New investor looking for advice in oregon

[Zachary Engen]

Hello,

I'm looking to start investing in oregon and am aiming to do my first brrr in the next couple months and would love to connect and maybe get some contacts for contractors and hard money lenders that can help me on my journey. I've come across some wholesalers lists I could use some help verifying if they are a reputable source as well.

Thank you for any advice and help.

I currently live in beaverton and am open to pdx metro and salem areas.

[William Sing]

Hi @Zachary Engen!

Great to see you diving into real estate investing in Oregon! Starting your journey with a BRRRR strategy is ambitious and offers a solid path to building your investment portfolio.

From my experience, if you're considering both the PDX metro and Salem areas, each has its unique advantages depending on your investment goals. Salem generally offers better ROI and higher chance of cash flow, making it a compelling choice for your first BRRRR project. The numbers tend to work out more favorably there, which can simplify hitting your investment targets.

On the other hand, if you're leaning more towards appreciation and forced equity, Portland could be beneficial, especially with strategies like house hacking. House hacking in Portland as your first investment could significantly mitigate your risks while familiarizing you with managing a property and tenants. However, keep in mind that Portland’s market can be more challenging to navigate due to higher property prices and stricter regulations.

As you’re building your team, especially in regards to contractors and hard money lenders, it's crucial to vet the contacts you get from wholesalers or other sources thoroughly. Be wary of hard money loans; they can be pricey, often around 12% interest for newer, which can quickly eat into your profits and also require a high down payment. Make sure to ask for references and review past projects of the contractors. Also, be cautious with wholesalers — they often hype their numbers, so it’s essential to verify their claims independently. 

If you're still weighing your options between Salem and Portland, I'd recommend Salem for its easier entry points and cash flow potential, particularly for a BRRRR newbie. However, don't shy away from Portland if you find a great deal that aligns with a house hacking approach.

Feel free to reach out if you need more specific insights or connections in either market. I’m here to help you navigate through your first investment and make it as successful as possible!

Best of luck, Zachary!