Hello BP community,
I recently became a landlord, quite by accident. First a little about me - I am a homeowner in the Beaverton, Oregon area and purchased a newer property in a new up-and-coming area back in 2019 at 2.5% 30 year fixed. (high five) I work from home in the Tech industry as a software Product Manager. My educational background is in science, but my personal background is rooted in the Midwest where I grew up on a farm and gained a skillset in everything mechanical. I can fix almost anything and have experience with electrical, plumbing, flooring, roofing, siding, drywall, etc. I was a landlord many years ago after I bought my first home, but that turned into a disaster when I moved away and had a horrible property manager for 10 years. A lot of money was lost and a lot of lessons were learned.
Fast forward to today - I met my current partner, and we purchased a townhome together and are now in the process of renting it. I will be managing the property and have done a deep dive in all things real estate - screening, leases, Oregon tenant laws, etc. I want to focus (I think) on family-friendly higher end neighborhoods. But I am open to ideas.
I see this environment as quite challenging to find a deal that will cash flow reasonably well in my area due to HCOL and interest rates (even as somebody with some resources). My time horizon is longer term, and I think the STR market is saturated and not the best experience. How are established investors finding deals? I'm open to learning, collaborating, and possibly finding business partners for future ventures.
Cheers,
Shan
