Alternative Paths to Homeownership You Should Consider
Creative Ways to Buy a Home in Portland
The dream of homeownership in the Portland metro area can feel out of reach, especially with rising prices and competitive bidding wars. But for savvy buyers, there are creative ways to make it happen. Whether it's pooling resources with friends, renting out part of your home, or exploring alternative financing options, thinking outside the box can open new doors—literally.
Collaborative Ownership: Strength in Numbers
Take Emily and Jack, who teamed up with their close friends Mia and Alex to buy a home together in Northeast Portland. Instead of waiting for the market to cool, they pooled their savings, increasing their buying power. They used a Tenants in Common (TIC) agreement, which allowed them to own different percentages of the home based on their individual contributions.
This arrangement gave them flexibility—each person could sell or transfer their share independently without needing the others' permission. Unlike Joint Tenancy, there were no automatic rights of survivorship, meaning they could each decide who would inherit their portion of the home. For buyers priced out of single ownership, co-buying with trusted friends or family can be a smart solution.
More Creative Ways to Buy a Home
House Hacking: Purchasing a duplex, triplex, or home with an ADU (Accessory Dwelling Unit) in areas like Montavilla, Woodstock, or Kenton can help offset mortgage costs. Renting out part of the property can turn homeownership into an investment from day one.
Co-Buying with a Legal Agreement: Buying with a friend or family member? Make sure to create a co-ownership agreement that clearly outlines financial responsibilities, maintenance expectations, and exit strategies to prevent conflicts down the road.
Rent-to-Own Agreements: Some sellers in Portland are open to a rent-to-own model, where a portion of your rent goes toward the future purchase of the home. This is a great way to lock in a home while saving for a down payment.
Owner Financing: In some cases, sellers may be willing to act as the lender, allowing buyers to purchase the home without going through a traditional mortgage. This option can be helpful for buyers struggling with financing but requires a strong legal contract.
Buying a Fixer-Upper: Portland has no shortage of older homes with potential. A renovation loan or sweat equity can turn an affordable fixer into your dream home—especially in neighborhoods like Lents, Foster-Powell, or Cully.
Downsizing Your Expectations: If single-family homes feel out of reach, consider townhomes, condos, or even tiny homes. These can be more affordable entry points into homeownership, especially in areas like St. Johns, East Portland, or Milwaukie.
The Bottom Line
Buying a home in Portland’s competitive market may require thinking beyond the traditional path. From co-ownership to rental income strategies, there are plenty of ways to make homeownership a reality sooner than you think.
If you’re exploring creative ways to buy, we’d love to help you strategize. Call or text us at 503-951-8547, and let’s find a way to get you home.
At Campbell Salgado Real Estate Group, we love helping people find creative solutions to homeownership in Portland, Oregon, and the surrounding metro area.
Whether you’re interested in co-buying, house hacking, or finding a home with rental potential, we have the experience to help you make a smart, strategic purchase. We know this market inside and out and can guide you through the options that best fit your goals and budget. Thinking about buying? Call or text us at 503-951-8547, and let’s talk about your path to homeownership.