New from Portland, Oregon

10 Replies

Hello from Portland.

I have very little experience but am here to learn more, and get ideas from others about how to make money by investing.  I have been a residential mortgage lender for 6 years, and currently have 1 rental, (purchased initially as an owner occ), which is cash flowing about $300/mo.  

I have no immediate plans to quit my day job, and am mostly interested in rental properties at this time, although I'm not convinced Portland is a good place to get into rentals.  Rehabs/flips are intriguing as well, so like i said i'm hear to learn!  Looking forward to interacting with people in my local market and beyond!

Alex

@Alex Wade

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@Alex Wade Sounds like you have a good start. Portland is a pretty competitive market for investors, so you will likely want to find off-market leads. Mail campaigns are a good way to contact homeowners who share motivational characteristics that they could be ready to sell. An Absentee Owner list is the most popular, but in your market they could already be getting a lot of mail from investors.

Consider working with a list broker to get recommendations. 

Seniors with Low Financial Stability Scores might be one list to think about.

recommend If you have not go to Rarebird meetings..  good group of folks there and good networking for one in the mortgage industry..

socialist republic of city of Portland is doing some pretty weird stuff to landlords..  seems to me the satellite citys maybe better play for landlording.

Flipping Is UBER competitive..

@Alex Wade  Welcome to BiggerPockets!

Congratulations, you have found one of the most valuable free resources on the internet for real estate investors new and old, Alex.

We are happy to help you in any way we can.  You are not alone in your real estate ambition.

@Alex Wade welcome to BP. If you're not convinced Portland is a good place for rentals....probably won't be convinced. @Jay Hinrichs  (thanks for the RareBird Investor Network shout out by the way) is right, new laws are coming out left and right. I'm seeing property managers struggle to keep up, let alone private individuals. I'm on the rental services commission and I'm frequently going back to review new legislation to ensure we're doing things correctly. Come check out our Thursday night meeting next week if you have any interest of networking in person or interest on Portland's market. 

Thanks everyone!

@Neal Collins    (is that how you tag people) I work for loanDepot as a Builder Account Consultant.  Currently I support a builder working on a subdivision, and work outside deals as my bandwidth allows.

@Jay Hinrichs and @Mike Nuss Thank you too.  I have attended Rare Bird once and thought the content was great. I hope to make it back although my FT Job conflicts with the schedule currently.  

@Jill DeWit and @Chrissy Arnold Thanks for the tips!

Maybe I could ask one question here.... I'm a bit overwhelmed by all of the different forums.  I wanted to ask a question about whether or not I should sell or retain the two properties I own right now.  I'm not looking for direct answers, but rather someone to guide me to material that would help give me a framework to make the right decision.  Can someone tell me which forum that would be?  

Thank you!

Originally posted by @Mike Nuss :

@Alex Wade welcome to BP. If you're not convinced Portland is a good place for rentals....probably won't be convinced. @Jay Hinrichs (thanks for the RareBird Investor Network shout out by the way) is right, new laws are coming out left and right. I'm seeing property managers struggle to keep up, let alone private individuals. I'm on the rental services commission and I'm frequently going back to review new legislation to ensure we're doing things correctly. Come check out our Thursday night meeting next week if you have any interest of networking in person or interest on Portland's market. 

Mike you know me old school.. in my day tenant did not pay we took the front door off and turned off the utls  LOL  I guess you cant do that anymore.

but I grew up in the bay area and I am not sure when rent control came in but it was DECADES ago.. in SF and Berkley .. and MHP s had very very strict rules and rent control.. so those markets still flourished..  Just have to figure out what you can and cannot do then figure out if its worth your effort and time on a personal level.. the fact is .. real estate is location , location, location  and supply demand and available credit supply the values.    

Well many people Love PDX for the life style , Metro and cities have artificially crimped supply.. and that is not changing anytime soon. And credit is abundant for well qualified investors..   But not being a landlord personally I don't really have a dog in the hunt but it does affect me as a value add developer.

@Jay Hinrichs I whole heartedly agree. I know Portland like the back of my hand, so I'm here for the long term. Plus, if/when rent control becomes real here......I'll make a million $ on paper over night almost. The best part is communicating with tenant advocates. I state from the get go, that it's in my best interest "wealth wise" to have rent control, but here's why I think it's bad for tenants and the market as a whole. They just do not know how to wrap their brain around that comment. Their belief is that rent control is the magic unicorn that deflates the market everywhere. We both know that's not the case. 

Originally posted by @Mike Nuss :

@Jay Hinrichs I whole heartedly agree. I know Portland like the back of my hand, so I'm here for the long term. Plus, if/when rent control becomes real here......I'll make a million $ on paper over night almost. The best part is communicating with tenant advocates. I state from the get go, that it's in my best interest "wealth wise" to have rent control, but here's why I think it's bad for tenants and the market as a whole. They just do not know how to wrap their brain around that comment. Their belief is that rent control is the magic unicorn that deflates the market everywhere. We both know that's not the case. 

 I know the west side  I get lost on the East side its funny how its an east to west town.. !!!  but better restaurants on the East side compared to say Beaverton that I know well .. 

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