Planning on buying rental property in Portland Oregon for the first time? This is a smart decision to make because mortgage interest rates remain historically low while demand for rental properties remains high.

In this article, we will provide you with several tips you can use for buying your first rental property

What To Look For When Choosing A Rental Property

Choose A Great Location – The rental property should be in a great school district, close to shops, stores, or other cool things to do in the area, and most important of all it should be within 30 minutes to one hour of major employers so your tenants won’t have to drive far to get to work.

If you know Portland as we do, you may want to invest in an area of Portland that you know because it’s going to be easier for you to buy a rental in an area that you’re familiar with versus an area that you’re not familiar with.

Talk With The Neighbors – Besides choosing a rental property that’s in a great location, you should also talk with the neighbors to learn more about the area and confirm if it’s going to be a safe place that your tenants will enjoy.

Purchase A Property With An Outdoor Space – During the process of buying rental property in the PDX area, you should also choose a property that has an outdoor space because your tenants will want to have space where they can grill outdoors during the summer months or hangout with friends and family all year long.

Make Sure The Deal Makes Sense – Although it may be a great rental property in an awesome location, if the deal doesn’t make sense then you shouldn’t purchase the property.

The rental property must cover all of your monthly bills and expenses like mortgage payment, property taxes, and insurance.

Think About Resale Value – Besides following the tips mentioned above, you should also think about resale value because you may want to sell the property within 5 years and like other investors you will want to have confidence that it’s going to hold it’s value plus be easy to sell.

Hire A Portland Oregon Property Management

To learn more about what to look for in an investment property, or to speak with us about our Portland Oregon Property Management services, contact us today by (503) 646-9664 or click here to connect with us online.