Real estate newbie looking at the Portland area
Hey Portland real estate crew! I'm a real estate newbie who is considering getting into real estate investing as an additional stream of income. COVID made me realize that no job is 100% secure and I'd like to have more options in the future. Plus, if I end up successful enough at it, I could cut back on my hours at work.
I don't really know much about real estate investing yet, but reading BP and listening to the podcast has gotten me excited about it. I think I would like to focus on long term rentals, probably single family, with a primary goal of cash flow over appreciation (though both would be nice). Some day I might consider rehabing as part of the process, but I think I need some experience with the basics first. As Brandon frequently suggests, I was trying to analyze a bunch of deals to get used to the process and getting to know my local market. The problem is, I really can't find any single family homes in the greater Portland area that seem to cash flow on paper, and I'm beginning to wonder if it's even possible in this market. When I analyze properties in other markets, such as Dallas, it seems pretty easy to find a deal that is highly likely to cash flow. I may eventually consider investing in a long distance market, but I think I'd like to get my feet wet locally so I get comfortable with the process in a place where I have more resources and access.
Does anyone have any suggestions on what markets in the general Portland area can potentially provide cash flow through single family rentals? I am totally willing to look outside Portland proper, and might actually prefer something outside the city because it seems the regulations are a little more lenient outside of Multnomah county. I currently live in Lake Oswego, so areas to the South are more appealing to me just because of proximity. I'd probably be willing to look as far South as Salem for a starting point if that's what it takes. I don't plan on buying anything in the immediate future, but I'd like to practice analyzing deals in a market that I might ultimately invest in so I can use that familiarity to my advantage when the time comes. I don't have any connections to wholesale or anything like that, so I'd be basing everything off of MLS.
Thanks!