Its summer time in Portland Oregon, and it’s a great time to think about becoming a Portland Oregon Real Estate investor because, there’s a huge demand for rental properties, and Real Estate is one of the best ways to build a predictable source of cash flow over time.
In this article we will cover 5 tips you can use which will help you to become a successful Portland Oregon Real Estate investor.
Tip 1 – Ask For On Time Rent Payments
Although you will encounter tenants who have issues or problems come up which may cause them to be late paying their rent, the most important thing you should focus on doing as a property owner is to make sure that your tenants always pay their rent on time.
If a tenant doesn’t pay their rent on time you should charge a late fee because, this will ultimately convenience tenants to stop paying their rent late and help to create a predictable source of cash flow you can depend on from your rentals.
Tip 2 – Don’t Delay With Repairs or Maintenance
When you have tenants who have maintenance problems or repairs which need to be made on their rentals you should always handle those maintenance and repairs in a timely manner because, little problems can turn into BIG problems quickly with Portland Oregon Real Estate, and you could possibly lose some tenants over maintenance issues.
#3 – Update Your Portland Oregon Real Estate
Remember to always update your properties every time one of your tenants vacates a unit because, adding modern touches, appliances and fixtures will show your tenants that you care for the property and this will also attract tenants who care about themselves and the property as well.
#4 – Manage Security Deposits Wisely
With security deposits remember to always use wisdom and do things like put some money back into the property after a tenant moves out, and most important of all be fair with tenants because, there will be normal wear and tear depending on how long a tenant has lived in a property.
#5 – Hire a Property Management Company
Last of all, but most important, you should hire a Portland Oregon Property Management company to help you manage your rental properties because, your property manager will be on top of all the current laws, including landlord tenant laws, and they will save you the time, money and hassle of managing your rentals yourself.