Hows the market in Oregon or Washington?

Question

Hey there!!!

Ive been stalking the forum for a bit now and I was wondering about mulifamily in the state of Oregon or Washington. I dont own a home of my own so my plan would be to House Hack a duplex to get my feet wet and get some experience under my belt. My husband is set on Washington or Oregon. Im in Northern California tight now. Its to expensive here, and im looking to get out. What are some great areas to look at? Any advice or info welcomed!! Thanks

Eric Bilderback · Answer

Slowing down at least here in  Central Oregon.  Quite a few properties falling out of escrow etc.  great time to kick tires sellers are becoming more patient.

John Rose · Answer

I'm a broker, appraiser, & investor in SW Washington (Clark County) and the Portland Metro area of Oregon. I have properties in the metro area as well as the Oregon Coast. I myself and several client have sold properties in Oregon over the past year and invested in the Tri Cities (Richland) area of central Washington or even the Spokane area of Eastern Washington. Cap rates are slightly better in those areas compared to the Portland metro area but still not ideal. If you're not afraid of looking outside the area I would suggest Ohio, Tennessee, or Florida. I have several investors who purchased in these states and are getting double the returns compared to what they had on the west coast.

Marcos Gonzalez · Answer

I'm licensed in about 20 states and WA is one of my busiest, seems like they still doing good over there.

Patrick Drury · Answer

@Audra SmithIf you can house hack in Oregon, definitely do it. Always try to invest locally before looking elsewhere. If are going to look in other markets like @John Rose mentioned Columbus OH is a great place to start looking. It's a solid hybrid market of cash flow and appreciation. Columbus has lots of job opportunities and population growth.

Audra Smith · Answer

Thank you guys for all your input. Much appreciated! Gives me lots to think about.

Larry Fried · Answer

Eugene, OR where I am, like other places is softening some from the total seller's market we've been in for years now.  College town, with great appreciation and prices lower than Portland, and certainly Seattle.  You also might want to look at some smaller communities such as Cottage Grove, Junction City, Creswell, and Veneta for your house hack launch.

Bradley Dosch · Answer

Hey Audra, great post. Super exciting you want to start house hacking in such a beautiful part of this earth. I'm biased because I think Wa has the most spectacular mountains but you can house hack in any of the places you mentioned. In general, I've had a lot of luck with looking at the suburbs of large cities. You'll find bigger houses with more room to rent out at lower price points. You can even live more rurally for (sometimes) a cheaper price and get lots more land and house. This allows you to be more with nature while still having the opportunity to generate income from your property. Lots of ways to be creative and tailor house hacking to your specific scenario because everyone is different! Sounds like a super exciting move you have in your future, best of luck on the transition! Please reach out if you want to talk more about anything.

Audra Smith · Answer

Hi Eamon,

I am actually in Rohnert Park right now. You have very good points, it would definitely be better for me if I stayed local due to jobs and what not. Im just stuggling finding anything reasonable. I have a family so house hacking a SFH just wouldnt work for us. Im completely new to home buying/investing. Honestly just in the research phase right now. Trying to figure out my strategy. I appreciate your input for sure!

Eamon Keating · Answer

Hi @Audra Smith,

My wife and I moved to Portland from Santa Rosa in July of 2020. The prices here when we moved were incredibly cheap when I thought about Sonoma County. They are now at the same price of many Sonoma County homes while wages have not followed the rise in prices. I think prices will drop soon however it is hard to fathom the prices will down to what they were before. My thought would be have you thought about buying near Sonoma State and renting to students? I think there is a new housing development that is across the street from the school. Might be worth house hacking? There are also some homes being built in Santa Rosa that will have an upstairs unit combined with the house. The next question would be would you move to be near your unit in Washington or Oregon? Does your job transfer? Rent is up in the PNW also. So would you lose money by trying to make money. Moving is quite expensive... Just a few of my thoughts.

Kelly Asmus · Answer

@Audra Smith Market is adjusting away from total sellers market - trying to adjust to a more balanced market. MF properties are available and I am happy to help you understand pros and cons of each state. I am licensed in both OR and WA, so can assist with Portland Metro and SW Washington. I am a landlord myself in OR, owning long term rentals, so can help you get off to the right start. 20+ years in real estate. 10+ years owning rental properties! Message or call me. Happy to help.

Hows the market in Oregon or Washington?

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