Are you searching for tips for Portland Oregon landlords because you just invested in your first rental property in the PDX area? If so, you’ve come to the right place.
Owning rental property is a great way to build your net worth while generating passive income because, real estate has only continued to increase in value over the last 10 years, especially during the pandemic, because of the simple fact that people will always need a place to live.
As the stock market has seen its ups and downs, owning rental properties makes sense because you can always earn stable passive income from your properties while stock market investors continue to deal with the ebb and flow of the stock market.
Here are several tips that we can offer you as a new Portland Oregon landlord:
Tip #1 – Treat Your Rental Property As A Business
One of the most important things that you can do as a new landlord is to treat your rental property as a business, instead of treating it as a hobby. This means that you should register a business name, open a business bank account, keep track of all your receipts and expenses so that you can claim the tax deductions that you are entitled to claim every year when you own real estate.
Tip #2 – Invest In Systems
As long as you intend on managing your rental properties in Portland yourself, one of the most important things that you should consider doing immediately is to invest in systems for managing recurring tasks like billing, maintenance, and customer service.
After you invest in systems for your business, it’s best to utilize those systems and not let them go to waste because your goal should be to make your rental property as passive as possible so that managing the property does it become something like a second job to you.
Tip #3 – Know The Local, State And Federal Rental Laws
As a landlord, the next thing that you should be doing right away is taking the time to learn all of this state, federal, and local rental laws.
Learning the rental laws is vital because every year landlords mistakenly violate the laws and find themselves victims of lawsuit. If you don’t want to end up getting sued, you should take the time to thoroughly research all the rental laws just to make sure that you stay on the right side of the law during the years that you are self-managing your rental properties
Tip #4 – Take Care Of Your Renters
Owning rental properties is a great way to build a passive income that’ll last for years to come but to keep that money coming in you should work hard at taking care of your tenants.
By taking care of your tenants I mean making sure that you provide them with a safe, clean, and habitable rental property when they move in, respond to their maintenance or customer service requests and take the time to treat them with respect.
Once your tenants see that you’re taking the time to treat them with respect, they ultimately will treat you with respect and are going to communicate with you when they have problems.
Tip #5 – Hire A Property Manager
So far in this article, we’ve talked a lot about the things that you can do to effectively manage your rental property yourself but, there has to come to a point in time that you should consider outsourcing the management of those rental properties to a company like Rent Portland Homes.
A property management company like Rent Portland Homes is going to save you the time, money, and hassle of managing your rental property yourself so that you can focus on growing your portfolio of investment properties without becoming overburdened with all the management responsibilities as your portfolio of investment properties grows.
Besides saving you the time and hassle of managing your rental property yourself, a property manager will manage your rental properties more efficiently and increase the return on investment that you enjoy from your rental properties while you continue living your normal life.
Contact Rent Portland Homes
For more information about the property management services that we can offer you, contact us today by clicking here.