Santa Clarita, CA · Member since 2018 · 7 posts · 4 votes
Hey all,
I'm looking to find my 2nd residential investment soon in the greater Portland Metro area and was wondering if there were any trends you've seen over the past year that I should be aware of? Or if there were any upcoming laws/changes that could affect the housing market in that area? I'll obviously be doing my own research online but I wanted to see if the BP community has any insight on this as well. Thanks!
Real Estate Agent · Portland, OR · Member since 2013 · 412 posts · 219 votes
6y
With the new zoning changes statewide working their way through the system along with the overlay and interpretation from local municipalities, look for even more hidden opportunities to build/expand/add ADUs in the future. It's not a gimme that every deal with have a plus one to it, but that's where we're seeing clients looking right now. They find a deal that meets their criteria, then they look to see if there is a reasonable chance of making the deal even better once the new zoning regulations are solidified.
One piece of caution about a proposed (but I believe a majority of city council support it) change specific to the city of Portland is around deconstruction. Currently, any home built before 1916 and being torn down needs to be torn down and salvaged by hand. Under the new proposal, that'll be bumped up to 1940. Just something to be aware of if part of your plan involves buying and holding, then replacing in the future.
Real Estate Agent · Portland, OR · Member since 2016 · 1k+ posts · 605 votes
6y
The ADU craze is a big thing in Portland right now. We have strict regulations for short term rentals so you would need to rent the ADU for 30 days or more which would still give you lots of cashflow. Also companies like Dwell will put a prefab one in your backyard and has attractive financing options.
Other than that, I would look into multifamily, you will get better cashflow that way. Let me know if you have any other questions about the Portland market.