Thinking about moving to the gorge...

KidCorporate · Since 10 Jul 2007 563 Posts Addicted

So I think I'm getting a job offer from a startup company in White Salmon, if the money's right this could be epic... live and work where I play! There is a small issue though, I currently own a home here in N. Portland and I'm trying to figure out what the hell I'm going to do with it. I'd like to rent it and I think I could make the money situation balance itself out, but at the same time I don't want the place getting trashed. Are any of you guys in the same situation? What's the cost of living like out there? What side of the river is the best to live on? Any experience with maintaining property back in the city?

pdxmonkeyboy · Sun May 25, 08 5:52 pm

I rent property here and haven't had an problems. It all depends on who you rent it to. Charge allot to weed out the immediate riff-raff, do credit checks, require a healthy deposit and trust your gut.

your house will get beat up over the long term but that is the cost of having other people build your equity.

forrest · Sun May 25, 08 6:06 pm

Do it! Life is to short to put every decision to math.

boredbrain · Since 16 Feb 2006 352 Posts Hood River Obsessed

Washington has no income tax make 8% more just in that.

Which company? A true Startup = 80 hours a week, no kiting just commitment, less than 8 hours between leaving and retuning is uncommon, otherwise it is not a startup.

Buyer beware, but a job in the gorge, hell go for it.

LP · Since 05 Apr 2007 115 Posts HR Stoked

I rent out a place in nopo and live in HR.
My solution has been to only rent to friends or friends of friends and it has worked out well. I even give a lil break in rent to friends to encourage them to move in and stay.
But pdxmonkey's suggestions are good too.
I'd say cost of living is similar to pdx. I like living in HR but renting/buying here is $$$, def cheaper across the river.

KidCorporate · Since 10 Jul 2007 563 Posts Addicted

trevorsmith · Since 25 Apr 2005 501 Posts PDX Addicted

I would rent the place if the bank lets you.
If you require a large deposit it will weed out the meth heads and cover any damages you may incure. I live in NoPo its all good.
Poeple are full of Sh*t if they think you save money by living in Wa, If you work in OR you still have to pay tax it not an option. When you retire live in Wa. cause you don't want t pay 9% tax on retirement funds, but if you work in OR you need to pay tax. You will get burned on it.

shastadogs2 · Since 28 Mar 2005 336 Posts Obsessed

being a landlord, like everything else, has its trade-offs.

possessions are like shiny coins in your pocket; when you get too many, they pull your pants down. another way of saying this, they own you as much as you own them.

when we moved out to the country in '86 to raise our kids, we kept our starter home and have rented it for 22 years without losing a month's rent; each renter has left it in better shape than the one that left; the house has appreciated 500%.

this is the good news (and is, for the most part, just blind luck.)

the bad is that the roof never leaks in summer, and people expect fixes to happen NOW, especially, it seems, when the wind is blowing 20 knots somewhere. . .

when you sell, figure about 30% lost to capital gains.

the first question is: do you have the temperment to be a landlord?

goodon ya
jimmi

KidCorporate · Since 10 Jul 2007 563 Posts Addicted

Trevor, I'll be working on the washington side, and maybe living on that side too. Shasta, I have two of my rooms rented out to college students right now, and I'm not gonna lie, I'm definitely new at this landlording thing...

blowhard · Since 26 Dec 2005 2027 Posts Windward

RENT=99% GOOD
1% bad

SoOR · Since 10 Mar 2007 56 Posts Ashland, OR

being landlord is like anything, you can do it right or do it wrong. i manage/own rentals professionally and if you arent willing to be hands on or take time to know laws/correct forms then are playing with fire. anyone who has dealt with evictions or get involved with fairhousing lawsuit will tell you. or you can pay property management to find the tenant/screening/forms,etc....and you deal with the maintainance.

and not to geek out too much( if you have an accountant ask him for advice) but for taxes if you have equity in your primary residence and live in it for 2 of the 5years prior to selling it then you dont pay any capital gains taxes up to $250k so its best to not deal with depreciating it as a rental since you will have to pay back the depreciation at 28% and its a hassle. but it you are not planning on selling it for long time and dont care about losing primary residence exemption tax free then rentals are great for writeoffs(your depreciation expense, gas driving to/from portland "to manage your rental" and expenses will be a nice writeoff against your salary(and the deprec. exp will prob exceed your rent income

KidCorporate · Since 10 Jul 2007 563 Posts Addicted

Interesting points about the capital gains tax... I've lived in the house for almost one year already, do the years have to be back to back?

Ike · Since 12 Mar 2008 216 Posts Central Oregon Stoked

Yup, just move back into for a couple before you sell maybe

SoOR · Since 10 Mar 2007 56 Posts Ashland, OR

actually there are some specific cases that allow you to prorate the exemption so say you live there only 1yr but have to move for work(work has to be a certain # of miles away, i cant remember # so look it up on IRS site or ask accountant) and you have gains of $50k since you only lived there 1 of the 2years you can keep up to 50% of the allowable $250k so you are limited to $125k tax free so that hypothetical $50k gain is totally tax free even though you lived there only 1yr instead of the 2yrs typically required.

Ike · Since 12 Mar 2008 216 Posts Central Oregon Stoked

better talk to a tax accountant if you go that route, it is pretty restrictive

SoOR · Since 10 Mar 2007 56 Posts Ashland, OR

Ike · Since 12 Mar 2008 216 Posts Central Oregon Stoked

My Bad