Portland, OR CPA looking to buy my first multi-family!

[Jordan Tietz]

Hi There BP Community!

Thank you for reading. I am a CPA that works as a Finance Manager for a youth mentorship nonprofit in Portland Oregon

I have saved 85K for a down payment for my first house, and just got pre-approved for a 425K Owner-Occupied SFR with 20% down. I have an annual W2 salary of 65K.

In Portland proper, 425K will buy a nice 3BR home. I keep thinking that it'd be much better to buy a Mult-Family, especially if I could find an FHA loan.

I'd like to buy a four-plex to stretch the power of a 3.5% down-payment. I pulled this from HUD.

MSA Name

MSA Code

Division

County Name

County Code

State

One-Family

Two-Family

Three-Family

Four-Family

Median Sale Price

Last Revised

Limit Year

PORTLAND-VANCOUVER-HILLSBORO, OR-WA

38900

MULTNOMAH

051

OR

$408,250

$522,600

$631,750

$785,100

$355,000

01/01/2017

CY2017

Can anyone advice me on where I should start if I want to pursue this path?

Many thanks!

Jordan

[Melissa Dorman]

Keep in mind that the more units you add, the debt service (principle, interest, insurance, taxes) still need to be covered by 75% of the rental income for FHA to approve. Finding a fourplex in Portland under $450,000 is not easy. I suggest sending out letters to all the 2-4 unit properties in the neighborhoods where you could afford and negotiating directly.