Buy and Hold in Portland

[Alex F.]

Hello,

I just found out I'm moving to Portland in the September/October time-frame and I'm hoping to get some advice.  I've always wanted to get into real estate but have been living (mostly) in Japan for the last 9 years and haven't had the opportunity to really dive in.  I own one unit through a turnkey in Detroit, this move is my first real opportunity to dive in but I'm finding that I'm shackled by the whole "I need a place to live too" thing.  I want to make a smart investment decision but I also don't want to sacrifice all the awesomeness that can come from my first time in the states in a decade.  A buy and hold strategy has always been my dream, but I guess I'm willing to shift exit strategies on this property if it makes sense to do so.  

So, TLDR: are there 'hidden gem' areas I should look at?  Are there areas to stay away from?  Are apartments any different than single family homes when it comes to viability?  And any other advice I can get I guess...this area is overwhelming a little bit haha.  Thanks in advance for the help!

Alex 

[Jay Hinrichs]

@James Wise  I agree I think a home base that you own is important.. If not just for stability and not having someone dictate how U live in your home etc.. 

AS stated above there are no war zones in Portland..  But just like all cities there are Hoods that command more money than others and in the central close in Portland they can change by block.. 

Median home price is pushing 400k  so very affordable for west coast.. comparatively..  

Also one thing to consider is if your not actually employed in Oregon or by Oregon firm.. right across the River is the Couv and there is no tax income tax there.. dollar used to go way farther but values in the Couv have jumped the last 7 or 8 years but still good values.. 

Traffic is a major issue.. so depending on if your commuting or not that can dictate where your going to live as well. ( or want to live. 

Also I would consider joining Rarebird when you get settled its a great meetup once a month well organized with guest speakers ( plug I am July's guest speaker LOL)  

Walk score is HUGE here and the way properties are zoned take that into consideration.. for instance I have 3 homes being built now for spec right off of Freemont and Williams there is a New seasons there and huge hospital.. NO garages allowed no parking allowed on the parcels.. the city figures who ever is going to live there is going to live there for walk score and public transportation and the Williams ave Bike corridor..  these are right at 2k sq ft each price points 600k for new ..  

when you get out to the east side of town Gresham lower school scores..  new can be as low as mid to high 300s  you get on the west side of the MSA Hillsboro Intel Nike and starting prices are 100k or more higher.. 

If you can hack it buying a 4 plex if your long range goal is to be a landlord  then that's a very wise move.. they will be 600 to 1 mil in this market right about there..