Things To Do Immediately After Closing On A New Rental Property
Are you planning on investing in a Portland Oregon rental property for the first time? If so, congratulations!
Like anything in life, doing something for the first time is going to come with a learning curve but the good news is that in real estate investing, you can eliminate that learning curve by following these tips.
Tip #1 – Walk The Property
It doesn’t matter if the Portland Rental property is a single-family home or multifamily property, the first thing that you want to do is walk the property.
This step is important because you never know if anything has happened to the property in between the time that you first visited the property and now.
If the property is a large-scale apartment complex, you shouldn’t rely on anyone else than a property manager to walk the property for you because they will know what to look for including reviewing the roofs and common areas.
Tip #2 – Get To Know Your Tenants
Let’s say that you purchased a new property that is already occupied with tenants, if that’s the case, the next thing that you should do is get to know your tenants.
Many landlords make the mistake of not reaching out to their tenants after purchasing a new rental property, don’t let this happen to you!
Take the time to reach out to your tenants so that they get to know you personally because this will help you to start your relationship out with your tenants correctly and make them feel like you value them as tenants.
Once you reach out to your tenants, be prepared to listen to what they have to say or recommend because this is also an excellent way to learn more about work or improvements the property needs which the previous owner may have been neglecting.
Tip #3 – Find Out If The Property Is In Rent Ready Condition
Another important thing that you should do after purchasing a rental property is to verify that it’s in rent-ready condition.
Some properties may need work before you can rent them. This is especially true if you’re investing in a multifamily property, so you shouldn’t hesitate to see what work needs to be done in the property before you list it for rent.
Is the property in rent-ready condition but it needs something more before you list it for rent? If so, why not consider updating the kitchen and bathrooms in the property?
Since kitchens and bathrooms are where we spend the most time, it makes sense to update these areas first.
Kitchen – You should consider refinishing cabinets, replacing drawer and cabinet hardware, replacing flooring, and painting the kitchen.
Bathrooms – In the full bathroom, you should consider refinishing the bathtub/shower combo, add new flooring, and repainting the bathroom with mold-resistant paint. For half baths, it’s best to focus on adding new paint, adding storage space under the sink, and replacing older toilets with water saver toilets.
Tip #4 – Hire A Property Management Company
Last of all, but most important, you should hire a property management company in Portland Oregon to professionally manage your rental property for you.
Hiring a property manager is important because it’s what’s going to save you the time, money, and hassle of managing your rental property yourself so you can enjoy passive income and potentially have more time to focus on adding additional properties to your investment portfolio.
Our company has decades of experience in the Portland Oregon rental market and we can assist you with a full suite of property management services including rent collection, maintenance, customer service, accounting and so much more!
Contact Rent Portland Homes – Professionals
For more information 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.