Let’s face it: small multifamily properties like duplexes, triplexes and fourplexes are unique real estate products; they are different from houses, and different from larger apartment complexes.

Here are several reasons it's so important to have a dedicated duplex/triplex/fourplex expert investor and agent like me on your team to buy or sell a small multifamily property in Oregon.

In Oregon, our many, many Landlord-Tenant Laws are primarily designed to protect tenants. If you are buying or selling a small multifamily plex in Oregon, you need an agent who understands the exact nature of EACH of your rental agreements–what you can and can’t do within those types of rental agreements, and how you can navigate the rules to get a tenant to the outcome you want.  

The relocation fees you must pay a tenant to vacate a property vary based on what area of the state the property is located, how long the tenant has been there, and what type of rental agreement they have. When those fees need to be paid, and with how much notice, also varies.  

One of the beautiful things about duplexes, triplexes and fourplexes is that they can be primary residences or investments–or both! Plus, they qualify for conventional 30-year fixed financing. So if you are selling a plex in Oregon, it’s important to consider that your buyer may want to move into a unit; if you are a buyer, it’s important to consider HOW you can move into a unit.

If the property is fully occupied, though, how will the new owner be moving in? Conventional loans require the owner-occupant to be able to move in within 60 days. Sounds easy, until you realize that Oregon laws require 90+ day notices to tenants to vacate (plus likely relocation fees, etc.).   

You need to know how to navigate these complexities, which intertwine your critical financing needs with property management rules and Oregon Landlord-Tenant Law.  

Whether you’re buying or selling your small multifamily plex in Oregon, it’s safe to say you want to maximize your investment. This requires a combination of optimizing both income and expenses. On the income side of the P&L, are your rents at market rates? Are there any opportunities for ancillary income streams like laundry, parking, storage, etc.? On the expense side, are your expenses as efficient as they can be? Are there any costs you could bill tenants back for? Are there costs you could intentionally incur, that would drive higher rents (such as offering free internet service, being responsible for landscaping, etc.)?

You deserve an agent who is first and foremost an investor themselves, because thinking like an investor rather than just an agent brings better financial results.