Home Buying in Portland>Question Details

Steven Desou…, Home Buyer in Portland, OR

I want to purchase a duplex/quadlex/ two or more townhomes. How can I search for this?

Asked by Steven Desouza, Portland, OR Mon Feb 18, 2013

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You can check all my several years posts here---I dont often say this because I dont sit around fishing for clients here and in fact have probably made a few mad at times by laughing at how some potential customers are jumped on by gazillions of agents. Ive given a few shameless self promotions though. That said, you REALLY need to use a real estate broker for the best hunt. Trulia is a cool site and there are others too but they dont have everything available and you cant count on any of them (sorry trulia) to give you accurate values. They report general recorded info on properties.

Im not even in this for the business---all below me here are great agents. Pick one and have them help you. It costs you NOTHING, as the fees are paid by the seller (usually) We have access to everything but also, many agents know about properties that are not listed or they have ways of hunting for potential sellers who are not yet listed. STAY AWAY from condos and row/townhomes that are part of home owners associations.
0 votes Thank Flag Link Tue Feb 19, 2013
Sorry...cut myself off ;-). Please email me for more information or specific questions. I'd be happy to help. Check out my latest market report at : http://fabulousportland.com/2013/02/15/february-2013-portlan… or simply go to http://fabulousportland.com....
All the best,
Janeese Jackson, Principal Broker
Real Estate Resource
jj@janeesejackson.com
503-709-0802
Web Reference: http://fabulousportland.com
0 votes Thank Flag Link Tue Feb 19, 2013
S: you have some good information here and there are plenty of sites that offer search tools for small plexes! I own several duplexes and they are a great vehicle for cash flow and, of course, our local rental market is very hot (as of 3rd quarter 2012, Portland metro was at a low 3.5% vacancy rate)! I would concentrate on the small-plex market as I think you will find that the HOA dues for most townhomes will seriously impact your cash flow (but, running the numbers for any property is paramount). Also, I would get your pre-approval in place as soon as possible. Mortgage underwriting for investment properties is a little more stringent. Over the years, I have blogged a lot about my duplex purchases and renovations on my http:
Web Reference: Http://fabulousportland.com
0 votes Thank Flag Link Tue Feb 19, 2013
Steven, the market is tight depending on what and where you are looking. I can zero in on an area or something that you want like specific area. You might be able to buy 2 town homes in a short sale. there were 2 -4br 1650 sq ft units 9 years old last year that had a cash flow of $3300 a month on a single lot and it was for sale for 2 weeks at $210,000. Give me a call and I can set you up with some things to look at. I will get them before you do or I might be able thru my network to find something that is not on the market yet. Like the last property I just sold was never listed. Thanks, Tom Inglesy, Broker RE/MAX Equity Group
0 votes Thank Flag Link Mon Feb 18, 2013
Steven,

You could search on public real estate sites under property type "multifamily". Better than that, however, would be to work with a real estate agent who has a proven track record in sales of such property. There's a lot to know and watch out for when purchasing income property. I'd like to invite you to get in touch with me and we can discuss in great detail your goals and ideal property, including location. It's invaluable to be guided by someone who understands cash flow and typical expenses, also how to avoid common pitfalls. (I've written reports on these subjects. Feel free to ask me for a copy.) I will also put you in touch with resources for landlords, in case you're not already aware. It's so important that you know how to operate your income properties like a business - remaining cash flow positive, but also staying out of court. In addition to being a Realtor for a very long time, I've been a landlord for even longer, owning the very types of properties that you are talking about. Please contact me as soon as possible so that we can have a conversation.

Maria Sworske
RE/MAX Equity Group
office direct 503-495-3386
MsPlex.com
mariasworske@gmail.com
0 votes Thank Flag Link Mon Feb 18, 2013
go to rmls.com and click on the multifamily tab on top. input your data and see what pops-up. and, before you decide on doing any step further, try to secure a work relationship with a realtor in the area so your money will be wisely invested.
0 votes Thank Flag Link Mon Feb 18, 2013
Steven,

Thanks for your inquiry. I work on the north Oregon coast now.
I suggest calling Jim Caplener from Realty Trust Group.
I taught him everything he knows or maybe his brother did?
I would highly recommend Jim he does a thorough job and if Jim can't be found ask for Barb Shaumberg also from Realty Trust Group. She to will do a great job.
I would love to help you but it's out of my area now.

Jim's number is 503 232 4763
and Barb's number is 503 416 2000

Please give my regards to both.

I'm having dinner with Barb later this week.

thx

dhb
0 votes Thank Flag Link Mon Feb 18, 2013
The best way is to have a buyer agent set you up on a search so that you receive the listings as soon as they come on the market. It is a hot housing marker right now so you would definitely benefit from this service.

I would be happy to do this for you!

Tamara Koedoot
Premiere Property Group
Tamara@pdxecobroker.com
0 votes Thank Flag Link Mon Feb 18, 2013
Please feel free to contact me I would be more than happy to help you .
0 votes Thank Flag Link Mon Feb 18, 2013
Just search for multi-family. Or have an agent do it for you - it shouldnt be that hard to do.
0 votes Thank Flag Link Mon Feb 18, 2013
Hello Steven

Feel free to contact me and I will be more than happy to answer any questions that you might have as well as assist you in purchasing what you need.

Russ Petrusha
Real Estate Broker
America's Best Realty LLC
russpet14310@gmail.com
(503) 422-5970 Cell
(503) 501-2930 Fax

PS - Do you know someone who's looking for a great real estate agent? Please recommend me to them! Questions about real estate? Call me! When you think of real estate, think of me.
0 votes Thank Flag Link Mon Feb 18, 2013
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