All Forum Posts by: Haley B.

We'd be looking to do an FHA loan -- so jobs will definitely be an influence. My only concern is that we'll have difficulty getting a loan without consistent employment in Washington. (We'd likely have to leave our jobs in MA if we moved).

But we'll see! I will let you know where we end up

Originally posted by @Julian Sibley:

@Haley B. Washington is a great place to live! Although my opinion is slightly biased. Are you and your boyfriend intending on paying cash for your acquisition?

If not, my guess is that the location for your purchase will be greatly influenced by where you will be working.

For cities to start looking I'd say focus on Tacoma area and South, or on the Everett area and North. Marysville/Arlington could be a good area for you depending on how much growth they will receive from the commercial flights out of Paine Field in Everett and the new MIC on the Marysville/Arlington border. You'll be able to stretch your dollars much further if you are in Eastern WA such as Spokane or the tri-cities, but again I'm assuming you will be limited to wherever you intend on working. Building a real estate portfolio is much easier if you guys have W2 jobs while you are starting out.

Good luck investing, let us know how it goes!

Originally posted by @Nick Paxton:

I'd add Gresham to the list. I'm not too sure about Multi-family residences though. It seems like once someone owns one over here, they're never letting go of it. I hope you can find what you're looking for at that price point. When I was looking in Portland last fall, it seemed like everything at that price was either in a very undesirable location (gun range, violent community, freeway) or an REO that needed major work.

Originally posted by @Jay Fox:

Well if you're in the tech field, Oregon is a great place to land.  I recommend checking out https://www.facebook.com/techoregonswv/

Will definitely ping you if I have more questions!

Originally posted by @Patrick Isaac:

@Haley B. Oregon is a great place for tech jobs as @Jay Fox said.  Ever since Intel moved here back in 1974 other tech companies have followed suit.  Intel has four main campuses in Oregon and several other scattered sites.  These are all in Washington County.  If you are looking for places near Intel you should consider Beaverton, Hillsboro, Cornelius, and Forest Grove.  There are other microchip/semiconductor companies (mainly located in Hillsboro) as well as software and services based companies.

@Nick Paxton mentioned Gresham.  He is right.  There are tech companies in Gresham too, though not as many.  Fujitsu used to have a campus in Gresham, but it is closed now and there just isn't the growth in that sector that there once was.  I do believe that Boeing still has a plant in Troutdale.  If you are looking in this area you'll mainly be looking in Multnomah county and parts of Clackamas County.

If you go south, Wilsonville has some tech too.  Mentor Graphics is the big employer there along with Xerox, Convergys, and FLIR as the more notable names.  Close places to Wilsonville include Tualatin, Sherwood (expensive, but very desirable), West Linn, and Oregon City.  If you don't mind being a little further out you've also got Canby and Newberg (my home town).

If the job you are looking for is more software tech, then Portland is going to have the largest number of employers for that kind of work.  As already stated Portland is gonna be near impossible at $250k.  But you could also look into Vancouver, WA.  Just across the river and about 13 minutes (no traffic) north of Portland is Vancouver.  A decent sized city with businesses and some tech all its own.  I would caution you to not purchase here if you plan on working in Oregon, however, as the commute between Portland and Vancouver is perhaps the worst commute you can possibly deal with on a day to day basis.  To make matters worse, Washington State has a sales tax, but no income tax.  Oregon has an income tax but no sales tax.  If you live in Washington and work in Washington it's pretty common practice to buy some of your items in Oregon to avoid sales tax.  But if you live in Washington and work in Oregon, Oregon forces you (through your employer) to pay income tax of up to 9.9%... ouch!

Feel free to ping me with more specific questions if you have them and I'll be happy to answer!

Originally posted by @Ritchie Metzler:

Haley - 

You'll love Oregon when you make your way out here. Its a beautiful place to live! 

I have a real estate brokerage in Portland and invest in real estate. As others have mentioned its challenging finding a multifamily property in the Portland metro area under $250k. Not impossible, but just know the market for multifamily is really hot resulting in high prices and low inventory. I would certainly consider fringe metro towns such as: McMinnville, Fairview, Troutdale, Newberg, Hillsboro or look into the Salem, Eugene, or coastal towns. 

Another options, as mentioned by someone else, is the vacation rental market. My clients do really well buying homes and converting basements, building ADUs or renting rooms in their home (AirBnb). You can pick up a home and go that route as well. 

Feel free to reach out if you have questions about the Portland Metro area. 

Originally posted by @Ian Berg:

Hi Haley, 

Oregon is a pretty diverse place. You'll need to decide what part of the state you want to be in be in. For a $250k duplex budget you'll be looking at Willamette Valley (Eugene/Springfield or Salem),  southern Oregon (Medford to Grants Pass) or Central Oregon (Bend / Redmond) or basically anywhere on the coast. Portland is probably outside the budget.  I'm a residential broker and property manager in Bend so obviously i'm partial to Central Oregon. East of the cascade mountains is  considered the dry side of the state (12" annual rainfall in Bend / Redmond vs. 50" in Eugene & 70" at the coast) Southern Oregon is somewhere in between. Economic factors make the Willamette valley and Central Oregon more attractive to me as an investor vs. the more limited economy in Southern Oregon or the coast. Bend is outside the $250k budget but Redmond could work for you. I helped another BP member find a duplex house hack in Redmond last year that is very close to break even. 

Not sure if we'd want to share our space, but definitely something to think about if a MFH at that price isn't realistic

Originally posted by @Laureen Youngblood:

I can't really add much value to the discussion above. Your preferences for where you live is going to determine which market you look in. I have been in Oregon for 20 years both Eastern (way East) and now the Willamette Valley for the last 17. Just thought I would throw another name to contact onto your list. You are welcome to message me anytime for more info. I house hacked my SFR for 6 years here in the Eugene/Springfield area. In the college areas that is pretty easy to do if you are willing to share public spaces and rent out your extra bedrooms....not so easy if you have kids.

Originally posted by @Karen Margrave:

I live in Suinriver, which is a resort area, south of Bend and about a 20 minute drive. I live here because when I was moving up, it was the only place I could find a house, and it's a seasonal rental. There's a huge VR (short term rental) market in Sunriver, and in Bend. However; I think everyone is moving here, and prices are going up, so you need to get in as quickly as possible. Finding a house under 300k is very hard. My nephew and his wife have been looking and there's nothing. You may be able to find a condo in Bend. If I can help you, let me know. I'm in the process right now of finding subs, etc. studying for my principal brokers license (they don't have reciprocal agreement with CA) and my sons getting his contractors license. Good luck 

Originally posted by @Patrick Isaac:

Haley-

@Darren McGillvrey is right.  $250k for multifamily is going to be almost impossible to find near Portland or Bend.  But you may have an easier time looking in other areas like Salem/Keizer or Eugene/Springfield.  I live in Newberg which is about 35 miles sw from downtown Portland and duplexes here have been $300k+.  Places like Beaverton, Tigard, and Milwaukie would be good places to have alerts set for in the Portland area.

If you have your heart set on the Bend area then you might have an easier time finding something in Redmond which is about 20 min north of Bend.

I wish you success in your hunt!  I'm a 5th generation Oregonian and absolutely love it here!

Do you have any insight on the job market/industries in these areas? I ask because I work in the tech industry and would like to stay there if possible. I'm wondering if that means I'd have to live a commutable distance from big cities.

Originally posted by @Jay Fox:

Hi Haley,

Oregon is wonderful, and others have already stated, quite diverse in real estate.  Once you figure out what area you want to be in, it becomes easier to point you in the right direction.  

Do you want to be close to the coast, do you want to wake up staring at snow capped mountains or maybe you like both in which case the Willamette valley would be a perfect fit. I'm in Eugene, so about an hour in either direction I can be on the coast or at a ski resort.

I'd be happy to answer any questions you may have.