Buyers compete in Portland’s hot market
Portland’s real estate market is not bad. Buyers of investment properties need to take advantage. Want a competitive edge? Better be on top of the new listings. Most websites offer automatic email functions. These can often be set to send immediately as new property listings become available but some only send once per day. Only looking once per day may not cut it when competing for hot properties around Portland Oregon neighborhoods.
How can buyers have first shot at the good deals? Reality is that 99.9% of real estate transactions happen through Realtors. Hook up with a good one. Agents working with investment property buyers need to stay on top of new listings and do market research immediately as houses become available.
What’s a good deal for investors? Take a look at Portland’s west side for example. Beaverton homes and Hillsboro neighborhoods often offer better cash flow than those found elsewhere. When looking at the home purchase consider what sort of expenses are attached directly to PITI (principle, interest, taxes and insurance) and what neighborhood rents are. Entry level homes offer much more bang for the buck than higher end, rental wise. Rents on a 1200′ 3 bedroom 2 bath detached Beaverton home are running around $1100/mo at the moment. Figure a good price for such a property might be $175k. Compare that with cash flow on a $350k home where rents may be $1600/mo. You do the math.
Competitive nature of investors. Being first to the table with an offer is key. It’s almost better to shoot first then aim in this market, you’ll have opportunity to bail out later. I’m referring to red hot bank dumped properties here and not average run-of-the-mill real estate. Hot properties like ones priced at $90 sq. ft. vs. the neighboring ones selling around $150. These will be bank-owned foreclosures in Portland and surrounding areas, and they’re marketed through agents just the same as any other property. I’ve seen several in the last few months around Beaverton and Hillsboro, they do exist. Jump on them the same day they hit the market.
Sitting on the fence. At any given time there are a ton of buyers who say “wow, that was a good deal. I’d have bought that one… if I’d known about it.” The only reason buyers don’t know about it is because they (and their Realtor) are not paying attention. Countless would-be investors sit on the fence analyzing a particular property while another savvy investor snatches it up. That way the little kid mentality can kick in; That guy wants it, now I really want it. Not all properties listed in RMLS are still available, some are awaiting bank paperwork before listing a property as “pending” in the system. Dilly dallying doesn’t pay!
Tags: beaverton, buying investment properties in beaverton, buying investment property in portland, foreclosures, hillsboro, houses for sale beaverton oregon, neighborhoods, portland, Portland home buying tips, rmls