PORTLAND, Ore – After the collapse of the Real Estate market in 2008 we’ve seen excellent conditions for buying rental property, including low mortgage interest rates, which make getting started with investing in Portland Oregon Real Estate almost irresistible.
In you’ve been thinking about getting started with Real Estate investing this post will offer you 7 tips for getting started with Real Estate investing the right way.
Tip 1 – Create a Game Plan
Before saying yes to Portland Oregon Real Estate investing it’s important to know what your game plan is for the single family home or multi-family rental property you plan on buying.
For example: Do you plan on buying a rental property which will generate cash flow for you over the years, or do you want to buy Real Estate for the purpose of fixing it up then flipping for profit?
These are questions which you should ask before getting started with investing in Portland Oregon Real Estate.
Tip 2 – Understand How Contracts Really Work
In the Real Estate world contracts can either make or break you, that’s why it’s important to take the time to understand them including the terms or consequences of an agreement before you sign it.
Tip 3 – Learn How to Really Search For Properties
One thing you will experienced when buying Portland Oregon Real Estate or rental property elsewhere in the United States is that Realtors have their own way of writing about properties.
Example: “Handyman’s dream” – This often means that the property needs a lot of work.
Before falling in love with a property on paper take the time to really investigate it in person because you could be investing your money in a “money pit” if you buy a property sight unseen.
Tip 4 – Remember That It’s All about Cash Flow
Although you may have fallen in love with a certain property, it’s important to remember that cash flow is king and if you should know what cash flow you can expect from the property regardless if the market is up or down.
Tip 5 – Hire a Property Manager
Last of all, but most important, from the first time you invest in a Portland Oregon Rental Property it’s important to hire a property manager because, this will free up your time to focus on growing your rental property and living a life which is free of the hassles which come from managing rental property.
Get Started with Portland Rental Property
For more tips on how to get started with Portland Rental Property, or to speak with us about our Portland property management services, contact Property Management Systems today by calling us at (503) 515-3170 or contact us through our website.