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-Jewel of the Rock Stockli, Prudential NW Properties
I would suggest based on your needs exploring the option of buying a triplex. You could rent out the other 2 units, and live in 1 while your here in Portland. You get better cash flow, and if you get tired of the property managment aspect. You can still hire a property manager and still make a positive cash flow without any work on your end. You also have tax benifits(I'm not a tax expert) from renting as well.
I hope this helps!
East Metro Specialist
I would suggest to buy REO's if you have the cash. You can buy either a duplex or a triplex in Portland.
Right now it is a really good time to purchase a few homes ( or duplexes) putting 20% down on each of them . You may be able to get the cash flow you are looking for or maybe more, depending what we can find.
I can show you several listings available in the area. Email me at: email@example.com
I will assist you with that.
Call with questions as we specialize in investment real estate and property management.
Paragon Equity Partners
I get what you are saying, my plan isnt to have a mortgage... For example there are numerous duplex's I could purchase in Salem that are around 130-150k that rent out 700-750 per side. that would bring in 1500/month prior to any expenses and as I have no mortgage... that isnt going to be a ton.
My concern with the vacation rental's is that I could use it for the days when I am going to school. I commute to PSU 2-3days a week and it would be awesome to have a place to stay while I am there over night. Plus it seems as there is much more potential in the summer time to make much more of a return.
I'm 22, rent an apartment with a roommate at the moment paying 315/month. I make enough working for the state to live happily... Really I just want to supplement my income so I can take some time off and go do some things I would like to experience while I am young. That's my main reason for wanting the cash flow/monthly return over a long term appreciation or investment. From what I see it doesnt appear that purchasing a house/condo now is going to cause me to lose my principal at any point in the future. Especially if I am buying a short sale / pre foreclosure / bank owned.
Maybe this can help explain a bit more the direction I am trying to go? All I know is that having 225k at 22 gives me many many options for having a successful / prosperous future. But it also seems to put a lot of stress on you to make the right decision and not do something to mess it up.
I agree with Stephen on buying 2 either in Portland metro or Vancouver.
I would not rent them, I would do seller financing to a qualified buyer that could not get bank financing because they are self-employed or they have a bad credit score with good income and assets. This will net you money now down payment, better cash flow than rent and a balloon payment in 3,5,7 years. With proper setup you have very little risk of losing anything.
OR picking up 1 bank owned home in a high priced, high demand residential area - like Hollywood District, Sellwood, Mt Tabor, Woodstock, etc.
Both would net you high profits.
I work with investors all day long. (Tiring - but fun!)