Are you thinking about becoming a landlord when you invest in Portland Oregon rental properties for the first time? If so, you’ve come to the right place!
Although many people have said that owning rental properties is easy, the reality is that rental properties are investments that you must be prepared to own.
This article, will share with you several things that you must consider before investing in your first rental properties.
#1 – Use Due Diligence Before Purchasing New Properties
Even though you may be excited about investing in your first single-family or multi-family property, the most important thing that you need to do is to use due diligence before investing in that property.
Due diligence involves researching the area where the property is located, having the property thoroughly inspected, reviewing the financials for the property, and learning more about comparable properties in the area before you make an offer.
Taking the time to thoroughly analyze a property before investing in it will save you the time, heartache, and hassle of potentially making a poor investment.
#2 – Treat Your Properties Like A Business
When it comes to owning a single-family or multi-family properties, you should always be prepared to treat those properties as a proper business.
Landlords that treat their rental properties as hobbies, that they only work on during the weekends, are often disappointed, or burned out with investing in multifamily properties after a couple of years because they didn’t treat their real estate investing like a business from the very beginning.
To avoid burnout, you should focus on devoting at least 2 hours per week to managing your single-family or multi-family rental properties and it’s also important to have systems in place for things like rent collection, maintenance, and customer service so that you’re not having to do everything yourself.
#3 – Be A Patient Landlord And Take Time Choosing Great Tenants
Another important thing that you should do when you own rental properties is to take your time choosing the most qualified tenants possible.
Many landlords make the mistake of being in a hurry to rent their properties out after investing in them. Don’t let this happen to you. Focus heavily on screening and placing the most qualified tenants as soon as possible because this is what’s going in to get you the best return on investment from your rental property.
#4 – Know When To Hire A Property Manager
Even though you may be the type of person who wants to be a landlord, and thinks that they can do everything themselves, the reality is that rental properties can take a lot of work. This is why you should also be ready to hire a Property Management Company as soon as possible because, the property manager will save you the time, money, and hassle of managing your rental properties yourself, so you could focus on earning passive income from those properties while avoiding burnout.
Contact Rent Portland Homes
At Rent Portland Homes, we specialize in managing Portland Oregon Rental Properties.
Our team can save you the time and hassle of being a landlord yourself so that you can enjoy passive income from your rentals once again.
Some of the services that we can offer you include rent collection, maintenance, customer service, accounting, property marketing and more!
For more information about our Property Management Services, contact us today by clicking here to connect with us online.