There Oughta Be A Law

Hey! There's some people living at SE 54th & Powell who're getting too good a deal on their rent - somebody buy the building and jack it up, willya?!

The current owners have owned the apartment for roughly 15 years and have not been raising rents to market levels. As a result, rents are significantly lower than any comparable properties in the area. This presents a new owner an outstanding opportunity to raise rents and significantly benefit from the solid rental market and excellent location. Most rents fall $50-$150 below market.

This is a great opportunity for an investor to acquire a property with significant rental upside http://portland.craigslist.org/mlt/rfs/628944261.html

Got to get it up to market rate, now! Just raise their rents a hundred bucks or so. What are they going to do, find someplace cheaper somewhere?

 

Comments

[martin]

I wonder what is going to happen to "market rents" now that 2121 SE Belmont has been converted to apartments.

[BridgetownPeddler]

I guess I just see this differently. If this was some big company and was being sold to another big real estate firm or better yet a mom & pop unit sold to big real estate firm and they jacked the prices up to what they felt were market rates we could all rail against the fat cats in the corner offices sucking up the extra monies into their Mc Mansions in L.O.

But I look at this and think. Some mom and pop bought this for a much lower cost basis and they were able to maintain the property and provide good housing at these rates because of their cost basis. Does not mean they did not expect a profit though. They will get theirs when they sell the property not from the rents themselves.

So the new owner acquires at a higher cost basis and needs the higher rents to maybe make a little money or keep till they sell the property for their own gain.

That is called inflation. We are all subject to it and until we get a government that knows how to live within their means (see feds printing money and running deficits like some third world dictatorship) we will all be subject to more of the same.

Either way it is bad for the current tenants. But the owners are subject to the same forces just in a different manner.

[eatme]

BridgetownPeddler,
Its not about being rational and logical. Its about hating everything. Once you understand that you understand this blog.

The "fact" in the tag line at the top of the page is a lie, and it just goes downhill from there.

Profit, not allowed. Different lifestyle than his, not allowed. Hates you just because you've worked hard and have more than he has, absolutely.

Biggest crybaby in the city, he even surpasses Bojack.

[PG]

As "BS" you were being reasonable when you thought I could be conned. Yes, I side with the losers. The winners don't need defending, they don't need justifying, they don't need more winnings, and they certainly don't deserve the moral high ground. Defending the profiting-class is for suckers.