Good place to buy investment property in Portland. Also, agent recommendations needed.

Asked by vertlook, Portland, OR Tue Mar 25, 2014

Hi, I am out of state, thinking of buying an investment house/condo in Portland area, something in the 200k price range. What area should I consider? Also, need a one stop real estate agent, someone who can help me buying and managing it afterwards. Thanks!

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14
Theboss.murr…, Home Buyer, Portland, OR
Fri Sep 2, 2016
I own 6 single family rental homes in the 97230. Some are short sales, some are REOs and some are conventional. I had to put down 25% and financed the rest. I started May of 2015 and in the process of refinancing 3 of my first 3 purchased. I will take $150K from refinance and purchase 2 more. Each rents between $2K to $2.4K and positive about $5K per month. I'm a journey level tradesman, takes me 30-60 days to renovate before renting at about $100 per day in materials and supplies. This is my full time job now and love it!
1 vote
Rob Brown, Agent, San Diego, CA
Thu Oct 15, 2015
Buy in Milwalkee, my friend is a big apartment broker with HFF and they are buying a ton of small to medium size apartment buildings in this area since its in the process of gentrification and still close enough to be core Portland.
0 votes
SellPDX, Agent, Portland, OR
Wed Mar 26, 2014
We help investors just like you all the time and have great property management contacts. I would be highly cautious of anyone who suggests a condo as an investment as rental rules are changing all the time.

Please review these investor resources and if you think we're a good fit just give us a call.

http://sellpdx.com/resources/investors
0 votes
Jean Rychlik, Agent, Portland, OR
Tue Mar 25, 2014
Check out this article on hot neighborhoods in Portland:

http://www.bizjournals.com/portland/blog/real-estate-daily/2…

If you want to be close-in, I am aware of a property in University Park that is under $200k (not yet listed). It will probably rent for around $1,000/month. It is a 1 bed, 1 bath.

http://www.facebook.com/portlandproperty
0 votes
Richard Cani…, Agent, Portland, OR
Tue Mar 25, 2014
Hello, the Portland Metro area also includes Vancouver WA which sits just across the river from Portland. On the Washington side of the river you can typically get more bang for your buck. I happen to be licensed and active in both states in order to make it easy for buyers to be able to work with a single agent. I would be happy to help you!

Very few agents in this area do both property management and real estate sales. I would not recommend making that one of your criteria in your search for an agent. There are some good property managers that I can refer you to.

I agree with what many other agents have suggested... avoid condos/townhouses! Not only do you have very little control (1 vote) in the HOA you run the risk of litigation with the HOA. Unfortunately, I see this happen all too often. A couple of members of the HOA start having issues (water intrusion, etc) then the HOA decides to sue the builder... then when the lawsuit is filed NONE of the units in the Condo/Townhouse complex can be financed. The units become Cash only sales until the lawsuit is settled. That does terrible things to the property values (often for years) within the complex.

Here is a link to some reviews from Zillow clients: http://www.zillow.com/profile/xafinac/Reviews/

Regards,
Richard Canifax, Principal Broker

Awarded - "5 Star Agent" in 2011, 2012 and 2013 as featured in the Portland Monthly Magazine!

http://www.Agent4Oregon.com
Cell: 503-347-8144
0 votes
I have worked with Richard, and can fully recommend his expertise, honesty and knowledge of the real estate market in the Portland area.
Flag Sat Dec 3, 2016
Marvin Von R…, Agent, Tigard, OR
Tue Mar 25, 2014
Vertlook Id use Janeese who answered you below. Of all the brokers posts I see here, hers are always the most stable, informing and accurate. (NO she isnt my sister---Ive never met her)
0 votes
Tom Inglesby, Agent, Portland, OR
Tue Mar 25, 2014
I work with investors and own rental property but i am not a property management broker. Give me a call and lets talk. Tom inglesby. Broker remax
0 votes
Corri Klebaum, Mortgage Broker Or Lender, Clackamas, OR
Tue Mar 25, 2014
I work with an agent that would be a good fit for your situation. Contact me directly at cklebaum@alpinemc.com and I will pass her info along.
0 votes
Janeese Jack…, Agent, Portland, OR
Tue Mar 25, 2014
well, I don't manage properties after I sell them, but own and have owned multiple investment properties. Your price range is going to impact your choice of areas, so you need to start there. I just sold an investment property for $225k in a great up & coming neighborhood. I have sold condos as investments (as well as owned them). They don't make the best investment properties (because of the HOA fees, typically). However, you have to start somewhere. I began with condos, moved to single family and now duplexes (eventually multiplexes). There are many areas to consider. But, you would have to start with how much you can afford and where that would lead you. Call or write if you want more info. Best of luck, real estate is the best investment I have (if you look at return on initial investment/ROI). I blog a lot about investing in real estate at http://fabulousportland.com.
Janeese Jackson, Principal Broker
Real Estate Resource
jj@janeesejackson.com
0 votes
hi. janeese. i read your comment on trulia. which i gonna ask the same question vertlook asked. and i think your comment is the best one among all others. so i decide to connect you see if you would like to help me. my english is limited, i wish i could make clear when we communicating. i'm a chinese single mother who live in shanghai. i'd like purchase a property as investment in downtown/nw or ne se. low cost(under us$400.000) low maitain, easy to rent out or sold out.
another question is if the high rising condo riverfront in best location is best inverstment value if higher budget can be considered?
the property i would buy for two purposes. investment and my vocation. i mean after one year leasing expired, i could use it as my one month staying as vocation use for two or three peoples.
could you pls help me? janeese. thank very much.
kitty
Flag Fri May 9, 2014
Marvin Von R…, Agent, Tigard, OR
Tue Mar 25, 2014
I forgot something. I know a great agent with 34 years experience. Handsome devil too...I hear he can be seen on this page and is wearing a red tie. One of the most experienced brokers on the west coast. http://www.thecascadeteam.com
0 votes
Tamara Koedo…, Agent, Lake Oswego, OR
Tue Mar 25, 2014
There are several factors to consider when purchasing investment property. I would be happy to talk with you to see if you think we would be a good fit to work together to help you with your real estate needs. As an agent who has lived in the area for over 42 years and having been in the industry for over 19 years, I know the market well. Feel free to send me an email at tamara@pdxecobroker.com or call me at 503-734-6403.

Best regards,

Tamara Koedoot
Premiere Property Group
0 votes
Tracey Hicks, Agent, Portland, OR
Tue Mar 25, 2014
we have a couple great properties going on the market in the next couple weeks. I also have a duplex coming up in NE, but it might go a little over 200k. The market is so crazy right now with low inventory and lots of buyers, you gotta be ready to move quickly.

My company also does property management, check us out ! http://www.dwellrealtypdx.com

let me know if you need anything else, i'd love to help!

Tracey
0 votes
Marvin Von R…, Agent, Tigard, OR
Tue Mar 25, 2014
I cant believe you have not been hit on by HUNDREDS of brokers asking for your business! lol There isnt any one particular area of Portland. There may be deals in any area. Except for only a few, I wouldnt buy a condo at all. Sure, during the market bottom some that were over 200K dropped all the way to under 100K but have gone up. So have rents though. Id say Portland isnt the ideal place to pick up rentals---at the risk of losing a chance to sell something to you. Its important though to now if you are planning to move here later? Are you planning on flipping it for profit later or just keeping for the income as a goal?
0 votes
Linda Heinri…, Agent, Lake Oswego, OR
Tue Mar 25, 2014
I would suggest a townhome or single family home, versus a condo. The condo market can be tricky and not all agents understand the due diligence necessary for condo properties. Additionally, many HOA's cap rental usage.

In the $200k price point, you will likely find an older home or need to push pretty far out into the suburbs to find something in this value range. I would look at Oregon City, Canby, Tualatin, Tigard & possibly Sherwood.

Often the best agents do not do both Buyer representation and manage properties, but a good agent will have the resources to connect you to both.
0 votes
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