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Feb. 7, 2023

How To Find A Good Short Term Rental In Portland

How To Find A Good Short Term Rental In PortlandHow To Find A Good Short Term Rental In Portland

Are you ready to start your short-term rental investment journey in Portland? It can be incredibly rewarding if you find the right property. Before you jump into the fun stuff you need to work with your agent and consider the important things listed below.

How To Find A Good Short-Term Rental In Portland

Location

You have heard this before. Real Estate value is mostly influenced by location. You need to consider a property's location first. If you are looking to have a successful short-term rental this needs to be at the top of your consideration. Is your prospective property in a popular location? How often is this place visited by others? Is it a vacation hot spot? What are the high and low seasons? Is the property near any beaches, amusement parks, or national parks?

Property

Take your property type into account and consider what will give you a profitable income with more occupancy. Again, a lot of this will be dependent on location just as we said above. If you are looking at a more dense city area, then you will want to take a look at a condominium or townhome, depending on what is available. If you are looking at these property types make sure the HOA regulations allow for short-term rentals.

Budget and Expenses

Before you invest you have to take your budget and expenses into consideration. What is the potential income and what will be outgoing to maintain the investment? What is your starting budget? How will you manage the finances if the occupancy rate is low?

Available Properties

When you have all of the other considerations in place then you can search for available properties. Your agent can help you refine your search and even assist you with looking at foreclosures or bank-owned properties that you could purchase at a lower price. Set up your criteria with specifics and you are sure to find a great short-term rental.

Work with an Agent

As we mentioned above, you want to work with an agent. An experienced agent will know the area and what is available in your criteria. They likely have rental knowledge and information that can help you determine what will be your best investment. While you work with an agent you will consider your ROI and cap rate for the properties you are investing in.

In Conclusion

A short-term rental can be a beneficial business investment. As with anything you want to follow the right steps to make sure the decision you are making is a sound financial decision. Follow the steps above as you work with a professional real estate agent. Take your time and enlist the advice of those trusted individuals around you. A short-term rental is a great start to beginning your real estate investment portfolio.

For more information on investing in real estate in the Portland area, contact us. We are here to help you with our expertise to buy or sell your primary residence or investment property.

Posted in Multi-Family
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Feb. 5, 2023

Favorite Dining Spots In Portland

Portland has a great culinary scene full of a lot of options. Whether you are looking for casual or fine dining, you are sure to find something you will fall in love with. If you are looking for a great place to check out, this list is for you. Let’s take a look at some of the most popular dining spots in the Portland area.

Best Dining Spots In Portland

Lúc Lác Vietnamese KitchenFavorite Dining Spots In Portland

This place is open until midnight on weeknights and at 4 am on weekends. This is what makes it popular because, those who are out late at night, can always count on Lúc Lác being open to fulfill their Vietnamese cuisine cravings. There are incredible recipes as well as a bar. The Vermicelli bowls are the most popular dish on the menu. For the best Vietnamese food in Portland, you must check out Lúc Lác.

Expatriate

Expatriate is known for having the best cheeseburger in Portland. This is a tall order but this place sets the tone. Their best burger is called the American Standard. The unique part of this place is how they serve their burgers. You get two on your plate that isn't quite the size of a standard burger but still bigger than a slider. The ambiance in this place is fun too. They keep it dark inside and play classical records. You are sure to enjoy Expatriate as you get the best burger in town and drinks from the bar.

Shalom Y’all

Shalom, Y’all is owned by restaurateurs who have several PDX restaurants. Shalom, Y’all has two locations and the restaurant's theme is based on family-shared plates. They pride themselves on giving a twist to each of their recipes. The menu is full of great appetizers and of course the favorite warm pita bread so many desire.

Pope House Bourbon Lounge

This is a great little place for a date night out. The Pope House Bourbon Lounge has 5 stars on google and many of the reviews talk about the ambiance. The location is an old Victorian house and they keep the inside dark and grimm. The menu features comfort food and the drinks list is creative and delicious.

Hot Lips Pizza

Hot Lips Pizza is the place to go if you are looking for New York Style Pizza. There are several locations throughout Portland. This is a great place if you are grabbing lunch or looking for a happy hour. They are fairly quick and a great take-out choice too. Make sure you check out all of their fun hot sauces while you are there.

Verde Cocina

Verde Cocina is an authentic Mexican restaurant and there are several locations, one of which is in the Portland zoo.

Ava Gene’s

For all the Italian food lovers there is Ava Gene’s. This place is known for its incredible Italian food and small plates. It is styled to be a family-friendly shared menu. They have all of the classic dishes on their menu and are one of Portland's top Italian restaurants.

Tusk

Tusk is a Mediterranean and Middle Eastern-inspired restaurant. The menu is delicious. This place is owned by the same owners as Ava Gene’s. Tusk is a great happy hour spot and has a unique ambiance with creative dishes that bring you comfort.

In Conclusion

As you check out all the great food in Portland's culinary scene, why not also take a look at the available real estate and call Portland your home?

For more information on Portland real estate and to buy or sell a home, contact us. We would be happy to assist you with our real estate expertise.

Posted in Portland
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Jan. 30, 2023

What Are Potential Title Issues?

Every single real estate transaction is unique. There may be similarities, but they all have their circumstances. One of the big factors that can create a lot of issues for a buyer or seller are title or lease discrepancies. These can be simple or complex problems. This is why it is so important to work with the right title company that will diligently research any potential issues and helps you resolve any issues that you may need to navigate. Most real estate deals require a title search because a majority of buyers are using a lender and it is required if you are mortgaging a property. Even if you are buying with cash it is strongly advised to still initiate a title search to avoid problems with ownership later.

What Are Potential Title Issues?What Are Potential Title Issues?

For a buyer to obtain a title insurance policy, a title search will happen to see if any potential problems need to be cleared. To better understand what the potential issues that could arise are, read below.

Document Errors

When a title search happens you will be able to understand who holds the current title and how it's held or if anyone else has an interest in the property. 

Vesting Deed 

The vesting deed is what establishes the owner and what lender holds the mortgage or debt on the home. Any errors on this document can set back closing because there will need to be a corrective deed drafted and recorded to move forward with the process. Any time there is a death or divorce a new need should be drafted to keep it current.

Missing Mortgage Assignments

A mortgage is a recorded document that shows who the lender is and who has the debt on the home loan. If at any time a lender transfers their interest to a new wonder then there is a mortgage assignment document put in place. In some cases, this doesn't happen or it gets recorded incorrectly and the document may be missing. Your title search will ensure all of these documents are recorded properly.

Recorded Liens

A lien is placed on your property for anything unpaid. Most have a lease because of an unpaid mortgage that will be paid off at the sale of the home. Other liens can happen due to taxes, HOA fees, or unpaid work. If the title search comes up with a recorded lease then they will research if it is paid or not. It s important that the;eins are paid and released. All of this needs to be properly recorded. If this isn't done correctly it can delay the close of an escrow because all of the missing information will need to be tracked down and recorded properly.

Boundary Discrepancies

Boundaries play a huge role in property ownership. Boundary disputes are oftentimes a big reason for title claims. Several factors go into a property's boundary and potential discrepancies.

Easements

An easement is what allows other people or an organization to access any particular part of your property. These can be removed in some cases. Sellers are always required to disclose any easements to buyers.

Encroachments

Encroachments are when any property feature crosses the property line. This creates a defect in the title. It can affect how you use your property. In some cases, it can be as minor as a tree hanging over while in others it can be a fence extending into your land.

In Conclusion

As you buy or sell the property your biggest asset is working with an agent who is an expert on the process so you can avoid potential issues or navigate them as they come up. For more information on buying or selling real estate in Portland, contact us.

Posted in Buying
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Jan. 27, 2023

What Is A Real Estate Investment Portfolio?

Have you ever heard the term, real estate investment portfolio? Does this just mean owning a lot of homes? What exactly is a real estate investment portfolio and how can you get started with one?

These are all important questions and a great topic to dive into because real estate has always withstood the test of time as an investment strategy.What is a real estate investment portfolio

What Is A Real Estate Investment Portfolio?

A real estate investment portfolio is a collection of investment real estate that included two or more rent-to-own properties, homes you rent out, or short-term rentals. Owning one investment property can be a great additional stream of income, but it cannot give you the same financial freedom owning multiple properties will. This is why so many sell a real estate investment portfolio. the financial benefits can be great if you invest wisely.

What Are The Benefits?

As you get started on your investment journey, you want to develop a strategy. Typically you want to look for diversity in your properties as well as their locations. If you get all of this right you should benefit greatly.

Equity

The more investment properties you own, the more equity you will gain. As you pay off your loans then your home value will grow. This gives you more financial freedom, so the sooner the properties are paid off the better. Oftentimes investors will pay off one property and reinvest into a new property or even sell one property to buy multiple properties.

Profits

As rental rates continue to rise you will likely make more money off your property each year that you own it. Additionally, you can use this rental income to pay down your loan faster, which gives you more profits.

 Multiple Streams Of Income

Creating a diverse portfolio will give you multiple streams of income and keep you from having all your money in one spot. This means that you are less impacted if one of your properties is sitting vacant and you are still potentially receiving profits from your other investments.

More: What to know about getting a home warranty

How To Get Started

While you are getting started, consider the following things.

Location

Consider the location of your potential investment. Take a look at big cities in areas that have seen great population growth and demand for rentals.

Economy

Is this an area with a growing economy? Take a look at what businesses are doing well and what is being developed. These things can be a good indication of an area they invest in.

Demand

If the location is right and the economy is booming then you likely have an area that is in demand for rentals. research the rental demand and rates as well as vacancy rates to determine if you are making a good investment. You want to make sure you can get a great profit from your investment.

In Conclusion

Whether you are looking to buy or sell a home or even get started on an investment portfolio in Portland, contact us. We would be happy to assist you with our real estate expertise.

Posted in Multi-Family
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Jan. 23, 2023

New Developments Coming To Portland

Are you paying attention to the Portland area? If you are then you may have noticed that Portland is set to get some new developments and infrastructure. This is an exciting time. It is a great sign to see this happening, especially after a tough couple of years with the pandemic. Portland is bouncing back and happening, which makes it a great time to invest in the area. If you are looking to make Portland your home or start your investment portfolio then these are things you want to pay attention to. So, what is happening? Let's take a look.

New Developments Coming To Portland OregonNew Developments Coming To Portland

Southwest Naito Parkway

The Southwest Natio Parkway is now complete. This parkway is gorgeous and well thought out for bikers communicating to and from work. The reconstruction has made it a lot safer for bikers and drivers. The design is breathtaking with planters for beautification but you won't see this blossom until this spring.

Greek Cusina Building

The Greek Cusina Building is under new ownership. This is a pretty famous building in Portland that is known for having a large purple octopus on top. The new ownership is planning to re-open as a bar and live music venue by spring.

Pearl District

The Pearl District is experiencing new residential construction. There is supposed to be a new hire rise building on the way that will support several apartments as a multi-family property.

Reser Center for the Arts in Beaverton

The Rose Center for the Arts in Beaverton is supposed to come this spring with a new design and a great performance lineup. There will be performances by the Count Basie Orchestra and Lea Salonga.

Paris Theatre in Old Town

The Paris Theatre in Old Town was purchased by the Seattle group, which is the same group that owns Pike Place Market. There are plans to restore and revitalize the Paris Theatre, but there is no projected opening date at this time. Much of the construction was delayed due to material shortages.

Oregon Theatre

The Oregon Theatre is an old vaudeville theatre that is now being reimagined as commercial retail along with apartments and an auditorium. At this time there is no date for the reopening, but many residents are patiently anticipating this revitalization.

South Waterfront 

The South Waterfront area is getting new loft developments in the neighborhood. There is a new tower being built with a couple of hundred units. This area is set to also house businesses such as a dog wash and shops. If you live here you will notice the separate bike parking and on-call repair staff. This may be exactly what you are looking for in a new rental.

In Conclusion

With all of these new developments and improvements in the Portland area, now is a great time to invest or call Portland your home. For more information on the real estate market in Portland, contact us. We are here to help with all of your buying and selling needs as you invest in this growing city.

Posted in Portland
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Jan. 20, 2023

Things To Do In Portland For Valentines Day

It is 2023 and before we know it we will be celebrating Valentine's day. If you are looking for something romantic to do in Portland, then check out the list below. Love is in the air in Portland this time of year. Depending on your desires, there are some simple and some extravagant ideas. Make sure to research on your own and get your reservations ahead of time. Remember, it's not about what you do, it's about who you are with.

Things To Do In Portland For Valentines DayThings To Do In Portland For Valentines Day

Comedy Night

If you love to laugh then celebrate Valentine's Day at Portland comedy night. There are several comedy theaters in Portland that you can check out. This can be so fun and a great way to let loose and take a brain break from your everyday activity.

The Movies

Going to a movie is a classic date idea and can set the tone for a fun evening out. There are several options to go see movies in Portland and even some that don't break the bank.

The Portland Night Market

If you and your special someone like a good farmers market, then check out the Portland Night Market. This is a free event full of all kinds of merchants featuring many different types of goods. This market is on February 11th & 12th.

A Romantic Walk

In a city like Portland, you have incredible places to go on a romantic walk. Sometimes this is your best option and it allows for quality time with great conversation. There is a reason why the famous hallmark movies usually include a romantic walk in their stories.

Live Music

Live music is a staple of Portland entertainment. There are several venues to check out and get tickets to listen to some live music while you are out on your Valentine's date.

Washington Park

Some of the best things to do and places to see in Portland are located in Washington Park. You can get to this park by using the free shuttle service that brings you to all of your entertainment choices.

Skating

This may seem old school, but it's a popular thing to do here. Check out Oaks Park Roller Rink for their Glow Skate Nights. You and your sweetie can skate around to fun disco lighting hand in hand while dressed in your neon best. Purchase your tickets ahead of time.

Portland Winter Light Festival

This is a very popular attraction that is citywide. This festival is full of interactive light-based art and sculptures. This festival will take place February 4-12th.

In Conclusion

Whatever you choose to do with your loved one, you are sure to fall in love with Portland. If you find yourself interested in making the Portland area your home, contact us. We would be happy to help you as you look to buy or sell a home.

 
Posted in Portland
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Jan. 17, 2023

What is a Multi-Family Investment Property?

If you are new to investing you need to take a moment to learn about investing in multi-family properties. These property types allow you to grow your income and equity while reducing the potential vacancies. While you are looking to build your investment portfolio, you will notice that a lot of what is available are single-family homes however, there are great multi-family properties out there. To decide what the best approach is for you, you need to learn all about multi-family properties. Let’s dive in.

What is a Multi-Family Investment Property?What is a Multi-Family Investment Property

A multifamily property is a residential property that can house more than one family. You may have heard them referred to as duplexes, townhomes, apartments, or condominiums. It really can be any property that has multiple units.

This happens to be one of the best options for new investors because they can purchase a property, live in a part of it, and then rent out the remaining units. This is a great way to build wealth.

What Should You Look For In A Multifamily Property?

When you are looking to invest in a multi-family property, you need to know what to look for. You must do your research.  Many things make for a good investment so you want to know what to look for as you work alongside your agent.

Location

Location is everything in real estate. Property values are largely determined by location. You want to look for a multifamily property where there is a high housing demand so that you can eliminate potential vacancies. Take a look at the surrounding neighborhood and make sure it is a safe and desirable place.

Number of Units

When you are searching for your property, take a look at the number of units because this can be a big determining factor when it comes to your potential income. You also want to take into account managing the property and if you are ready for something on a smaller or larger scale.

Potential Income

The term you will hear a lot is ROI, return on investment. This means you take time to review all of the financial aspects to determine your potential income from the property. A good rule for beginning investors is to spend 50% of the income on expenses instead of the mortgage.

The Costs

Your financing is dependent on a few things, If you plan to live in one of the units, then you should qualify for owner-occupied financing. You will need to show your credit score and other income documentation to qualify for your financing. Lenders will look at your credit, debt to income, and down payment as they determine whether or not you are qualified.

The Seller

You always want to consider the seller and why they may be selling the property. This can influence whether or not it is a good investment for you. What is the listing price and is that within budget? Are they motivated, sellers? Knowing these things can help you make the best decision for your investment.

In Conclusion

If a multifamily property is what you want to get started with in your investment journey, contact us. We are here to help you with any of your Portland real estate needs.

Posted in Buying
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Jan. 9, 2023

2023 Popular Home Renovation Projects

Anything to do with home remodeling or renovations typically follows the current design trends. Trending renovation projects tend to give your home better value if you are looking to sell soon. So, if this is you, pay attention to renovation projects that will be popular in 2023. This way your home is desirable to prospective buyers, but ultimately a place you love.

2023 Popular Home Renovation Projects2023 Popular Home Renovation Projects

Bathroom

One of the most used spaces in a home is the bathroom. If you can create an atmosphere in your bathroom that will feel serene and spa-like, then you have created a desirable space. It is worthwhile to stick with this trend. Consider a large soaking tub, stand-up shower, calm colors, and dimmable lighting as you renovate your existing bathroom. If you need storage, try some built-in shelving or cabinetry.

Wallpaper

Wallpaper is back and specifically the use of large, bold prints. No matter what your renovation project is, consider using wallpaper as a statement. You can find wallpaper that will work in any room and any style. Take your time when you are looking through wallpaper because there are many different types of wallpaper available to you. Consider color, texture, and design.

Large Window Banks

If you can achieve natural light then it is a project worthwhile. Large banks of windows can be a focal point for a room and transform a space with natural light. This can make a room feel larger too! Natural light is a key desire of a lot of home buyers in today’s market.

Multifunctional Islands

Kitchen islands are being repurposed to use the space for appliances such as dishwashers, ovens, microwaves, and even trash. This is a great use of the available storage. 2023 is expected to see islands used as seating areas and gathering places for all.

Multifunctional Rooms

Multifunctional rooms are popular post-pandemic. This means every space has its purpose but serves a dual purpose if possible. This creates multifunctional rooms so your family can adapt to whatever your needs are.

Mudrooms

Mudrooms are as popular as ever. Every home needs a dumping space for everyone to unload and transition from being outdoors. Consider lots of storage, shoe racks, and space to wash up to create a functional mudroom.

Built-in Storage

As minimal as you can be, there is still a need for storage. If you are renovating any space consider adding built-in storage. This helps keep your stuff organized and clean. You can have built-in storage that is open, closed, or hidden. You decide your style depending on your preferences.

In Conclusion

There is no right way to renovate or remodel your house, but there are things that will catch the current buyer's eye simply because they are on trend. Some of these ideas are more valuable than others, but ultimately you want to create a space that makes you a happy and comfortable homeowner. If you are looking to buy or sell a home in the Portland area, contact us, we would be happy to help you get started in your real estate endeavors.

Posted in Homeowners
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Jan. 6, 2023

What Does It Mean To Waive A Home Inspection?

What Does It Mean To Waive A Home Inspection

When you are looking to buy a home you typically hear about how important a home inspection is. While this is true, as a buyer you can waive the home inspection and there are some instances where you might want to waive it. An inspection is a typical contingency that buyers want so they can get a full picture of the overall structural integrity of a home before they buy it.

Depending on the market and your particular situation you may want to waive this contingency to make your offer more attractive to the sellers. Let's look at what it means to waive the home inspection as well as the risks.

What Does it Mean to Waive A Home Inspection?

An inspection contingency allows you the right to back out of a deal and recover your earnest deposit. This gives you time to verify and consider the integrity of a home. When you waive this contingency, you are purchasing the home, “as is”. You are agreeing to this knowing there could be some larger issues with the property that both the seller and you are unaware of.

What Are the Risks?

A home inspector identifies the potential problems you may have with your new home. Typically they uncover small things that are normal wear and tear on a home but they can find larger issues such as mold, an old roof, or a water heater or AC unit that needs to be replaced. These things can be costly. This is why the contingency is important so the buyer has the opportunity to negotiate if any of these issues arise.

Usually, sellers agree to repairs or credit the buyer. When you waive this you are taking on all of the responsibility for whatever condition the home is in, including all needed repairs. The risk is that if there is a larger problem you could be out thousands of dollars beyond the cost of purchasing the property. It is dependent on you, your situation, your potential home, and your risk-taking abilities.

What Should You Do If You Waive Your Inspection?

If you waive your inspection to have a more appealing offer you should first consider whether or not you have the financial means to cover any potential pitfalls in the home. Go ahead and pay for a home inspection.
Just because you waived the contingency doesn't mean you can't have an inspection. You want to know the condition of the home regardless of the contingency.

You can still walk away if you decide it is not the right fit for you based on the inspection, you will just lose your earnest money deposit and incur any other penalties that may be in the contract. This still could be the best move for you financially.

In Conclusion

Regardless of whether or not you want to waive a home inspection. it is still great knowledge to have as you enter the home-buying process. If you are looking to buy or sell a home in the Portland area, contact us. We will walk you through the whole process answering all your questions and making it as smooth as possible.

Posted in Buying
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Jan. 2, 2023

Invest Using The BRRRR Method

If you are looking to invest in real estate and wondering how to get started then you just might want to consider the timeless and well-known BRRR method. The BRRR method is a commonly known investment method in the real estate world. Investors use this method to buy and rehabilitate the distressed property. They then rent it out and refinance. This process is continuously repeated as they build equity so they can purchase another property.

Invest Using The BRRR Method

How Does It Work?Invest Using The BRRR Method

BRRRR means buy, rehab, rent, refinance, repeat. Easy enough as an acronym, but it is not that simple. You need to make sure you are familiar with and confident in the rental market as well as the cost associated with the rehab process of your investment. If you feel prepared, then let's look at how the BRRRR method works.

Buy

The first thing you will do is buy a property. Make sure the property you are purchasing has good value and you will have significant equity once it is remodeled. This means you estimate the after-repair value. You want the total repair cost to be less than the after-repair value. Only offer what you can afford and don't stretch the budget.

Rehab

This is the fun part. Here is where you put in a lot of the hard work. You will either hire n professionals to renovate or do it yourself and in some cases a combination of both. You want to make sure everything is done correctly and all appliances are in working order so you can have a successful rental. Upgrading to current aesthetics can boost the rental and property value as well.

Rent

Now, you are ready to rent. You want to rent out your completed rental property. You will want to choose a great renter and use their rental history as well as appropriate financial information to select the right renter. Take credit history as well as criminal history into consideration as well. You want to know you have someone who will take care of your property. Oftentimes homeowners hire property managers to take care of these things and deal with the day-to-day maintenance responsibilities.

Refinance

Finally, you can refinance. When you have finished the rehab and secured your renter you are ready to get the equity back into your property by refinancing. The bank you are working with will ask for a current appraisal as well as a copy of the lease and in some cases other information. This is how they determine the refinancing.

Repeat

Now you are ready to do it all over again. You do this by going right back to the beginning and purchasing a new property to start this process again. Before you do this, evaluate your entire process before and see what you can improve upon as you move forward with your next project. You always want to be growing and improving your efficiency as a BRRRR method investor.

In Conclusion

Whether you are interested in using the BRRRR method or not, now is a great time to invest in Portland real estate. For more information on buying or selling real estate in Portland, contact us.

 

Posted in Buying
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