New member - open to networking

[Shan Randall]

Hello BP community,

I recently became a landlord, quite by accident.  First a little about me - I am a homeowner in the Beaverton, Oregon area and purchased a newer property in a new up-and-coming area back in 2019 at 2.5% 30 year fixed.  (high five) I work from home in the Tech industry as a software Product Manager.  My educational background is in science, but my personal background is rooted in the Midwest where I grew up on a farm and gained a skillset in everything mechanical.  I can fix almost anything and have experience with electrical, plumbing, flooring, roofing, siding, drywall, etc.  I was a landlord many years ago after I bought my first home, but that turned into a disaster when I moved away and had a horrible property manager for 10 years. A lot of money was lost and a lot of lessons were learned.

Fast forward to today - I met my current partner, and we purchased a townhome together and are now in the process of renting it.  I will be managing the property and have done a deep dive in all things real estate - screening, leases, Oregon tenant laws, etc. I want to focus (I think) on family-friendly higher end neighborhoods.  But I am open to ideas.

I see this environment as quite challenging to find a deal that will cash flow reasonably well in my area due to HCOL and interest rates (even as somebody with some resources). My time horizon is longer term, and I think the STR market is saturated and not the best experience. How are established investors finding deals? I'm open to learning, collaborating, and possibly finding business partners for future ventures.

Cheers,

Shan

[Steven Schafer]

Welcome Shan!

As you’ve already seen, it’s very hard to find cash flowing properties on the West side without a massive down payment.  We recently bought a duplex and are almost done remodeling it to get us to where rents need to be for that A or B class tenant.

I personally find that due to long term buy & hold in this area, it’s just enough to break even for first year or two.  Then the cash flow will slowly start.  I’m also a long term equity guy, so just having tenant pay my mortgage is enough of a deal in current climate.

On the positive rents are very high for this area and even this time of year when normally I’d see no leads for an open unit I’m seeing 1-2 a week for unit we’re remodeling.

Good luck in the search and congrats for doing it yourself.  I think it’s the only way to go, learn a lot, you care for your property the best you can, etc.

Steven

[Savannah Holzer]

Hey Shan, welcome to BP and congrats on getting your 1st townhome with your partner. With finding more STR deals, have you looked into Facebook groups? There are many I'm a part of like "STR Homes for Sale" and "Florida Off Market Real Estate" (I'm sure they have groups for different states) that offer a great array of off market and listed deals.

[Shan Randall]

Thanks @Steven Schafer !  You reinforced my impression of the local market. I'm excited to start this adventure and ready to meet the challenges.  I would love to have a conversation some time and learn more.  

[Shan Randall]

Great suggestion @Savannah Holzer!  I will look into FB groups as well

[William Sing]

Hi @Shan Randall,

Welcome to BP and congrats on stepping back into the landlord game! I totally get where you're coming from—finding deals that pencil here in the Portland/Beaverton area is tough, especially with the high cost of living and interest rates.

One approach that's been working for some investors locally is exploring opportunities with mid-term rentals (MTRs) or hybrid MTR/STR setups. These can sometimes offer better cash flow, especially if you're in a family-friendly area with unique features like extra square footage, an ADU, or flexible layouts. House hacking can also be a solid way to offset expenses early on.

It sounds like you're diving in with a great mindset and skill set—being handy and managing yourself puts you ahead of the game. 

Cheers to your new venture!

- Will

[Wale Lawal]

@Shan Randall

In the high-cost Beaverton/Portland market, you can find opportunities through off-market deals and value-add properties. Expanding to nearby areas with lower costs and strong rental demand can also make sense. To scale, I’d focus on defining financial goals, targeting specific property types, diversifying, and building a solid network. Attending local meetups, analyzing deals regularly, and continuing education would position you for long-term growth.

Good luck!