My wife and I are strongly considering a move from central Washington to Portland Oregon. Our ability to invest in the area is going to be a major factor in whether or not we move.
Is there anyone who can give me a general run down of the market over there? We'd like to flip homes that would sell in the $140-200 range, and buy and hold duplexes-quads.
Any guidance would be appreciated!
Hi Brandon. I don't want to discourage you from Portland because it is a beautiful place to live. That being said, the market is fantastic around here if you are a seller. I saw a report this week that says inventory is still low at about 2.8 months supply. That combined with low interest rates and it becomes a hugely dominated seller's market. Flipping homes can be tough and quite competitive (as I am finding out). The competition for any home that will make a reasonable profit is severe. You have to be able to act very fast, usually with all cash offers and no contingencies to even be considered...this is for MLS properties. If you have another source (wholesaler, etc) you may fare a little better. For by and hold properties, it is tough to make things cash flow due to property prices (see all above). However, the vacancy rate is very low for most areas (effectively 0%) so getting quality tenants should not be that hard. I hope this helps and good luck.
Thank you! Is this a recent shift? Or has it been that way for a while? What about the surrounding suburbs? Or even just over the river in Vancouver?
unless you plan on investing in the suburbs, like Beaverton, Hillsboro, Vancouver etc... you will be hard pressed to find houses for sale under that range.
you can still find mediocre deals in Vancouver and Camas, where I live, but there's lots of competition with cash buyers. We do not invest much here even though err live here, because we don't have all cash.
We'll it looks like it's not the market for us right now. :-(
Thanks for your help! It prevents an expensive mistake!
The Portland market has been a hot sellers market since late last summer. Inventory is very low. Cash offers with no contingencies are winning the deals. I have had multiple offers on fix and flip properties. The pocket neighborhoods also drive activity up. Further out DOM can be more and values can be less, again depending on the neighborhood. I have been working with clients that want SFR and condo rentals but you must move fast, That usually takes losing 1-2 for them to understand.
Hey Brandon -I don't know what your threshold is for your upfront purchase price but don't be discouraged if you like Portland you can still find deals - but not typically on RMLS. I purchased a home in a SE suburb from a great wholesaler to flip for $150k. You just have to network and find the guys who are really truly good wholesalers. It took me about six months of concerted effort to find a handful of these guys. Best Wishes. Lisa
I completely agree with Lisa. You just have to find the right people. If you pm me, I may be able to put you in touch with some good people to help you out.
@Brandon Luke , How did this story end?
@Brandon Luke I'm curious as well
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