Are you considering buying and putting a few homes for rent in Gresham, OR?
While being a landlord is a rewarding venture, it's not the easiest business to run. That's why so many investors may see real estate as being a liability rather than an asset.
How do you succeed as a landlord? How do you ensure your homes for rent bring you a sustainable rental income each month?
Here's what you need to know about how to earn from real estate:
Be Adamant About Rental Property Maintenance
Make sure you schedule frequent rental property inspections before putting your homes for rent. These property inspections will assess if there are any damages, hazards, or other problems with your property.
This is necessary to ensure your properties are always in the best condition before you advertise them to potential tenants. Even after your tenants have moved in, you can conduct property inspections, with permission, to ensure continued maintenance.
Decide If You Want Short-Term or Long-Term Rentals
When putting homes for rent, you have to first decide if you want to focus on shorter leases or longer ones. Either option is fine, so you have to decide which trade-offs are best.
The advantage of short-term rentals is that you can have more time to work on your rental property during vacant periods. Once a tenant leaves, you can set aside a few months for maintenance if you wish. However, too many vacant periods can be a financial burden.
Long-term rentals give you a sustained income for several months or years. However, you might not have much free time to work on your property if needed. If you need any of your homes for personal use, you won't be able to do it until a tenant leaves.
Take your time to decide what route works best for you. If you have several homes for rent, consider a combination of both options.
Hire a Property Management Company
Both new and seasoned landlords like hiring property managers to help them with their tasks. The property management company can help find tenants and attend to their needs.
For example, they'll screen tenants for you. This process involves finding the right tenant based on your criteria. Property managers can arrange for inspections when needed. If there's any damage to your property, they'll arrange for contractors to fix it.
Property managers can also collect rent, mediate tenant disputes, promote your rental property, etc. If you hire a property management company, you'll find it much easier to run a rental business.
Put Your Homes for Rent
When you put your homes for rent, you're entering an exciting business venture that'll surely pay off!
Make sure you focus on regular property maintenance. Before seeking tenants, decide how long you want your lease to be. Of course, you should always hire a property manager to help you.
Kerr Properties, Inc., is Oregon's best property management company. For over 40 years, we've helped real estate investors build a successful rental business. We know we can help you as well!
Ask us to learn how!
