer my clients. The rest of the stuff is easy :-)

Carla E. Muss-Jacobs, ABR, CEBA, e-PRO
Broker/Owner
EBA Portland, LLC
14845 SW Murray Scholls Dr., #110-518
Beaverton, OR 97007
(503) 810-7192
EMAIL TO: EBAPortland@gmail.com - Mon Aug 11 2008, 18:27

Most of the answers have to do with "stats" and where to find information.

I'm going to toss out another important factor to "low ball" offers. They don't get accepted. For the most part, a low ball is a low ball. If you like the house, and want to alienate the sellers, low ball the heck out of it. They'll write REJECT in all probablity and not take your offer seriously. More to the point, they won't take you seriously.

If the house is price well, in a good location, in good condition, fits your wants/needs, and you can comfortably afford it . . . then why risk losing the house you want to call home?

If you don't care about the property being your home . . . toss away.

I am an Exclusive Buyers Agent in the Metro Portland area. I only work with buyers. I look at prices all day long, and I look at the SOLDS. Very interesting what I'm seeing. The houses start out, let's say for example at $379,000. It sits and sits. Has a few price reductions, but still doesn't move. One more price reduction to, say $349,000 and BAM -- it sells. And it sells for $349,000! The price brought out buyers, and the sellers says "I reduced it $30,000 . . . I'm not reducing it anymore" (as in "you can kiss you low ball offer good-bye!")

It's the oddest "buyers' market" I've experienced in my tenure as a Realtor. It's as if the listing price is set once it hits the right price. Then there is no wiggle room.

The problem with the new listings is that the property hasn't been on the market long enough. So if a low ball offer comes in, the sellers will REJECT it, and say "NO WAY! We only had the place up for a month."

So to answer your question -- No. Houses are not selling for much lower then list . . . if the list is where it should be to begin with!

This is a market driven industry. And when the list "Price is Right" it sells, and not too far off list, based upon my study and research of the current market. - Sun Aug 3 2008, 01:02

You described a property that has the "visual noise" taken care of . . . i.e., backyard faces the road, lot has a slightly higher elevation, brick wall, etc.

But you write there is "reasonable" noise heard from the road. And, you don't define the road. Is it a major thoroughfare? An artery? A connector? Who owns the road? Are there future plans for the road, i.e., "widening" or other "improvements" made?

Due diligence. This is something that you, as a potential buyer, must make. You can rely on your agent, and you can even post questions on Trulia and generate all different answers / suggestions / feed-back. BUT . . . whenever you buy, the ultimate DUE DILIGENCE is going to be on you.

So . . . with that being said . . . and not knowing what "reasonable" may mean to you, I would ask: Can you see you and your family living there?

Because that is what will happen if you buy the house. You will live there.

Who knows what the markert will be "a few years from now."

A year ago, no one could have predicted the mortgage meltdown. Everyone just KNEW there were bubbles going to be bursting all over the nation. But no one reported on HOW! No one said, "It will be the mortgage industry that's going to be causing this."

Ah . . . hindsight is always 20/20.

I've been an Exclusive Buyer's Agent for many years. I've shown properties that have been "unique" and my clients seemed to liked them for their reasons.

With all things "real estate" you will have plus (+'s) and minus (-'s) considerations about any property. If there are more PLUS features, and you can answer this question: Will you and your family be happy/comfortable living there . . . then, and only then should you consider the property as a viable option.

If there are too many "-'s" minus issues, and you can not answer the question of living there in comfort, maybe you should not consider that particular property. The road will ALWAYS be there. That won't change. Will your attitude change once living there? During the summer, if windows are open will the noise be more apparent?

Where are the bedrooms located? Do they border the street? Are you a light sleeper? Will this bother you?

If an agent tells you what the market will be in the next 3 months, you better make a mental note that agent doesn't know what they're talking about -- let alone what the next "few years" will bring.

While there are all kinds of stats and national trends, real estate is local . . . real estate is subjective . . . real estate is NOT a hard-science that can have a theory or formula made that can be upheld and proven in the timeframe of the study. While "guessing" would be on the other side of that coin, it really isn't a good basis on determining if you should buy a house or not.

You should be looking at that property as being a viable home -- for you! Not what may/may not be happening in the future. It may be a STRONG SELLERS market in a few years. Who knows? A speck of land with a shack might be selling at top dollar . . . we just don't know. I recall that type of market a few years ago, as will many agents who have been doing this for a while can attest!

"Sweet deals" or not, you have got to be able to answer the very simple question of whether you (and your family) will be comfortable living there and want to make that property your home. All other thoughts, predictions of future markets, etc. are irrelevant.

Perhaps, this is a property that is affordable to your budget, and offers the MOST bang for your bucks . . . and the only down side is the proximity to the street.

If you can see yourself living there, and the "+" factor outweighs the negatives, and you can comfortably afford the home without being over your head in debt, you plan on living there for a while, you have done your due diligence and are satisfied with the findings . . . then you will have some informed consent, and make your decisions based on the here and now!

I bought and lived in a townhome that was smack DAB on a busy street. It was a corner, end-unit, and there was no two ways about it! There was a major street AND a side street that was used to get INTO the surrounding neighborhood. I bought it for ALL the PLUS factors. One being it was located right across the street from an elementary school my son would attend. Another PLUS was that it was a huge townhome, 4 bedrooms, 2.1 baths, great floor plan, and was the best buy I could have made with the buying budget I had. YES, there was street noise, but during the winter when the windows were shut and the heater on, I couldn't hear a thing. During the summer, if it was hot enough, the windows were closed and the A/C was on, I couldn't hear a thing. I bought it for $118,000 . . . sold it for $172,000. It wasn't a whopping KILL at the time, but I wasn't in the red when I sold it. It met my needs and I was happy / comfortable while living there. - Sun Jun 29 2008, 16:20