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Author: Monty

  • How to raise rents

      Reader Question: Hello, Monty! We are “babe in the woods” investors. We have a duplex in Portland, Oregon. We are not sure whether to raise rents at this time. Expenses have gone up about 5% since January 2013, in line with inflation in the state. Everyone’s heard the bad job data, and we’re afraid…

  • To move or not to move… the house?

    Reader Question: We own a one-acre lot on a street with mostly half-acre lots. We are considering splitting the lot into two half-acre lots. The only problem is the house is in the middle. It would cost about 75k to move the house to one side. Would it make sense to divide the lot? Elizabeth…

  • Real estate rehab gone wild – the options?

    Reader Question: My son was buying a home that the owner/contractor was to rehab. The deal started in June 2013 and due to issues he still has not completed the building. In December, the new septic did not pass inspection; therefore we ended the deal. I put a deposit down on the house, paid for hardwood…

  • How can one tell which run-down area is best?

    Reader Question: How can one tell if one run-down area is best? A friend and I are going to buy an old home and remodel it to rent out. We have a limited budget, so we are looking in areas where prices are lower. Are there any strategies or tips for buying and renovating houses…

  • Multi-area home search requires work

    Reader Question: Monty, I am pre-qualified by a lender for a mortgage loan for $200,000. I work in one of the country’s largest cities and commute to work. I have a good and secure job. I want to look at cost, safety, neighborhood amenities and convenience to public transportation, as they are different in every suburb.…

  • Compare building a new home to buying a pre-owned home

    Reader Question: I live in a city of about 300,000 people where real estate prices are high. There is a short supply of both low and mid-priced homes here. The situation is complicated further with a shortage of affordable rentals. However, there is an ample vacant land supply surrounding the area. Improved lots sell for anywhere from…

  • Sleuthing a real estate issue – your personal reality game

    Reader Question: I purchased a home from a contractor. It was a carriage home that was a model for the developer. The home had an in-law suite over the garage. I obtained a standard mortgage to purchase the home, including an appraisal and title insurance. In 2011, I was going to refinance the home only to…

  • Developer track record important in housing projects

    Reader Question: A year ago I bought a town home in a condo project. I asked about parking and told that each homeowner would have one additional space outside to park as well as in their garage. The garage is built into the home. Since I moved in, the municipality painted one side of the…

  • Converting the garage to living space

    Reader Question: Hello, my house has the garage in the lower level basement. We would like to transform that space in a family room with bathroom and a bedroom but some people tell us if we do, the house loses value if we sell in the future. Is it true, or not?  Michael S. Monty’s…

  • Water management issues can be dicey with neighbors

    Reader Question: The neighbors recently have installed 5 drainage hoses aimed at our house. One is from the neighbor on the other side of them. We tried calling the city and the calls have not been returned. Can we do anything to stop them? Mary P. Monty’s Answer: Hello Mary, and thanks for the question. Water runoff is an…

  • Occupancy at closing is risky for home seller

    Reader Question: my property is for sale. It has been my primary residence for 40+ years. My Realtor wants to know ‘If an offer were made would I be willing to vacate the premises upon the day of closing?” What if I move all my belongings into storage and the buyer backs out of the sale at the last…

  • A senior housing dilemma

    Reader Question: Hello Monty, my wife and I are in the late sixties. We are in good health and have no home mortgage. We have no trouble keeping busy, but as we look to the future and the options, sorting it all out in a logical and efficient fashion seems complicated. There is so much information and fluff out…

  • Presto! Change a one family home into a two family home

    Reader Question: We have been remodeling a single-family country home and right now we are at a point where we have to decide on either a 1 bedroom apartment or extra family room/office. We are looking for the best resell options. We could have a 1 bedroom-1 bath apartment along with a huge 3 bedroom 1 1/2…

  • A perfect storm – How to create poor real estate decisions

    Reader Question: My mother wants to have a home built. She has been advised that she should not sign the purchase agreement before she sells her home to avoid a large tax. She is 85 years old. She was also told to keep all utilities on at old home until sold. Are these points valid? Thank you,…

  • A home seller’s checklist

    Reader Question: Monty, we are going to be selling our home soon. The word has gotten out in the neighborhood, and conflicting advice is pouring in about which agent to use and how to go about selling the house. How do we sort this out without upsetting the neighbors?  Randy and Susan P. Monty’s Answer: Hello Randy and Susan,…