Are you planning on investing in rental property in Portland Oregon, or elsewhere nationwide but you’re wondering when you should purchase your first property?
Buying rental property is still a smart investment in the 2020s because people need housing and as long as you own a rental, you’re going to own an asset that’s in demand.
When Should You Buy Your First Rental?
Let’s face it, now is a great time to buy a rental property because more people nationwide are renting than ever before but before you submit an offer on a property, you should ask yourself these questions.
What Type Of Property Should You Invest In? Before investing in that Airbnb, short-term rental, you should consider the pros and cons of investing in a long-term rental as well.
Long-term rentals offer stable, consistent cash flow that will enable you to build a scalable portfolio of investment properties.
Do The Research – Once you decide on what type of property you want to invest in it’s best to do the research and find an ideal area in Portland, or the surrounding area, that you would like to invest in a rental home.
Keep in mind that much of the PDX area has changed in the last 12 months so if you’re not willing to invest in Portland now, you may want to consider Beaverton, West Linn, Lake Oswego, or nearby towns.
Set A Budget – After choosing the area that you want to invest in it’s best to set a budget for the property that you want to invest in and stick with it.
This step is important because the real estate market is hot right now and there’s nothing worse than going over budget on a property that you may not be able to rent right away or earn enough every month to cover your rent and expenses.
Hire A Property Manager – Last of all, but most important, after buying rental property in Portland, or the surrounding area, you should hire a property manager to professionally manage your property.
At Rent Portland Homes, we specialize in full-service property management that will save you the time, money, and hassle of managing your rental property yourself.
Contact Rent Portland Homes
To learn more about the property management services that we can offer you, contact us today by clicking here.