Portland, OR House Hack

[Matt Koski]

Hello Everyone,

I am 25, brand new to BP and am a total newbie when it comes to REI. But after listening to BP Podcast and reading different articles for the last week I want to start with a house hack that could be a BRRRR cash flowing rental later on. Ideally I would like to be able to use a 203K loan to have low down and help with rehab costs.

I am located in Portland, and would like to find something in Portland proper if possible, but wanted to know the viability of finding something in Portland that would cashflow. Are there any specific areas or neighborhoods I should be looking more specifically at?

After looking at some multifamily options on the MLS the ones I saw didn't seem to cashflow. Is it possible to find a cash flowing multifamily property on the MLS?

Another option I have considered is a single family home that has a unfinished basement that could be finished and separated as a rental unit. Because I am married my wife is not too keen on the roommate house hacking method. Are there any specific types of housing layouts I should be looking for that might work particularly well? Or that would rent well in Portland?

Lastly I would love recommendations on how to best find a deal that would work for this kind of strategy. Is MLS viable to find a property for this strategy in Portland? Or would you recommend some other method (driving for dollars, direct mail, wholesalers) to find a cash flowing deal?

Thanks in advance for all the advice!