Anyone investing in Portland, OR? Need some help.

[Melissa Dorman]

Hey all, 

I'm from Los Angeles. My partner was accepted into Portland State University for a master's program. We are not sure if it's a viable place to move/invest given our limitations. 

I would have about $60,000 saved up from my current job for a down payment, but pretty sure I would need to put 20% down initially until I found a job there. I could use my current income in Los Angeles to get the loan until we moved.

Are there small multi-family or single families within 30 min of downtown that cost $280,000 or less?  What are some zip codes you suggest? Thanks! 

[Account Closed]

Melissa and Lynne,

It will be very helpful for you to spend some time in town before deciding on a neighborhood or property. If you buy when you first get here or before, you could end up in a neighborhood you're not crazy about or worse, get a bad deal. 

Sure, you can get a fixer duplex out near SE 181st for $250, but then you have to live there. Plus, rents there are lower and you're managing tenants that could be more hassle than they're worth. 

You can get a sense of the neighborhoods by looking at home prices and rents (sort listings by price and then hover the cursor over each property down the list on redfin to see where the marker pops up), by going to walkscore.com, greatschools.org, rentometer.com, Craigslist, and Google Street view. But these tools don't replace actually physically spending time in the area. 

I purchased a listed duplex in inner NE Portland for $225k in February. A friend has an offer in on a listed duplex in Foster Powell. It was listed at $239. You just have to know where to look and how to put together and negotiate a compelling offer, or have all cash and find off market deals. Many of us on this thread have our license and can help you. When looking for a broker, ask what areas of town they specialize in and how many offers get accepted relative to the number submitted. Ask to see a typical offer package and why they are a more successful negotiator than their competition. In this market, you need more than just an offer writer to win a property bid. (Of course it's a given that whomever you work with should probably also be an investor themselves.)

Good luck!