Owning rental property is one of the best ways to build wealth and long term consistent cash flow in 2015.
If you’re thinking about buying your first Portland Rental Property here are four rules which will help you to become a long term successful property owner.
Rule #1 – Be Consistent
As you build your portfolio of Portland Oregon Rental Property it’s important to remember to always be consistent in everything you do including running credit checks on all potential renters, making promises about repairs and dealing with all of your renters the same way versus showing “favoritism” to one renter compared to another.
Rule #2 – Always Check References
One of the biggest things you’re going to experience as you interview prospective tenants if that some people will make up information to add to their rental applications including work references, personal references or financial data and it’s always vital to check and verify those references before renting to someone.
Rule #3 – Document All Aspects of Your Rental Business
During the time that you own Portland Oregon Rental Property make sure you document everything including keeping copies of rental applications, credit reports and before/after pictures of your rentals just in case you need them for legal purposes.
#4 – Do Right By Your Renters
Last of all, but most important, always do right by your renters and seek to offer them the best rental experience possible by making sure that your rental property is thoroughly cleaned before someone moves in and has up to date features plus a fresh coat of paint.
Rent Your Portland Rental Property
To learn more tips that you can use to get started with owning Portland Rental Property contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.