Steps For Finding The Right PDX Area Investment Property
Planning on investing in a new rental property in Portland, Beaverton, or the surrounding area? If so, now is the right time to buy because there is more inventory to choose from and interest rates are still historically low.
Before getting started with searching for an investment property, make sure you follow these tips.
Confirm The Price
Although some investors are looking for bargains that they can renovate and rent, you should never pay too much for a property, that’s why before investing in real estate you should research the property online and confirm that it’s being sold for a fair price.
Learn More About The Possible Rental Income
Once you confirm the price, you may be excited about buying the property but have you confirmed the possible rental income as well?
Take the time to research comparable properties in the same area to find out what they are currently renting for and remember that if you can charge more money for rent, you will spend less money out of your pocket.
What Is The Break-Even Time?
When it comes to investing in real estate, most properties generally have a shortfall in the very beginning that will diminish over time as the rental begins to cover all expenses from the property.
You should take the time to figure out if you are ready financially to make it to the breakeven time because costs could start going up and you may be required to spend more money out of pocket in the beginning when you’re just getting started with the investment property.
Is The Area Where The Rental Is Located In Demand?
In every city across the United States, demand for certain neighborhoods comes and goes over the years. This is why you should also find out if the area where the rental you want to buy is still in demand or not because if it’s not in demand, it could take you longer to rent that property than you imagined.
Get Portland Oregon Property Management
At Rent Portland Homes – Professionals, we specialize in local property management. This means that you can count on us to find the most qualified tenants and professionally manage your rental property.
Property management is the key to owning rental properties in Portland, and elsewhere across the United States because a property manager takes the stress of managing your rental property off your shoulders.
We offer a wide variety of services including rent collection, property marketing, maintenance, customer service and more!
For more information about our property management services, contact us today by calling (503) 447-7735 or click here to connect with us online.
