Jason is a good son. The kind of child I would want to have one day. He started talking to me about purchasing a condo for his mother to live in last year. He had just purchased a home for himself and wanted to have her nearby. The search included a small area in Happy Valley to make sure he would be close by when she needs him.
We toured a few condos that all needed work or looked like the area was not as convenient as she wanted. Luckily the stars aligned and a condo came up in the complex she was renting in. After some negotation we were able to get Jason under contract on the condo below the list price. Two weeks later Jason’s mother visited the condo and fell in love. It was my pleasure to give Jason the keys to his mother’s new condo this week!
I love working with investors, but this family was just the sweetest! My clients, Pat and Mike, decided to buy a home for their adult children to rent back from them. Pat and Mike, live in Colorado, but their son and daughter live and work here in Portland.
Siblings Sam and Cara, with Dudley the pup in front of their family’s new investment property where they’ll be living.
The Plan
Cara and Sam, “the kids”, met with me in our Alberta Office to talk about what the family’s plan was. The kids would be touring the homes with me and identifying the best ones. They would ast as the “eyes” for their parents, Pat and Mike, who would be purchasing the house. The would buy the house as an investment property and rent it back to the kids.
The House
The type of home the family was looking for has some divided space. The kids are grown, with their own lives, and needed a home where they could have their own spaces. Because of this, we looked at homes where there were bedrooms and living room areas on different levels. Some of these homes had a separate apartment, some had a finished basement, and a few just had unique layouts that provided the separation they were looking for.
The house they bought was perfectly divided. The main floor had two bedrooms, one of which had been opened up to the living room. The basement was finished with a bedroom, bathroom, and living area with wet bar. You could also access the stairs to the basement from the back door, allowing the downstairs extra privacy.
Why It Works
This plan works out great for this family. The parents found a great investment property in a growing area (Foster-Powell). They could expect their home to appreciate over time, gaining equity. The kids found a house they could live in together, with their own spaces. The family would also be securing the kids a place to live where their rent wouldn’t go up while rental prices increase throughout the city.
Is an investment or rental property right for your family?
There are so many ways families can help each other with housing, while also making a smart investment. Parents buying homes for kids in college to rent, or siblings buying duplexes, single people buying houses with an ADU to rent in the backyard, etc… If you’re like Pat and Mike, and want to invest in Portland real estate, give me a call! I can help you identify a great place that will meet your family’s needs too.
Congrats Pat, Mike, Sam and Cara on the new house! (Oh congrats to Dudley, the handsomest chocolate lab/most fun roommate, too!)
