My wife and I are currently buy and hold investors in Northern New Jersey but we are exploring the possibility of moving back to my wife's home city of Portland, OR within a year to 2 year timeframe.
We are interested in spending a day viewing multi-family / apartments complexes. Our budget range is $500k - $1 million.
Our goals are to understand the marketplace and rents based on districts. From our limited experience we believe that Northwest Portland seems like a strong area of growth but are willing to explore. We want to stay in Portland proper.
Looking for experienced agents who have dealt with investors in the past and with a strong understanding of tenant laws, rent prices, rehab costs and growth markets.
We will be in the area from July 17 - July 24.
Thank You BP,
Feel free to give me a nudge if you'd like - I work in that area, but I think you'll be best served contacting HFO. Give Jack Stephens a call, he handles a ton of multifamily listings in the area and can give you a feel for just how crazy that price range is over here.
What is your background?
Also what is Jack Stephen's contact info?
Feel free to email me directly
I'm a real estate investor and realtor in the Portland Metro area and I am also currently looking for an investment property in this area and I have to say the market is really really hot right now. Just to give you an idea, there was a four Plex that came on the MLS the other day for 500k in St. John's and went pending within 48 hours.
I know a couple really good commercial brokers in my office. Let me know if you want me to put you guys in touch.
Take care and good luck!!
Yes please. That would be great. Please email me directly at [email protected]
You sure??? See below for a summary snip for the pdx market.-moreover cap rates in pdx at 5.5% multi fam and time on the market for i is 2 weeks, if that long!
"The Portland metro is in the midst of a massive apartment construction wave. Even as construction increases and vacancies go up, the continued influx of well-educated young professionals may mitigate concerns about supply-side pressures. Population growth has been robust, and the State of Oregon has ranked in the top five nationally for in-migration moves to a new state for much of the cycle.
After record-breaking rent gains in 2015, the Portland City Council passed several pieces of legislation aimed to curb rent growth and increase availability of affordable housing. In both 2016 and 2017, rent gains slowed significantly, especially in the urban core. Supply-driven vacancy increases are a strong force behind this trend. Sales volume reached a record high of nearly $3 billion in 2016, thanks to the strong presence of institutional and value-add investors, but achieved less than half that sum in 2017."(Costar)
Good luck in your search!