Are you just getting started with owning Portland Oregon rental properties for the first time? If so, you’ve come to the right place!
Owning investment properties is one of the smartest decisions that any investor can make because of the simple fact that rental properties provide a consistent return on investment compared to stocks or other investment vehicles.
Even though owning rental properties are a smart investment, many people are clueless about how to get started with actually being a landlord and managing them successfully.
Thankfully, this article will provide you with several tips that you can use for successfully owning Portland Oregon investment properties.
Tip #1 – Treat Your Rental Properties as A Business
The first and most important thing that you should do when getting started with owning a Portland Oregon investment property is to treat that property as a business. This means that you’re going to invest the time into making that property a great place to live and searching for the most qualified to because this is what’s going to provide you with a consistent return on your investment every month.
Sadly, many investors don’t treat their rental properties as actual businesses; some investors view their rental properties as hobbies, or pastimes, that they only focus on during weekends, and this is why their rental properties prove to be more headaches than what they’re worth and don’t generate the returns that they expected.
Tip #2 – Know the Fair Housing Laws
Besides treating your rental property as a business, another thing that you have to do as a landlord is to know the local fair housing laws. Following this step is essential because the absolute last thing that you want to do is make the mistake of potentially discriminating against a tenant and getting caught up in a landlord-tenant lawsuit, which could ultimately be very costly for you.
Tip #3 – Take Your Time Finding Great Tenants
Finding a great tenant is one of the most important keys to success with owning rental properties in Portland, or any other city in the world, because of the simple fact that the landlord’s income depends upon the quality of the tenant that they choose.
To find a great tenant, you should take the time to thoroughly screen that tenant, including doing a background check, reviewing their financial history, and contacting their current employer.
Tip #4 – Train Your Tenant Properly
Besides tenant screening, another essential thing that you absolutely should do once you start renting to a new tenant is take the time to train them on your expectations.
Training your tenant on your rules and expectations for them is essential because it’s a simple fact that if you don’t let them know what they can or cannot do, how can you expect them to follow or abide by those rules?
Besides training your tenant on the rules that you expected to follow, you should also instruct them on the fees, or other penalties that they can expect from you if they do break those rules.
Contact Rent Portland Homes
At Rent Portland Homes, we know that the process of finding great tenants can often be very time-consuming, and landlords may want to rent to the first qualified tenant that becomes available to them.
The good news is that owning rental properties does not have to be time-consuming, Property Management can save landlords the time and hassle having to manage rental properties themselves.
To learn more about the property management services that we can offer you, contact us today by clicking here.