Hi. Just moved to portland about 2 months ago, and loving it so far. I just graduated college and got a job as an engineer out here in clackamas area. I want to buy a house whenever possible, but don't have a lot of funds to buy the nicer stuff.
My ultimate goal is to own several homes in the area that I rent out. I have maybe about $15k in savings and a credit score of about 720. I've heard most people say "save up for the 20% down payment" but I figure if i am gonna be here anyways i may as well be paying towards my mortgage instead of rent.
I have no problem house hacking and renting extra rooms or whatever to make it work out. I guess i'm asking for advice on what kind of places i should be looking for and what is realistic for me. My goal right now is saving an additional $1500 a month or so.
I ultimately want to be in oregon city or clackamas, but some of the surrounding areas would be great too (i like more rural areas, not that that matters for renting). Thanks for reading this far, let me know if i can answer any questions
Welcome @Grayson Fleming . I have a rental in Canby, and it is working out great. I leave in West Linn and just fixed up a house in Oregon city on a half acre lot. All great areas for rentals.
I would suggest talking to a mortgage guy first. I used vince kingston at guild mortgage for a cash out refi on our canby rental and using him again soon to house hack in west linn. He is very knowledgeable and creative.
Multi-family is an option, prices have cooled some, but are still pretty strong. Single family with a basement you could rent out might actually be cheaper. I think most people would say not to worry about 20% down as long as you could still cash flow when you rent it out after living in it for a year. More cash for the next investment or improvements
send me a message if you want more info or to meet up sometime and talk real estate
If you are planning on purchasing a multi-family, why not start out with FHA, since you don't have a lot of fund for down payment? You shouldn't have an issue purchasing a duplex with FHA.
3-4 units with FHA do require you to meet the self-sufficiency rule.
I would recommend purchasing a 4 plex. That’s what I would do if I could do it all over again. They are the best assets for cash flow.
You’ll definitely want to talk to your lender first. If you have any questions about analyzing deals or figuring out what rents in certain areas are I can help with that. Shoot me a pm if you have any questions.