How To Invest In A Portland Rental Property – Even If You Live Out Of State
Are you planning on investing in a Portland Oregon rental property but, you live in Washington, or else were in the United States?
Even though it may seem difficult investing in an out-of-state rental property, the reality is that now is a perfect time to add more investment properties to your portfolio especially when you hire a property management company like Rent Portland Homes – Professionals to manage your property for you.
Another excellent reason to invest in rental properties now is low mortgage interest rates, which are predicted to stay low for at least two more years. When you combine low rates along with the demand for rental properties, this makes right now the perfect time to invest in rental properties.
What to do if you’re still not sure that it’s time to invest
Let’s say that you’re eager to invest in rental properties but, you’re still not sure that it’s time for you to add a property to your Investment Portfolio. No problem! The good news that you could still invest in real estate passively by investing in a Real Estate Investment Trust.
With a Real Estate Investment Trust (REIT), you can get started with owning real estate, without actually having to hold or manage property that you’re invested in yourself. This is a great way for new and experienced Real Estate Investors to add more real estate to their portfolios without having to go through the hassle of DIY, or traditional property management.
Another way to get started with investing in real estate passively is by purchasing mortgage notes. This is also a strategy that both new and experienced Real Estate Investors can utilize because it also enables them to invest in real estate anywhere across the United States without having to focus on property management.
When you’re ready to get started with buying rental properties in Portland
The first thing to do before investing in Portland Oregon rental properties, especially if you live out of state, is to know that the PDX area offers a wide variety of neighborhoods, and each one has something different.
Before you invest here, you should take the time to thoroughly investigate Portland neighborhoods so that you find a rental property that’s close to shops, restaurants, stores, and things to do in the area.
Once Covid-19 is finally over, we can hopefully expect life to return to normal as it was before. This means that renters are going to want to live in areas that are considered to be ‘walkable’ and have plenty of things to see and do nearby like restaurants, bars, and amenities in the area.
Do your due diligence before investing in a rental property
Once you find a great investment property in Portland that you’re interested in purchasing, the next step is to do your due diligence and learn more about that property.
This means that you should have the property inspected by a professional, especially if it’s a multi-family property. You want to have each unit in the multifamily property inspected just to confirm that there are not any deferred maintenance issues which may need to be addressed before that property is considered to be in rent-ready condition.
Hire a property management company
Last of all, but most important, the next thing that you want to do before purchasing a rental property in Portland Oregon is to hire a Portland area Property Management Company.
Hiring a local property management company is the key to success with purchasing out-of-state rental properties because the property manager will save you the time, money, and hassle of having to manage that investment property yourself.
At Rent Portland Homes – Professionals, we have a full property management team on staff that specializes in every aspect of property management including rental property marketing, tenant selection, tenant placement, rent collection, customer service, maintenance, and more!
Over the years we’ve built one of the best Property Management brands in the state of Oregon because investors know that they can count on us to provide them with excellent customer service and support for their Portland area investment properties.
Contact Rent Portland Homes – Professionals
To learn more about 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.