It really depends upon what your looking for. Their is a lot to consider. Lifestyle is a biggie. Kids and school districts. I think that a great low priced area in Portland is the SE neighborhood. Like a lot of neighborhood, their are not so wonderful pockets, but as a whole its pretty great! If your more outdoorsey and want to walk everywhere, the NW area is fantastic. Great access to public transportation too. I hope you find your answers!... more
The City of Portland the taxes are about $23 per $1,000 assessed value homes are never assessed at full value usually 75%. If a house has not been sold in since about 1990 taxes will be extremely lower than normal since sellers had taxes rolled back and they can only increase 3% a year and that can not be stopped plus any assesements that voters added like schools this past year another $2 or so per $1,000. So it is hard to say what the taxes will be but I would guess that the house is small so I would say $1100 to $1300 a year. good luck you can see a homes taxes by address at www.portlandmaps.com
My suggestion would be SW Portland, either Hillsdale or Multnomah village neighborhoods. SW Portland is more affordable right now, so you can find larger homes for that price range. Otherwise you will be looking at homes under 2000 sq ft. I lived in Hillsdale for 7 years before moving to Multnomah Village, so I know the areas quite well. I would be happy to answer any questions you may have. Feel free to contact me, and good luck!... more
Property taxes are set by county based on value assessed. Property taxes are set for 1 year so it doesn't make lots of sense for these taxes to jump at closing.
You can always check with County assessment and taxation department. I would assume you want to check on zip code 97211 which is in Multnomah county (refer to http://web.multco.us/assessment-taxation). You can check on past years tax records. If you find discrepancy in not advertised according to tax records, you can always have your realtor discuss the matters with listing realtor.
If you find that taxes actually went up, you should review the breakdown of taxes and you will be able to root cause the reason of jump in taxes.
Best of luck!
Hi Kevin, right now we are in a buyers market. You can get great properties at prices comparable to 2003 or earlier and rates will never be better. But the investment question is a really good one. How do you make it work with safety? All investments have risks, so you must do your homework.
Buying right is the first place you make your money in real estate, the second place is cosmetic improvements that cost less than 10% of the purchase price, so 200 thousand dollar property you would try to limit the improvements to 20 thousand or less. The third place you make you money is killing the debt....amortization or the reduction of principle over time. And lastly you make money with appreciation.
Here is the rub, most people look at appreciation as the main way to make money but that is the last way you make money and that's the bonus money.
I manage lots of propertes in the greater Portland area and I see investors working very hard to buy right and they are buying. So the next question is do you have a substantial down payment to invest and is it enough to make your investment cash flow. One thing I see people have success with is buying a duplex and living in one side and renting the other for the first 2 years and then renting the second side. They have someone else paying down the mortgage to reduce the principle on the loan. To do this you might consider building a team from Realtor to lender to service providers like CPAs and contractors. Good luck in your future investment.... more
If you have the RMLS number of the listing, you can go to www.rmls.com and search. The RMLS will know if the property is active/pending/sold or off-market. That is the easiest way of checking without choosing a Realtor.
However, if you are truly interested in a property, it is best to find a qualified, experienced Realtor in your area to explore the property's listing history and set up a showing. There are several agents posting ahead of me you could call. And I would suggest you attach to an agent to explore all foreclosure properties, unless you are extremely adept at purchasing those properties. Out-of-area REO banks who own those properties don't do disclosure statements, so without the proper real estate advice on inspections/appraisals, etc. your Realtor would recommend, you could be taking on a potential headache without knowing. Best to get a professional working on YOUR side when searching for/buying foreclosures. Best of luck on your search. Merry Christmas! :-)... more