All Forum Posts by: Gordon Friedman

Hey @Matt Koski. Kudos for jumping in. My wife and I are in a similar boat. We're 27, saving a ton, and looking for deals. Our experience so far is that the MLS going to be tough. There aren't many if any bargains and fairly priced houses sell quickly and often over asking. So you, like us, might also want to reevaluate your expectations. Why do you want a property to cash flow right away? Are you willing to look at a different financing structure if that would help you reach your goals?

On the SFR with potential basement ADUs -- there seems to be more potential there on the MLS but again, even just OK properties sell quickly. If your wife isn't so keen on a basement roommate you can also consider AirBnB.

For what it's worth, my wife and I are trying to find a duplex or triplex to house hack where rents cover a substantial portion of PITI. In this market that seems like a fair goal -- but cash-flowing quickly is tough.

 

Hey @Brandon Harris, thanks for your thoughts. I agree Portland is a long-term buy and hold play, which fits my strategy. 

Something I've been looking at is volume of building permits issued in Portland. As you might expect, overall volume is on the decline (though permitting is for residential and commercial structures). So even though it's common sense that there isn't going to be a near term supply glut, that's a bit of evidence to back it up. 

Plus Portland is still really desirable compared with other west coast areas. More than 100,000 people left California last year and many of them are coming here, along with Washington and Texas.

Thanks for your thoughts @AJ Shepard!

-G

Thanks for the reply, Mathew. I should have known the answer is it depends! Personally, my goal is to start small and make long-term investments. My folks have about a dozen doors they own and manage in Washington and I'm looking to learn a bit before they're eventually in my hands.

Politics aside, one reason I'm still mostly bullish on Portland is supply constraints. It's still difficult to build here, and I don't see that changing anytime soon.

Cheers,

-G

Hi BP-Portland. I'm curious about opinions here on the future of Portland's real estate market and if there are any leading indicators you're looking at.

I think it'd be hard to deny Portland has had a tough year with coronavirus, wildfire and civil unrest. It seems to me that Portland used to be a national news media darling but is now portrayed as dangerous and unruly. Many of the restaurants that drew people here are closed. Portland has a reputation is being unfriendly to business. Homelessness has only worsened. Couple that with evolving local and state landlord/tenant laws and it makes me wonder about the local market's future. 

Full disclosure about me -- I'm a newbie who's trying to read everything and anything before hopefully jumping into my first deal this year. Happy to connect.

-G