All Forum Posts by: Zac Lindquist

Quote from @Dominic Holt:

It’s a little under for sure For a 2 bed 1 bath but even so if it was $1600 or $1800 I’m still looking at a personal payment $1400. Would you still consider that house hacking? I guess I get equity in the property instead of paying another persons equity

In the end the numbers have to make sense for you. You nailed it with your last sentence as well as appreciation and tax advantages. Also, you can raise rents every year. What are you paying now for living expenses and are you renting from someone else?

Quote from @Dominic Holt:

So house hacking to me is an amazing way to get into real estate and the most promoted benefit is that the tenants pay the mortgage or most of it as well as low down payment.

But I live in Portland, OR and a duplex goes for 450K to quite a bit higher. 

After doing some numbers I would still be paying a hefty portion of the mortgage even after taking into account market rent of the other unit. 

An example: Purchase price is 450,000. One unit is being rented for $1,150. Other unit I would live in. Monthly mortgage payment is $3,321 with 5% down. Which means I would be paying $2,171. This does not even take into account repairs etc. 

This defeats the goal of house hacking. 

I was wondering how house hacking is being done when property prices are so high? Is house hacking a thing of the past in these markets or is there some tactic I am missing? 

 Hey Dominic,

I have lived in Portland my whole life and am actually a realtor now. That market rent seems low, but I'd like to talk with you more about your situation! My wife and I just sold our duplex in Milwaukie and we were getting  $1600 for a 2 bed 1 bath and rents have gone up since then. 

Like you, I believe house hacking is definitely the best way to invest here in town and that is how we were able to purchase the duplex initially. I look forward to chatting more!

I have come across a Seller Financing opportunity in my city (Portland) and need some advice and guidance.

My wife and I are about to close on a triplex this week to which we have used most of our funds without over leveraging our personal savings. The issue now with the seller financing opportunity is we have no cash. With obviously having to find it elsewhere, where do I start to try and put something together? 

Thank you for all advice!

Quote from @Thomas Wilson:

Looking to buy first piece of property in the Portland Area to hold for at least 3 - 5 years. What are the best approaches? 

 Hey Thomas,

I'm a realtor in Portland and also purchased my first investment here back in 2018 using the fha/house hack method! If possible, this is the best strategy in this market for the following reasons:

1. Low down-payment.

2. More lenient landlord laws because you are also living in the property.

3. Potential cashflow/break even on expenses.

4. Your goal of attaining appreciation as long as you buy in the right area.

If you'd like to talk more about this or just have general questions send me a message!

Quote from @Irvin Nguyen:

@Greg Scott

Will definitely have to look into selling because I dont plan on having it as a vacation or place for relatives. If i sell, I will have to let the tenants know 3 months ahead and I am unsure of how to break lease or the penalties that come with it. I will have to ask my property management company but this is all i have found so far. As far as living in it, I dont see that happening as now my own family has grown and so that would be a little too crammed for us. but I do want to sell since its seems most ideal.

Hey Irvin,


My wife and I bought a duplex in Milwaukie, OR that we self-managed back in 2018 and just sold it a few months ago netting 137k that we are 1031ing into a triplex in Columbus, OH. Our cashflow on the duplex was aprox $400/month and with the triplex it will go up to about $1500 and that will be managed by a PM. I recommend letting the appreciation work for you more by getting more cashflow and still benefiting from the appreciation in another market. 

I am an licensed realtor in Oregon if you have any questions about the the market or selling process!

Quote from @Larry Baldwin:

@Roarke Van Brunt thank you so much for the reply, I understand there would be a "paying your dues" period and I am wiling to prove my value. The agent route sounds like it might be the best way to expose myself to the industry.

 Hey Larry,

I have lived in Portland all my life and became a realtor a year ago while starting out house hacking a duplex with my wife. The realtor life is no joke and 90% of new agents quit before their first year. Many new agents have no idea what they are getting into. Not trying to say you should not pursue it, but expectations for making a paycheck should be conservatively 6 months after you get licensed. If you decide to pursue being an agent, I recommend keeping your job or going into it with a minimum of 6 months reserves. There are a ton of fees to constantly keep paying not to even mention what you might spend to get off the ground. As someone who has a 1 year old, I know what it is like to jump into it while also trying to provide for a young family.

Regarding buying in Portland, while it is a great market for appreciation and rent growth the laws here are super unfavorable towards landlords. We actually sold our duplex and funny enough are under contract on a triplex in Columbus with Steven who just replied as our realtor. It is a very good market for both appreciation and rent growth and you can still find great deals, especially with a great realtor! If I had to restart with investing, I would have gone the out of state route from the beginning with the knowledge and experience I have now after self-managing my first duplex. I know out of state can seem daunting, but the internet makes due diligence really easy and I recommend reading the book on Long Distance Real Estate Investing by David Greene. It's gold! 

Let me know if you have any questions about the Portland market or anything else I can help with!

Quote from @Chase Stewart:

@Jonathan Stone and @Dave Skow, I work in Central Portland so I have primarily been looking in the east side of city proper; however, I have been slowly widening my search. Thanks for the tips, I have started to look into the screening and rent increase laws in Portland. Any other things I should be looking out for? Seems like when you are house hacking your primary residence, it is a bit easier to get out of some of the strict Portland landlord laws.

 Before we sold our Duplex in Milwaukie, we got all of the lease forums from the Renters Association of Oregon. Their number is 503-254-4723. We did still have to go through a cash for keys situation which has left a bad taste in my mouth, but we were self-managing at the time and will not be moving forward. I did speak with a great PM through the Renters Association if you need a recommendation for one. 

Quote from @Chase Stewart:

I live in Portland, OR, and am looking for my first house hack. My initial goal was to find a duplex or SFR to rent out so I could live for free. As I look more into the Portland metro area market, I am having trouble getting the preliminary numbers to work. When comparing the cost of homes with potential rents (using BiggerPockets rent estimator), I am struggling to find a place where the rental income can actually cover the mortgage, let alone have positive cash flow. The main properties in my price range are 4-bed SFR's where I could rent out the other three rooms, but I would still be paying a fair amount of the mortgage (as well as maintenance, capex, etc.). I am not sure how accurate the online rent estimators are, but before I talk with real estate agents I want to figure out if my expectations are too high.

Anyone who may have experience in the Portland market, is it usually difficult to find properties with decent cash flow? Are my expectations of finding a house where I can 'live for free' unrealistic, or do I just need to work harder to find the right deals? I have only been in Portland for about a year and a half, and this will be my first real estate purchase. Any insight or advice would greatly be appreciated! Thanks in advance. 

Hey Chase I'm an investor/realtor in Portland literally got started the exact way you are with house hacking a duplex. It is tough to make the numbers work unless you have a big down payment or get creative and house hack extra rooms in a SFH like you mentioned. 

One thing David Greene talks a lot about is buying in appreciating markets (which Portland definitely is) and if you're able to break even/make a little negative cashflow and just ride the appreciation you'll still be building wealth.

Not sure if this is a strategy you have thought of or that would work for you personally, but if you need help with neighborhoods maybe even some slightly outside of Portland I've lived here my whole life and can answer any questions you have!

I am a newer agent located in Portland, OR coming up on my first year and am wondering what everyone else is doing in this market to get their offers accepted? It seems like every listing agent here receives their first offer in hand then sets a deadline at the start of the new week. By then some of my buyers can't compete with the highest price and I am wondering if there are other terms I can be advising to maybe get some of our offers accepted before deadline date arrives.

I recently wrote two offers both 60-70k over asking, waived inspection, shorter close period, and a partial appraisal gap (even though I did not think it was necessary) and unfortunately was beat out both times. I realize due to the buyer's budget only a certain amount can be offered, hence why I am making this post! 

All advice is appreciated!

Quote from @Lance Nelson:

@Zac Lindquist hey Zac. Have you sold that duplex yet?

 Just closed on Monday!