Purchasing a multi-family home offers a unique set of challenges, when compared to buying a single family residence — especially if you plan on occupying one or more of the units in the multiplex. Given the impact of the global pandemic, there are some additional challenges that buyers will face as well. Outlined below is a (non-exhaustive) list of things to consider and prepare for, if you would like to buy a multi-family home:

1. You will likely have to write an offer before seeing the interior — If the multiplex is currently leased, there is a strong chance that all offers will need to be written “subject to interior inspection.” Meaning, you have to submit an offer (and have it accepted) prior to setting foot inside any of the units. This isn’t quite as scary as it sounds, though. If you walk through the units, and are not satisfied with what you see, you can attempt to renegotiate the terms of the offer, or simply terminate the agreement altogether. This type of requirement is usually in place to protect the tenants from having to vacate the premises over and over again for showings. Requiring all prospective buyers to submit an offer (and have it accepted) prior to viewing the interior, helps ensure that only the most serious buyers are being shown the property.
2. Occupancy may have some challenges — If the current tenants are signed to long-term leases, any new owner of the property will be required to let those leases run their course. If you plan on occupying one or more of the units, this can provide some significant challenges, as most Lenders will require that you move into at least one of the units within 60-90 days of closing — otherwise they will consider it a purchase of an investment property. If the tenants are on month-to-month leases, they will still have to be given 90-days notice for a move-out date, so it’s important to negotiate all of these terms as part of the initial offer for the property.
3. Inspection and Repair Considerations — When it comes time to inspect a multi-family property, there are a few additional things to consider. a) The inspection will likely take much longer than an inspection of a single-family home, and will also cost more. Both of these will of course depend on the number of units in the multiplex. b) The tenants are not required to move their furniture or personal belongings (nor can we make them) for the inspection. This might mean certain areas are not able to be inspected as thoroughly as we might like. c) The tenants are not required to leave for the inspection (nor can we make them), so there is always a chance that they are present for the duration of inspections. d) If repairs are needed, it may be easiest for all parties if these are handled through a credit or price reduction. Coordinating repairs, providing proper notice to tenants and working out access for contractors — that also fits with the tenants’ schedules — can prove quite difficult, so handling these items monetarily is often the most effective method.
4. Seek guidance from a Real Estate Attorney — As a Realtor, I specialize in helping my clients buy and sell property. And while I have a loose grasp on a number of the laws regarding tenant’s rights, I am simply not qualified to provide legal advice on those matters. I strongly encourage my clients to speak with a Real Estate Attorney early on in the process, so as to ensure all rules and regulations are properly followed — especially when it comes to taking responsibility for vacating a tenant. It’s 100% worth the financial and time investment to do so. Trying to navigate these topics on your own is just not worth the risk in my opinion.
5. The Pandemic Effect — Throughout the last year, there have been a number of eviction moratoriums and temporary rule changes when it comes to tenant’s rights. Having an understanding of which laws apply to the property you are interested in will prove critical for a successful purchase. Again, here is where I would defer to an Attorney to provide the proper guidance, which only underscores the importance of having a solid Real Estate Attorney on your team for this venture.

 While this list is certainly not exhaustive of all the things to consider when buying a multi-family home in the Portland area, it’s a good start towards preparing yourself for this type of investment!

If you are relocating to the Portland area, and looking to buy a home, here are 3 key things worth considering, which will help prepare yourself for success in this current real estate market. 

1. Find a place to rent first — the timeline for finding the right home to buy might take longer than expected. Extremely low inventory means there will be less homes to choose from, and the multiple offer scenarios we see regularly might mean you miss on a couple homes before ultimately having an offer accepted. Having a stable, open-ended housing situation in the meantime will take a lot of stress out of the process, and help ensure that you don’t have external pressures that force you to settle on a home that you might not otherwise want to buy.
2. Choose a local Lender — Having a Lender with local market knowledge is crucial for your success in this market. Many Lenders are licensed in multiple states, so it might be tempting to work with your Lender from California, or your big bank that you have an established relationship with. While this may seem like the path of least resistance, I have seen too many scenarios in which this type of Lender selection has worked against a Buyer; particularly during a multiple offer situation. Listing Agents and Sellers want to know that the Buyer’s Lender is in-tune with the local market and local appraiser timelines, which will help ensure the deal closes on time.
3. Be Open Minded with Location — There are so many great neighborhoods and micro-markets here in the Portland area, and if you are relocating here, you may not be aware of all of them. Oftentimes, it’s helpful to consider the characteristics that you are looking for in the neighborhood that you want to live in. If you have a list of what those things are, I can help identify which neighborhoods might be a great fit! Then, I always recommend spending time exploring those neighborhoods — even spending a weekend doing normal “weekend activities” in the different areas you want to consider. Being open minded is key in this market, as some neighborhoods only have a handful of homes sell in a given month. Eliminating certain areas without giving them proper consideration could mean missing on a great home!

While this list is certainly not exhaustive of all the things to consider when relocating to Portland, it’s a good start towards preparing yourself for a move here!

The stress and anxiety leading up to the election this year was like none other before it. It felt like so much of our future hinged on this election, and I was nervous about whether Americans would vote to restore a sense of competency in the White House. As a Realtor and business-owner, it was such a huge relief to see Joe Biden elected as President; knowing that someone who actually cared about the American people and small business would be running the show. There are so many challenges we will all face as we try to dig our way out of the devastating effects of the pandemic, but for the first time in 2020, it feels like there is light at the end of the tunnel. Congratulations to President-elect, Joe Biden, and Vice President-elect, Kamala Harris!

As we approach the end of the year, I always spend time reflecting back on the market for that year — where my business came from, whether I was able to improve my level of service and expertise, and the motivations that inspired buying and selling decisions. This year was markedly different from any previous year for many obvious reasons. As Realtors, we all had to adapt to changes in the way we conduct business — Zoom calls instead of face-to-face meetings, no-contact showings and never-ending supplies of hand sanitizer.

In many ways, the vast reduction in face-to-face interaction was the hardest part to cope with. Building and maintaining solid connections with my friends and clients is one of the most rewarding parts about my career, and being able to spend time together in-person has always been my favorite way to do so.

With that said, the intrinsic gratification of helping a client accomplish their goals seemed to be at an all-time high this year. Many people’s motivation for buying or selling a home this year was predicated on the idea of finding more space. Whether that be for multiple offices to work-from-home, more yard space for spending time outdoors or more space to spread out at home and stay sane, it seemed that everyone was looking for ways to develop a new appreciation for being at home, since all of us were spending so much more time there. And with the heightened sense of anxiety that so many of us have been feeling, there were additional layers of stress added to each real estate transaction.

All of this made things just that much more exciting though, when a client was able to successfully accomplish what they set out to do. And, it helped add some sparks of joy to both mine and my client’s year. I am always so grateful for all my friends and clients who choose to work with me, but this year has been extra special. Thank you all for your continued trust and support!

Buying a home in the Portland Real Estate Market can be extremely challenging right now. With the average sale price up 9% from where it was this time last year, and with inventory levels at record lows, the competitive frenzy that is the Portland Market is full of challenges for would-be buyers to overcome. With multiple offers on seemingly every property, buyers have to be aggressive, take risks and be ready to make major decisions within a matter of hours after seeing a home. For some, this can be exhausting and overwhelming, and even cause a sense of burnout when it comes to searching for a home. 

For some of my clients, it has caused them to reframe their goals for purchasing a home, and some have begun to look for new construction in the various new communities that are popping up outside of Portland. New construction communities can oftentimes offer an opportunity to purchase a home without having to compete with other buyers; meaning less stress, more time to make decisions and more options to choose from. In many cases, you are able to make upgrades or add customizations as well. Not to mention, all the systems of the home are brand new, so maintenance costs and repairs are kept to a minimum!

Many of these new construction communities are still selling out quickly though, so it definitely pays to know about these communities early. As your resource in the industry, I am constantly keeping a pulse on new construction communities that are in the works, so my clients can be the first to know about them and have an opportunity to see the available inventory!

Buying a home anywhere west of SE 82nd is a tall order these days. Being able to buy a home without any competing offers, is nearly impossible. Congratulations to R&C for being able to find the diamond in the rough, and landing a home in their target neighborhood, without having to compete with any other offers. There are definitely a few projects to get started on right away, but I look forward to seeing how they transform their new home!

Buying a project home is never easy, and it takes a lot of guts to really give something like this a go. To take this step while buying your first home… now that’s a major power move! I am so excited for my wonderful client, Lia, who just closed on the ultimate project house! Lia has all the vision required for a major overhaul, and I can’t wait to see the before and after photos. I just know she will make the most of this, and really maximize the potential of the space! Congratulations, Lia!

Congratulations to Dustin, who is closing on his third real estate purchase in the last year! It’s been so great to reconnect with Dustin, who was a long-lost friend from High School. After trying unsuccessfully to buy a property – unrepresented – last year, Dustin gave me a call and asked, “are you still in real estate?” A month later, we closed on the investment property he had been trying to buy. 3 months later, he and his wife bought another investment property! Fast forward to this summer, and they just purchased a new primary residence, while finding a tenant to begin renting their current home. This most recent transaction wasn’t an easy one, and even involved a lender change during the middle of the transaction! But, with some creativity and brainstorming, we were able to pull it all together and make it happen. The extra hoops we had to jump through just make it that much sweeter to finally close! I’m so thankful for your trust, and am grateful to be a part of building your real estate empire! Looking forward to the next one!

Congratulations to CJ on successfully downsizing, and finding a nice compact home, with a HUGE backyard for the doggos to run around in! I was thrilled to have the opportunity to work with you, and am happy for you to make this transition! Thank you for trusting me to guide you through the process, and for being willing to really “go for it” to get this great house! Being aggressive with your offer terms can certainly be scary, but in this market, it’s often the only way you will come out the “winner” in multiple offer scenarios.

Big congratulations to S&V for purchasing their first home together! This was one of those rare moments, where the first house they saw ended up being the one! Props to the both of them for being decisive, and taking action — in this market, decisiveness is key, and it really paid off. 

In my experience, it’s hard for many buyers to get over the idea of there being “something better” out there that hasn’t hit the market yet — especially for first time buyers. I have also learned that often times there isn’t’ something better, and many clients have missed out on great homes,  because they aren’t able to be decisive. 

Many of my clients have heard me remind them to look for that 85% perfect home, and when it comes along, be ready to take action! In some cases, it’s the first house you see, like this one was for S&V. Congrats to you both again, it was a pleasure working with you!

Congratulations to D&A on finding a great home in Thompson Woods! After a couple of tries in competitive situations, I am so happy to see you find such a great home for you and your boys! The home was built just 2 years ago in 2018, and features an open floor plan with beautiful high-end finishes, 4 bedrooms, 3 baths and tons of natural light! The Thompson Woods neighborhood features newer construction homes built by Arbor Homes, West Hills Homes and Toll Brothers. This particular home was built by Arbor Homes, and features all of the upgrades and detail that Buyers have come to expect from this builder — large open kitchen, beautiful built-ins, high-end finishes and spacious bedrooms. It even has a Smart Refrigerator with a huge touch screen! I am excited to see you settle into your new place, and look forward to seeing your little ones grow up in a beautiful home!

When first coming to Portland years ago, Jacq drove down a beautiful NW Portland street, lined with historic homes, and imagined living there one day. As we began touring with Jacq and Charles, there were many homes that seemed like potential options for their family, but when they walked into the gorgeously restored 1906 home on this very street, their excitement jumped to a whole new level. They anticipated finding a place that would work well for them, but the real possibility of inhabiting a house they were ecstatic about was eye-opening and they moved with surety on what is now their new home. Helping Jacq and Charles live their dream was a true honor and pleasure. They are warm, generous hearted people and we couldn’t be happier for them.