Are you planning on buying single family rental properties in Oregon? If so, you’ve come to the right place.
Now is a great time to add single family rentals to your portfolio of income properties because single mortgage interest rates are historically low and this makes it a great time to buy.
In this article we will share with you several tips that you can use for buying single family rentals in Portland to add to your investment portfolio.
Tip #1 – Do Your Due Diligence
The first thing to do before buying a new rental property in Portland, or elsewhere in the United States, is your due diligence. This means that you take the time to analyze the property including its location, area crime rate and school district to determine if it’s a great area to buy a rental property.
While doing your research, you also want to do a comparable analysis to determine what other properties in the area are renting for and what amenities those rentals come with.
Do those rental properties come with free Wi-Fi, washer/dryer, paid utilities? These are all questions to ask when determining if a PDX rental will be the right one for you to invest in or not.
Tip #2 – Look For Red Flags
During the process of reviewing a potential rental property in Portland Oregon, you should be looking for ‘red flags’ this means indicators that the property may be one that you should avoid.
What red flags should you be on the lookout for? Let’s say that you’re reviewing the local rental market and see that rents seem high for the area. This could be a sign that the rental market is volatile and subject to price fluctuations.
Tip #3 – Make Sure Rental Rates In The Area Are Consistent
Last of all, but most important, you want to choose a rental property that’s in an area where rental rates are consistent. This is important because it’s going to aid you with planning for the future, especially if you want to make improvements to the rental property to increase its value.
Contact Rent Portland Homes
For more information for how to choose the right single-family rental property in Portland Oregon, or to learn more about our property management services in Portland, contact us today by clicking here.