Today’s topic: hoarders.
René Nelson, Eugene commercial real estate broker
Marcia Edwards, Eugene residential real estate broker
René Nelson: Hey, let’s talk about a recent situation though, where we had a client that wanted to sell an investment property and he has a tenant that’s a hoarder.
Marcia Edwards: Yeah, that’s a project. That’s a project. Right now, when you talk landlord tenant, you got a lot of timeframes to watch. It’s getting a little more like the 1031 exchange where it’s time sensitive. To make it successful, you need to know where the clock starts and when it ends in regards to the transaction.
And that’s tough to do if you’ve got someone that’s moved into a property, and moved into a property and moved their ex-boyfriend’s stuff into their property and their children’s stuff into their property. It’s just a burden on the property. The asset itself becomes a liability in a lot of levels.
René Nelson: Absolutely. So first off, for those of you that are listening that you may have a tenant that’s a hoarder, the first thing that I’m going to tell you is Lane Rental Owners Association could be a resource because they have a 24-hour help hotline. And Tia, the president, mans that helpline. And she helps landlords figure out how to deal with hoarders, because that is technically a violation of their lease, very often. They have too much stuff in their unit. So it’s a fire hazard or a safety hazard. Often, they’ll change the locks on the front door. So there’s your two strikes. It only takes three strikes and you can evict somebody in this market.
Marcia Edwards: Well, see, now, that’s interesting. What you’ve got to look at is you don’t know when you’ll need the property to be liquidateable, that you need to sell or refinance because of needs or urgency. So you’ve got to have that asset ready for motion if it needs to be. So to start the process when you’re ready to sell is too late. Keep your eye on your properties.
René Nelson: Absolutely. Plus, honestly, if you tolerate that behavior, your tenant is going to assume, “Oh, they don’t care.” Especially if you live in the area. It’s one thing if it’s in Portland or out of the area and you can’t drive by it and view it. But folks, if it’s in Lane County, pick a sunny day and go drive by your property. You better make sure that your asset is working for you. Otherwise, you have a J-O-B. You are going to have to work on that property, as opposed to that property earning you money.
Marcia Edwards: And the same as when it’s owner-occupied, same situation. You’ve got to really be ready to move it if you needed to, which means you need to make sure that it’s maintained well and that your property has not been buried in personal items either.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30pm on KPNW for the “Real Estate Today” radio show.