New investor looking for advice in oregon
Member since 2024 · 16 posts · 13 votes
Hello,
I'm looking to start investing in oregon and am aiming to do my first brrr in the next couple months and would love to connect and maybe get some contacts for contractors and hard money lenders that can help me on my journey. I've come across some wholesalers lists I could use some help verifying if they are a reputable source as well.
Thank you for any advice and help.
I currently live in beaverton and am open to pdx metro and salem areas.
Hi @Zachary Engen!
Great to see you diving into real estate investing in Oregon! Starting your journey with a BRRRR strategy is ambitious and offers a solid path to building your investment portfolio.
From my experience, if you're considering both the PDX metro and Salem areas, each has its unique advantages depending on your investment goals. Salem generally offers better ROI and higher chance of cash flow, making it a compelling choice for your first BRRRR project. The numbers tend to work out more favorably there, which can simplify hitting your investment targets.
On the other hand, if you're leaning more towards appreciation and forced equity, Portland could be beneficial, especially with strategies like house hacking. House hacking in Portland as your first investment could significantly mitigate your risks while familiarizing you with managing a property and tenants. However, keep in mind that Portland’s market can be more challenging to navigate due to higher property prices and stricter regulations.
As you’re building your team, especially in regards to contractors and hard money lenders, it's crucial to vet the contacts you get from wholesalers or other sources thoroughly. Be wary of hard money loans; they can be pricey, often around 12% interest for newer, which can quickly eat into your profits and also require a high down payment. Make sure to ask for references and review past projects of the contractors. Also, be cautious with wholesalers — they often hype their numbers, so it’s essential to verify their claims independently.
If you're still weighing your options between Salem and Portland, I'd recommend Salem for its easier entry points and cash flow potential, particularly for a BRRRR newbie. However, don't shy away from Portland if you find a great deal that aligns with a house hacking approach.
Feel free to reach out if you need more specific insights or connections in either market. I’m here to help you navigate through your first investment and make it as successful as possible!
Best of luck, Zachary!
Hello,
I'm looking to start investing in oregon and am aiming to do my first brrr in the next couple months and would love to connect and maybe get some contacts for contractors and hard money lenders that can help me on my journey. I've come across some wholesalers lists I could use some help verifying if they are a reputable source as well.
Thank you for any advice and help.
I currently live in beaverton and am open to pdx metro and salem areas.
Welcome to the forums, Zach!
What level of rehab are you looking to do? That and your preferred location will give me an idea of who to recommend.
If you don't have previous rehab experience, I would recommend not going through a wholesaler or using hard money for your first deal. The transaction time is so compressed that it strongly favors those who can quickly and accurately analyze a property and the work needed, as well as having a team in place. The cost of hard money also makes timing and accuracy of projections even more important.
If it fits your situation, house hacking is the best way to dip your toes into rehab investing. There you can get the best financing terms, and work on a timeline that is more forgiving.
Happy to provide more insight!
Chris
Zach,
I own a few rentals in the Portland Metro and work as an agent in the same areas. Happy to connect and provide any help where I can!
Scott
Hi @Zachary Engen!
Great to see you diving into real estate investing in Oregon! Starting your journey with a BRRRR strategy is ambitious and offers a solid path to building your investment portfolio.
From my experience, if you're considering both the PDX metro and Salem areas, each has its unique advantages depending on your investment goals. Salem generally offers better ROI and higher chance of cash flow, making it a compelling choice for your first BRRRR project. The numbers tend to work out more favorably there, which can simplify hitting your investment targets.
On the other hand, if you're leaning more towards appreciation and forced equity, Portland could be beneficial, especially with strategies like house hacking. House hacking in Portland as your first investment could significantly mitigate your risks while familiarizing you with managing a property and tenants. However, keep in mind that Portland’s market can be more challenging to navigate due to higher property prices and stricter regulations.
As you’re building your team, especially in regards to contractors and hard money lenders, it's crucial to vet the contacts you get from wholesalers or other sources thoroughly. Be wary of hard money loans; they can be pricey, often around 12% interest for newer, which can quickly eat into your profits and also require a high down payment. Make sure to ask for references and review past projects of the contractors. Also, be cautious with wholesalers — they often hype their numbers, so it’s essential to verify their claims independently.
If you're still weighing your options between Salem and Portland, I'd recommend Salem for its easier entry points and cash flow potential, particularly for a BRRRR newbie. However, don't shy away from Portland if you find a great deal that aligns with a house hacking approach.
Feel free to reach out if you need more specific insights or connections in either market. I’m here to help you navigate through your first investment and make it as successful as possible!
Best of luck, Zachary!