Hi everyone my husband (26) and I (24) want to buy a duplex we live in Portland. We are saving as much as we can, we are making around 65k a year after taxes. We have no kids and our monthly expenses are about 2k a month we have 2 car payments. We want to buy a duplex so we can live in one side and rent the other one. Our credit scores are around 720.
Does anyone know how can we find a cheap duplex in Portland OR?
we would love to hear some advice we are thinking about applying for a FHA loan. We have no idea on how to start in real state.
There is actually a local realtor @Chace Fraser that is super knowledgeable in this field and is doing exactly what your describing (house hacking). I am more than confident he would be able to answer any questions that you might have.
But as Anthony stated you will also need to speak with a lender to know what price range you should be looking at and what the best loan option for you and your husband is.
Rental Property Investor 路 Springfield, MO 路 Member since 2019 路 462 posts 路 365 votes
6y
Find a realtor in your area and start talking with them. There are plenty of good deals on the MLS that can be had. Also, go to your bank and start talking to your lender and see what kind of financing options would work best for your financial situation.
Real Estate Broker 路 Forney, TX 路 Member since 2019 路 1k+ posts 路 399 votes
6y
@Daniela Yapuncich Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! 馃榿
You might change you financing strategy to do a FHA 203. This loan pays for renovation cost and rolls into loan. This opens up being able to find more affordable properties. The nice thing is that the renovation will be done for you. And you can get up to 4 units, I believe. But you need to talk with a lender for all the details.
There is actually a local realtor @Chace Fraser that is super knowledgeable in this field and is doing exactly what your describing (house hacking). I am more than confident he would be able to answer any questions that you might have.
But as Anthony stated you will also need to speak with a lender to know what price range you should be looking at and what the best loan option for you and your husband is.
Investor 路 94539 路 Member since 2019 路 10 posts 路 4 votes
6y
@Daniela Yapuncich welcome to BiggerPockets! As others mentioned above, identify the areas where you would like to live, find out how much you can afford by talking to a few lenders, find a good realtor and start looking at sites like realtor.com, zillow to get a feel of the prices!
Realtor 路 Portland, OR 路 Member since 2017 路 357 posts 路 259 votes
6y
Thanks @Colton Sharman for the mention! @Daniela Yapuncich I'd be happy to help. I know a few lenders in the area that are excellent and I'm happy to link you up with them.
Thank you everyone for answering! We want to see what can we do in our current situation. I am interested in the FHA loan or a loan with our current bank which is Rivermark is a local bank in Portland. We actually applied before through FHA and got approved for 320k. Chace Are you in the Portland Area?
Real Estate Agent 路 Portland, OR 路 Member since 2016 路 1k+ posts 路 605 votes
6y
Hi @Daniela Yapuncich, you should look east of 205, thats where a lot of deals are and where the path of progress is headed. I also like Gresham, they are adding a lot of jobs out there and the prices are lower. Let me know if you need more advice, I'd be happy to set you up on an MLS search so you can see whats out there. Let me know.