Portland Oregon rent control Opportunity knocks ?

[Jay Hinrichs]

I had the good fortune to be the guest speaker this month at My  Rarebird real estate investors club here in Portland. 

The owners of the club are two very very sharp guys and hyper tuned into the local market.. to the point I would say they are experts 

in rental real estate and the laws surrounding it and the new rent control measures.

ONe thing I thought was interesting when Mike gave short synopsis of the local market for MF  and rentals in general  he said that sales this year are down 50% .. His point was that buyers are just trying to feel out the situation.. and they are pricing that into their offers which sellers are not accepting.. He said that when they put together a contract/offer  they then discount even further for the unknown of the rent control expenses..  He further thinks this is a window in time that sharp buyers will get steeper discounts.. until landlords figure out its not as bad as it appears and investors get back in the game..  

We know that rent control in other high priced markets did NOTHING to keep values low they did the opposite.. 

I had a 150 house SFR portfolio sent my way from a hedge fund that bought in Portland 5 years ago and the partnership has ripened and they want to sell.. the feedback I got when I shopped it around was the same.. big discounts to account for long term tenants and what its going to take to deal with them..

Anyone have any other thoughts on the matter  would you buy in Portland at steep discount like what MIke thinks can occur these days.