Invest in a historic property with the help of an Oregon hard money loan
Portland, Oregon neighborhoods feature a prolific blend of architectural types.
From bungalows to Cape Cods to Tudors to contemporary design, there is something to suit every taste in a city that continues to grow in popularity and population.
One Portland neighborhood is particularly beloved over the holidays. Peacock Lane has been alight mid- to end December since the 1940’s. Each year, residents of the street voluntarily decorate their homes. Visitors numbering in the thousands stroll or drive the length of the Lane’s four blocks to take in the dazzling light displays and enjoy hot chocolate. All is free and open to the public. (Learn more.)
Homes on Peacock Lane, designed and built by architect Richard F. Wassell, are primarily Tudor Revival and English Cottage, adding to the charm of the event.
Residents recently rallied together to successfully put Peacock Lane on the National Register of Historic Places.
27 buildings are now recognized as historic and may not be demolished without approval of the Portland City Council. Steps are being taken to establish design guidelines requiring new development to conform to the characteristic of existing historic structures.
Real Estate Investment and Historic Districts
If you’re considering buying an investment property in a historic district, it’s important to be aware of the pros and cons.
Properties are typically beautiful and boast exquisite design features. Tenants tend to remain long-term. Historic districts often offer tax benefits. And the return on a historic property is higher than on others.
On the flip side, restrictions and regulations can make renovations and repairs complicated and time consuming. The age of historic properties requires upkeep and upgrades. And simple maintenance can be expensive.
An Oregon Hard Money Loan Can Help
If you’re looking at investing in a historic property or need fast cash for unexpected maintenance or repairs, our Gregory M. Russell hard money lenders are the team to talk to. We understand real estate, and have provided loan assistance to Oregon investors for over 30 years. Give us a call: 1-888-477-0444.