Buying to Host in Portland, Oregon

[Bob937]

Hi all, 

My wife is from Portland, OR and so we visit often and plan to move here permanently (from NYC) in about 5 years. 

We are considering buying a home here so we can spend more time here before the real move but would want to rent it out when we are not using it. 

I'm looking for help understanding the complexities of buying, setting up and managing a rental from afar — financial (taxes etc), legal and logistical implications – so I can make informed decisions. 

Feel free to share your favorite resources and meetups — we are in town often. 

Thank you! 

–bg

[Lisa723]

@Bob937 you may want to join the "Portland Airbnb Hosts" facebook group and post your question there. Airbnb is currently implementing a new agreement with Portland that requires registration and imposes some strict rules about listings. Since I'm just outside of Portland, these don't apply to me and I'm not really familiar with them, but other members of that group will be.

https://www.airbnb.com/help/article/875/portland-or

[Bob937]

Thank you Lisa.

[Helen3]

I would say the first thing is that you need to spend time doing your market research @Bob937 

If you want advice on financial issues such as taxes speak to an accountant.

If you want advice on legal matters speak to a legal representative handling your house purchase.

If you want advice on the property market speak to local estate agents. And do research on the STR market through sites such as the local tourism board and Airdna.

If you want advice on STR regulations speak to the local government authorities in the areas you are interested in.

And of course never buy a property that is reliant on STR's. You need to have a way of paying the mortgage if the STR income doesn't cover it or becomes illegal in the area you are interested in.

[Sarah977]

@Bob937  It's important to be aware that entire house listings, especially those that are new and have off-site hosts (some guests assume that new hosts are clueless and they often are) can often be targeted for parties. The guest will misrepresent their intentions ("I'm just going to a have little get-together for my Mom's birthday") and it could be a big drunk-up with 50 or more people.

It's important to find a competent co-host that can deal with situations effectively, have outside surveillance cameras, and proper, private STR insurance. Do not for an instant trust that Airbnb will cover you in the event that guests do damage to your home. Their "million dollar guarantee" is not to be believed. The listing should be marketed towards the type of guests you want, not just written up like a real estate ad. And don't give any indication in the listing desription that you live far away.

[Dina586]

@Bob937 

If you are still considering buying a home to rent short term in Portland, I'd be happy to talk you through it.  I manage (cohost) various homes in the Portland area.  DIna (503) 706-6500