KKCoastal Acquires Rental Units in Newport, Oregon

Based in Salem, Oregon, Paul Kerley has worked for more than three decades as a real estate owner and management specialist. Outside of his responsibilities at the Salem-based Commercial Property Resources, Inc., Paul Kerley owns a limited liability company called KKCoastal. Under his leadership, this firm recently purchased rental units in Newport, Oregon. 

Through the representation of Windermere Properties' Anita Quilici, KKCoastal was able to acquire the Alder Street Apartments at 1007 SW Alder Street in Newport. Financed through Precision Capital, the purchase totaled $550,000. For this price, KKCoastal obtained six rental units and an accompanying cottage spread across half an acre of land. 

Of Alder Street Apartments’ six units, five include one bedroom and one bathroom while the last unit comprises two bedrooms and one bathroom. The cottage boasts a cozy one-bed, one-bath interior with an outdoor deck. The property has amenities such as electric heating and laundry equipment as well as seven resident parking spaces.

Alder Street Apartments is situated within minutes of downtown Newport and the Pacific Coast. Other local attractions include the Hatfield Marine Science Center and the Oregon Coast Aquarium.

Demystifying Real Estate Titles and Positions

Based in Salem, Oregon, Paul Kerley founded Commercial Property Resources, Inc., in 1983. Paul Kerley has managed more than 1,400 residential rental units and is licensed to broker commercial properties throughout Oregon.

Many individuals confuse real estate positions such as “broker,” “agent,” and “salespeople.” Those who go into real estate transactions with an understanding of the role of each businessperson involved may not feel as confused during the process.

The term "real estate agent" is something of a catch-all: anyone who earns a real estate license is a real estate agent. Sales professionals and brokers are both technically real estate agents. They can show properties to prospective clients and, depending on the full extent of their qualifications, can produce contracts. The catch is that qualifications to become an agent vary from state to state. Hence, most states require agents to take a minimum number of classes to receive a license to sell and show real estate within that state.

Although a real estate broker is also an agent, brokers undergo training and education beyond the minimum requirements for licensure. They must pass a state broker's exam, after which they may work alone or hire agents to work under them.                           

Rental Criteria at Commercial Property Resources

During his time as the owner and president of Commercial Property Resources, Inc., in Salem, Oregon, Paul Kerley has helped the company become a leading provider of rental properties in the Willamette Valley. Paul Kerley currently oversees approximately 1,000 rental properties throughout Salem, Eugene, Albany, Cottage Grove, Hillsboro, and several other locations in the state.

To rent a property with Commercial Property Resources, applicants must submit current photo identification at the time of application. Applicants also must show proof of a monthly income totaling at least three times the property’s rental amount or submit a housing voucher. In terms of rental history, applicants must have a good rental history for at least two years, with no evictions within the past five years.

Common grounds for denial include multiple 72-hour notices from landlords or outstanding balances with utility companies. All properties require a refundable security deposit, which varies depending on the size of the rental property.

To learn more about renting with Commercial Property Resources, visit www.rentandresidehere.com. 

Make an Apartment Complex Appealing

Salem, Oregon, resident Paul Kerley is the president of Commercial Property Resources, Inc., a firm which focuses on the ownership and management of residential properties. In addition to investing in condominiums and single-family homes, Paul Kerley invests in apartment complexes.

In order to attract renters to an apartment complex, owners should equip their properties with the following three amenities in order to make them more appealing places to live.

1. Safe lighting is important. When the perimeter, parking areas, and entryways of an apartment complex are well-lit, it can deter criminal activity. Help potential residents feel more confident in the safety that your complex provides by installing lighting in advantageous positions across the property.
2. Modern appliances appeal to renters. Outdated stoves, refrigerators, and washing machines can prematurely age a property, leading to lower levels of interest from prospective inhabitants. Boost rental value and enthusiasm for a property by investing in uniform, modern-looking appliances.
3. Energy efficiency is a selling point. Installing energy-efficient amenities such as double-pane windows and moisture-sensing bathroom ventilation fans can entice potential tenants. Not only will these types of amenities look new, but they will also lower the cost of power bills for tenants.

Willamette University College of Law Externship

A longtime real estate professional based in the Pacific Northwest, Paul Kerley currently owns and operates Commercial Property Resources, Inc., in Salem, Oregon. Before launching his career in real estate, Paul Kerley earned a JD from the Willamette University College of Law in Salem.

In addition to its course offerings, the Willamette University College of Law sponsors an externship program designed to immerse students in the work of practicing attorneys. Students work closely with lawyers in a number of settings, ranging from in-house counsel at national companies to state and federal agencies. Participants in the externship program perform a variety of tasks, such as alternative dispute resolution, administrative advocacy, litigation, and transactional work.

To qualify for the externship program, students must enroll in either the part-time or full-time externship course, which comes with varying credit hours based on the time of year. Students must be in their second or third year at the Willamette University College of Law and enjoy good academic standing to be considered.   

Costs Associated with Rental Property Investments

Paul Kerley, the owner and president of Commercial Property Resources, Inc. in Salem, Oregon, owns some 1,000 residential units. The properties owned by Paul Kerley include single- and multi-family homes and apartments in Salem, Oregon, and neighboring communities.

Before investing real estate, it is important to note all of the costs associated with a rental property. Investors should be capable of covering costs such as down payments, insurance, ongoing mortgage payments, and utilities. Additionally, they should plan for significant maintenance; older properties often need renovations, and newer ones may require quick fixes. Setting money aside monthly for maintenance can help investors better prepare for unexpected issues. Depending on the type of property, there may also be monthly association fees, which are particularly common in condominium and town home developments.

Rental properties also carry some unique costs that many homeowners don't need to consider. Owners may need to pay for advertising to find tenants, and be financially prepared for vacancies as tenants come and go. Investors who use property managers to oversee their rental holdings will also need to plan for their compensation.         

An Overview of Property Classifications

Paul Kerley, the owner and president of Commercial Property Resources, Inc., in Salem, Oregon, has more than 30 years of experience in commercial and residential real estate. Currently owning and managing through his firm more than 1,000 units, Paul Kerley tends to buy B and C class properties in the Salem, Oregon, region.

How a property is classified depends on its location, its physical characteristics, and its potential among renters. Three main classifications exist: class A, class B, and class C.

Class A properties are typically less than 15 years old. They are quality buildings that include all the latest amenities. Vacancies and major maintenance issues are uncommon, and rents are often high. Tenants who occupy class A units tend to have high incomes, as well.

Class B properties are also in good shape but are usually a bit older. These types of units may need renovations or maintenance work from time to time, and rents are lower.

Class C buildings often require the most work from homeowners and property managers. At more than 20 years old, these properties may be due for major renovations and aesthetic updates. Depending on the area, it can take a bit of time to find renters for these types of units.                           

Local broker closes lucrative deal