Portland vs Detroit

[Chris Wilburn]

Hi Everyone,

Hoping to get some thoughts on getting started in Portland,Oregon vs. Detroit,Michigan.

I’ll be moving to one of these locations soon for a new full time gig. I’m thinking holistically about the move, and how I can get started in real estate in either market.

Ideally, want to start with a house hack with 4-5 units, get a feel for landlording, and eventually grow. But of course, different markets different opportunities.

Anyone have thoughts on pros and cons for either market?

I'll be putting down less than 20% in a typical situation I'd guess (maybe even FHA), but maybe I'll be able to get to 20% with how the Detroit market currently is.

Portland is looking expensive, with much less 4-5 units options. Maybe smarter to look for duplex options??

Any thoughts would be helpful!

Thanks,

[Jay Hinrichs]

Originally posted by @Steve B.:

@Chris Wilburn the Portland and Detroit markets are about as different as possible. You should be able to determine which one you like then seek advice from there.

 Agreed Steve.... Detroit price points can be from next to zero to millions.. were as Portland is more uniform in pricing. with prices starting basically at 250k and for duplex 4 plex more like 350 to 850k.. 

And Chris 4 units and under you can use FHA loan.. 5 and over you need conventional and 20 ro 30% down

Detroit is bouncing back however you have a city that was once 1.5 mil that is now under 800k.. Portland population is about 800k and basically always growing. at least since i became aware of the PDX market circa 1992.. 

If out door pursuits are important to you lots to do close in to PDX..  of course you have the great lakes in Detroit.  Crime is a fraction of what is in most of Detroit. and public schools are good generally speaking.