Market Conditions in Alameda>Question Details

Kelvincrunch, Home Buyer in Portland, OR

Ideal rental neighborhood in Portland

Asked by Kelvincrunch, Portland, OR Thu Sep 27, 2007

I am looking for properties (single-family house) in a range btw $330g-$350g and flip them for 5 years rental, what would be the best place to start? Maybe Sellwood or some where along the East Burnside? And since the market is going downhill, should I wait 'til mid 2008 to pull the trigger?

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You should start looking so you don't miss THE ONE! The good properties STILL go FAST and you'll need a realtor who understands the rental market from personal experience or through working with investors. Anywhere close-in, close to public transit & with 2 baths would be ideal. 2nd bath not in basemsnt. After all this would be an investment so you'd need to know neighborhood stats, school district info, and more thatn that what renters are willing to pay & your finacing. If you are to pay cash then you have a bit more wiggle room but if you finance the prperty then you'll have to weigh rent vs. your payments & interest rates on non-owner occupied loans.
All in all start looking. Whether you wait or not, you'll come to understand what is a good value & what is not based on properties you see. Then you'll know when the property and price make sense. Remember thorugh a loan will take 30-45 days to close. Timing too.....if you are seriousl;y only considering Sellwood and SE, School start dates may be a comsideration with long term renters. Have the property before school starts!

Take Care,

Wendy Boso
John L. Scott
Web Reference: http://www.fedupfsbo.com
0 votes Thank Flag Link Mon May 5, 2008
Hello,

If you are planning on purchase a property for investment purposes right off the bat then I suggest looking into financing options before making an offer. Unless you plan on having a significant down payment, investment financing has had major guideline reconstruction. And many are finding that even though their loan is approved, the private mortgage insurance company (pmi) are not willing to insure the loan. So you really to work with someone who is keeping on top of it all.

I would suggest purchasing a home for you to live in for one year and then turn it into a rental. This way you will obtain a better interest rate and higher financing. If you plan on staying in the home for 2 years then you would have another 3 years you could rent it out , sell it and still not pay capital gains but I strongly suggest verifying that information with your tax consultant as each individual's tax situation is different.

Call me with your scenario and I'll put together some options for you free of charge. It helps to know what to expect. You can email me at crystal@ambientlending.com or call me toll free 877-777-9763. We lend within the entire State of Oregon. http://www.ambientlending.com
0 votes Thank Flag Link Fri May 2, 2008
The rental market for 2008 should be a banner year! Close-In neighborhoods with good transportation are sure bets. Areas in North Portland such as the Mississippi area and SE in the Buckman neigborhood should be looked into. Overall, the rental units are full or turning over quickly, rents are steadily rising, new units are in demand and tenant turnover is slow.
I work with alot of investors, so if you have any further questions feel free to give me a ring.
0 votes Thank Flag Link Tue Apr 22, 2008
No - don't wait to buy! There are many deals to be had right now and it is a great time to pick up rentals - especially in the SE area. (I've seen some properties under $300K recently that would be great rentals!) I recommend the Sunnyside/Hawthorne/Woodstock areas for investment properties because prices have come down a little in those areas on houses that are in need of some sweat eqity... but whatever you buy will continue to appreciate because those areas will never go out of style.
0 votes Thank Flag Link Thu Sep 27, 2007
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