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Updated about 9 years ago on . Most recent reply

User Stats

77
Posts
35
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David C.
  • Investor
  • Hillsboro, OR
35
Votes |
77
Posts

Portland Or. and surrounding Neighborhoods Where to buy?

David C.
  • Investor
  • Hillsboro, OR
Posted

Hello to all. I'm seeking some advise on where to buy next in the PDX area? Where are tomorrow's up and coming areas? What neighborhood will be hot in the coming years? My crystal ball has never worked right so I thought I'd check out yours. Where should I start looking and become knowledgeable about? So far I've bought rehab houses in great areas so I have some experience with rehab. The last one just about took me out but I learned alot and the refi is set to close the 25th of this month. Giving my lender his capital back. My resources will be a 250k private money loan all in. So it needs to be an area where 250k will buy you a rent ready house or  fixer that can be done from purchase to finished and rent ready for a total of 250k. The loan terms are interest only @ 6% with a two year balloon. So the payment is 1250 monthly plus tax, insurance etc. So it also needs to rent for enough to cover those costs or at least come close. I share that info because maybe you think laurelhurst is a no brainer for instance, but I can't afford there. I might do some type of lender equity deal instead if need be, but as of now my personal lender is down with the same terms as last time.  So if this is what you had to work with where would you buy? Or if you have a better idea then another house what would that be? So far I'm a long term hold type, I don't really need the income today I'm far more interested in what happens over the long term. Thanks so much for taking the time to read my ohh so long winded post =)

Most Popular Reply

User Stats

279
Posts
109
Votes
Robert Laird
  • Real Estate Broker
  • Portland, OR
109
Votes |
279
Posts
Robert Laird
  • Real Estate Broker
  • Portland, OR
Replied

Well, those who know about the Urban Growth Boundary and who went to RareBird's meeting on Portland development would say SW Portland and Sherwood has the largest growth potential. This is due to the way the UGB has been drawn and future development potential pre-planned by the city of Portland. 

If you talk to investors here in Portland, many of them have specific neighborhoods in mind that they think will be the next hot spot. However, I think the most important lesson is that Portland as a whole is growing tremendously. As long as you find a property that fits your numbers, over time the property should appreciate due to the current market. The way Portland is right now, finding a place that will rent for $1,250/mo or more will not be hard to find. I have some friends trying to find a place to rent for less than $1,250 and they can not even live in Gresham....

I might recommend looking into large single family homes that you can turn into multi-units. We purchased a single family home off N Ivy here in Portland and it has 3 separate units. Being down the street from the convention center and 2 blocks from a new seasons, puts rent at $4,500 for the whole house and we purchased it at $375,000. I hear lots of people say there are no deals out there and that they can not find anything feasible in the Portland OR market. It is my personal opinion these people are not looking hard enough.

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