Blog Stories Getting your ducks in a row

Getting your ducks in a row

By Carson Mead, August 19, 2020

My clients Mark and Wai-Mon were in touch in June, and wanted to sell their townhouse they purchased in 2016 that had been a rental since. They are from the UK, and bought when they lived in Portland, and intended to have it be their home. When Brexit happened, they decided to switch gears and move back home to be close to their families, unsure of what would come next. They flipped the unit into a tidy rental and it’s been cruising along ever since.

When their tenants moved out, they inquired with my about how the market was doing in this Covid focused time (very hot). They wanted to sell but it had to pencil out for them financially to have it make sense to let go of the unit. We talked through all the different aspects of costs so they could start to crunch the numbers. I had them order a payoff so title could run an accurate report of what their bottom line net would be. Knowing they are foreign sellers, I also recommended they talk with their CPA regarding Capital gains, Oregon out of state tax, and FIRPTA (Foreign Investment in Real Property Tax Act) to see what their tax obligation would be. I ran a comparative market analysis to give them a realistic range of what to expect for the list price, and called other agents who had pending/sold properties to see how their sales went.

In the end, we worked hard to get all of our ducks in a row upfront, set realistic expectations, and move forward from there. My goal is always to provide expertise and help find answers to questions so my clients have the most information to make the best decision for them. We are set to close this Friday, and things have gone fairly predictably for the transaction. My sellers are excited to be moving forward with cashing out on the townhome, and the new buyer is looking forward to her sweet new spot near Peninsula Park in North Portland.

Carson Mead

Broker | ADU Specialist

My first introduction to the world of real estate came in 2004, when at the age of 22 I bought my first home in NE Portland with my sister. I still remember what a monumental life transition that was. Buying my own home laid the foundation for a lifelong love of all things related to houses. I enrolled in a year-long Building Construction program to gain more knowledge in housing systems and techniques. I have used those tools to enhance my own home both inside and out. I joke that my favorite part of a house is the basement, as that’s where I can see the health and maintenance of a home’s systems: plumbing, electrical, HVAC, foundation etc. While a home inspector is the professional on helping to understand the story of a home, I like to provide as much due-diligence as possible up front before you spend the money and get into contract. Ultimately my goal is to meet you in any endeavor that you are wanting to undertake. If you are looking to sell, I will develop a strategy that makes sense for you with your goals, timelines and marketing strategy. If you want to invest in your home before going on the market, we’ll look at what you can do to maximize your profit: be it refinishing floors, painting, modifying light fixtures, and getting it staged. If you need to stay in your home while selling, I’ll bring in my stager to help get perspective on how to pare down the feel of your home and have tangible goals to achieve in getting ready to go on the market. If you are looking to invest in Portland real estate, we can talk about the big four in analyzing properties. Rental income, principal reduction, equity growth and tax benefits. I work with spreadsheets to outline these assets so you can see the short and long term performance of your investment. Once last piece of my professional and personal life that I spend a lot of time thinking about are ADU’s (Accessory Dwelling Units). Also known as mother-in-law units and granny flats, these can be detached or attached. When I see a home, I look at the property in detail to see how the home is oriented on the lot and if it is ripe for a detached ADU (new construction), or if it is a good prospect for creating an attached unit (a basement apartment). I also look at the zoning to see what kind of potential this could add. I am in mid-process building my own detached ADU. The structure is going to be modern with clean lines and open concept. I live on a corner lot, which means the ADU can have it’s own street entrance. I also have zoning which will allow me to split the lot if I choose and sell it separately at some point. My plan is to keep it as a rental, but this will create a lot of flexibility both short and long term. I am a cooperatively focused broker, with a passion for helping people achieve their goals and succeed in their endeavors. I am patient, understanding, trustworthy, and truly care about your best interests. I serve on my neighborhood association board and the larger Northeast Coalition of Neighborhoods. Please let me know if you'd like to share a beverage, coffee, tea, beer/wine to talk about what’s important to you and see if it would be a good fit to work together. All the best— yelp
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