Oregon is one of the West Coast’s most alluring destinations for real estate investments. A rich cultural heritage, thriving cities and stunning natural landscapes make this state a hotbed for economic growth. Steady population growth and no sales tax combine to fuel a strong real estate investment market, particularly in Portland. But before investing in a property, investors should ask themselves if it’s the right fit for their goals and risk tolerance.
Real estate investment involves purchasing property for the purpose of earning a return on your investment either through rental income or future resale. The return can be realized by leveraging debt or equity, or a combination of both. The key to a successful real estate transaction is finding properties with the highest possible upside potential. The best way to do this is by searching for distressed properties like foreclosures, pre-foreclosures, short sales, and abandoned or neglected homes.
To find these deals, investors should use an app such as DealMachine. It’s fast, simple and easy to use, allowing users to easily locate undervalued properties and get in touch with owners via batch skip tracing and direct mail campaigns. In addition, the app has a number of other features that make it ideal for real estate investment.
Investors should also conduct extensive research ahead of any is Oregon land a good investment purchase to ensure they understand zoning requirements, parcel development costs, permitting wait times, utility/service proximity and tax implications. This will help investors avoid pursuing unsuitable acreage that could prove costly and time-consuming to develop.
In general, a real estate agent can be an invaluable resource for navigating the Oregon real estate market. They can help you search for land that matches your specific needs and provide valuable insight on local trends. They will also guide you through the homebuying process, including negotiating a price and working with builders and contractors.
Oregon’s affordable acreage and abundant outdoor recreation draw buyers from around the country. But its wet winters, restrictive development laws and rising taxes deserve careful evaluation based on your intended use for the property.
The majority of the state’s 61 million acres are privately owned, with the vast majority designated for agriculture and timber. Federal agencies and other organizations manage nearly 53 percent of the state’s lands, mainly through national parks, wilderness areas, monuments, wildlife refuges, recreation areas and trails, seashores, river shores and wild and scenic rivers.
In addition to evaluating unique zoning requirements, investors should consider infrastructure and utility considerations like cell phone coverage, high-speed internet availability, electricity and septic drainage options, soil composition, depth to groundwater and easements/rights of way. Ideally, investors will seek the help of a land broker who can assist with researching these issues and connecting them to builders and contractors.