We’ve been talking a little bit, historically, about what’s coming down the pike, legislatively. Our job is to navigate it with you, and for you. Food, shelter, clothing. We’re going to need all those things. We’re specializing in shelter for people, whether it’s yourself, or for a tenant on the property. Let’s talk about how to navigate the circumstances that are in front of us now.
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Bob Nelson: We have an interesting situation. We’ve got state-wide rent control as of February 28. It’s interesting to see that outside sources, now outside would be those outside the state. There have been a number of articles written kind of pointing and laughing with, “Rent control has never worked. What makes you think it work now?”
Well, we’ve got it, so we’ve got to figure out, what do we do with it? If you own residential property, do you simply sell to attend 31 into a different food group? Do you sell and simply go into stocks and bonds? Or do you say, “I’m gonna pick up my big boy pants, and deal with the situation.” And is it good or is it bad from a landlord standpoint?
Marcia Edwards: Well, Bob, what have you seen in the climate? I heard a lot of my investor types saying, “I’m out.” Immediately out of the gate. It’s sort of like when the wrong person’s elected, their moving to Canada for a moment. Well, I don’t know if they’re really going to move to Canada. I’m not really sure they’re going to move their real estate away from themselves, if it’s residential. What are you experiencing?
Bob Nelson: Well, typically, there’s a dichotomy that occurs with investment real estate, and we call it, you like beds, or you don’t like beds. That means, you like apartments, or you don’t like apartments. It’s a rare person that says, “I like both of them.” There will be a preference, and they tend to stay away from the other. In my opinion, that may very, very wise, because are you going to become a master of the market, of all types of real estate, and as a result, maybe botch up, and minimize the impact in what you do own.
Marcia Edwards: So, maybe you go from beds in Oregon to beds in Idaho, or Arizona. Is that something that people are doing?
Bob Nelson: Oh, very much so. I have several clients that I’m working with at the moment that, frankly, are totally fed up with Oregon. The idea of rent control. They didn’t like gun control that seems to be coming around. They don’t like this they don’t like that. And now they’re talking about a business tax to fund education. It’s a tough situation. They want out of Oregon, period.
Marcia Edwards: So you can still help them do that, right?
Bob Nelson: I can.
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 5:30 on KPNW for the “Real Estate Today” radio show.