The unique blueprint for North Star Property Management was heavily influenced by longtime broker (and North Star family parent) Erin Nieland at The Hasson Company. Selling Real Estate in our area since 1972, she saw the original migration of people from California to Oregon, and many other market jumps.
The start of North Star was to manage family properties that stemmed from her mantra, “buy until it hurts, then buy more.” Growing up, she would always ask, ‘how much money did Grandma give you? We will match it, you buy a tired house and your father will help you remodel it. Then you will leverage it and buy another.’ If she ever let us sell a home, we had to 1031 it, and buy in an area that allowed more equity growth than where we were selling.
Guided by a Legacy
As we saw the jump in sales last spring, it reminded us that from Erin’s 10,000 view, homes in Portland and Bend should have a long continuous rise in pricing, meaning a long continuous positive investment. Most of our clients look at either cash flow or equity growth, but rarely both. In the 1990’s, we purchased rental homes that were negative cash flow, a concept that confused a lot of people, but not those who believed in our market. Sure, feeding the monthly rent to pay the mortgage was not the easiest, but we were confident that the demand for living in the Pacific Northwest would drive equity growth and rental income higher, and boy, did it. Looking at our lifestyle here, with rivers, mountains and wide open spaces, the 10,000 foot view still looks pretty good for investors, and North Star would like to help.
