How To Buy Multifamily Properties In Portland Oregon
Are you searching for information on how to purchase multifamily properties in Portland Oregon? If so, you’ve come to the right place!
Now is the perfect time to invest in multifamily properties because we have more people renting in the Portland area than ever before and most renters these days want to live in multifamily properties versus single-family homes.
In this article, we will provide you with several tips that you can use for investing in the right multifamily property in Portland.
Tips For Buying Multifamily Properties In Portland
Research the location – The first thing to do before buying a multi-family property in the PDX area is to research the area or location for where you want to purchase an apartment, condominium, or townhome.
Taking the time to research that location for where the multifamily property is located is important because you want to buy an apartment, condo, or townhome that’s close to everything including bars, restaurants, shops, and things to do in the area.
Obviously, during coronavirus, many of the book stores, restaurants, bars, and things that we enjoy doing in Portland have been shut down, or closed, at one point this year. The good news is that the virus will soon become a thing of the past so it’s best to pay close attention to the location of a property, especially if it’s close to many of the well-known restaurants and destinations that locals have come to know and love about Portland over the years.
If you currently live out of state, the great thing about the internet is that you can easily research the Portland area in detail utilizing online tools like Google Street View, so that you can have the opportunity to see what a location is like before you choose to invest there.
Investigate The Jobs Market – Once you research the location or area where the rental property is located, the next thing that you want to do is investigate the local jobs market. This is important because you specifically want to find out which companies are hiring, laying off, and what employment numbers in the area as a whole look like.
Knowing the local economy for where a multi-family property is located is vital because this knowledge is what’s going to give you the confidence that you’re going to be able to find qualified tenants who will be able to pay their monthly rents consistently without any problems.
Besides knowing more about how the local economy is doing, when researching multifamily properties in Portland Oregon, you should also learn more about how long it will take your tenants to commute from your rental property to their jobs in the area. Having this knowledge in the back of your mind will also provide you with peace of mind especially if your rental property is 30 minutes or less from their job or other major employers in the area.
Learn More About Local Crime Statistics – After researching the local economy, the next thing that you want to do is to do a deep dive into local crime statistics. This is important because, as a landlord, you want to have confidence that your tenants are going to be safe living in your rental property.
Once you learn more about the local crime statistics, the next thing that you should do is investigate the local school district because the quality of the school district for where your rental property is located is important since it will ultimately affect the resale value of your property and make it more attractive to parents who are looking for the best school districts for their children.
In 2020, Portland currently has six public school districts as well as a variety of private schools, private colleges, and universities so it’s one of the best academic cities in the United States that offers parents and college-age students many educational options to choose from.
Visit The Property In Person – After researching the area, the next thing that you want to do before purchasing a multi-family property in Portland is to visit that property in person.
This step is important because you want to take the time to investigate the condition of the property to verify if it currently needs maintenance, renovations, or repairs.
After reviewing the condition of the property, you should also investigate the rent roll, monthly bills, and other expenses that the property has every month.
Hire A Property Management Company – Last of all, but most important, another critical thing that you want to do before purchasing a multi-family property in Portland is to hire a property management company.
Hiring a property manager to manage your property is also another important thing to do because this will allow you to earn passive income from your property since it’s going to save you the time and hassle of having to manage that rental property yourself.
At Rent Portland Homes – Professionals, we specialize in full-service Property Management and can offer you the following services:
- Property Marketing
- Tenant screening/selection
- Rent Collection
- Customer Service
- And more!
When you partner with our company, you can have confidence that every aspect of property management will be handled by a team of professionals who have every intention of getting the most return on investment from your property possible.
Founded by Fred Marlow Sr, a long-time real estate & property management professional in Portland Oregon, our company has the team that you need to professionally manage your rental property who will get you the most ROI from your rental possible.
Contact Rent Portland Homes – Professionals
To learn more Multifamily Properties In Portland Oregon, or the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.