Have you just bought a rental property in Portland, OR? The city has faced a decline of almost 6% since 2020, which has worried many landlords.
However, population growth and decline are natural for any city, so this doesn't take opportunities away from any real estate investor. Nevertheless, you need to work extra hard to build a sustainable rental business.
This guide will show you the next steps after you've bought your first rental property in the city.
Here's what you need to do:
Think About Your Ideal Tenant
Before you start promoting your property, you must think about finding the ideal tenant. This will help you market your rental property accordingly.
For example, let's say you want to market your property to university students. They'll want to know how far your property is from any of Portland's higher education institutions.
What if you want to lease your rental property to a family? You'll want to showcase why your home would be perfect for raising children. Families are looking for homes to live in for several years. You'll have to sell them on the idea that your home is where they'll feel most comfortable.
Understand Your Legal Obligations
The next step is to learn about your legal obligations as a real estate investor and landlord. You should hire a real estate lawyer to help guide you through any legal process.
A real estate lawyer can also help you draft a lease agreement for your tenants. If tenants violate any law, the lawyer will inform you. They can also ensure lease enforcement. This means that they'll work to enforce the rules stipulated in the rental contract.
Maintain Your Rental Property
Just as you are taking care of your own home, you must work continuously on your rental property's upkeep. As a real estate investor, you won't always have time to keep an eye on the property.
As a result, you must build a network of contractors to look after your Portland, OR property. These contractors will work to keep your property maintained to the highest standards and in accordance with the law.
These contractors should include:
- Professional Cleaners
- Painters
- Electricians
- Plumbers
- HVAC Technicians
- Pest Control Experts
- Window Experts
- Roofers
Your tenants will feel comfortable knowing that there's always a contractor available to fix any issue. Of course, it's a challenge to seek out these contractors on your own. You should consider hiring a property manager to assist you with these tasks.
Succeed as a Real Estate Investor
Now you know the next steps for a real estate investor once they've bought their first property in Portland.
Before seeking tenants, you must have an idea of what type of tenant you wish to work with. Make sure you also understand your legal obligations as a landlord. You should hire a property manager to help with your property's maintenance.
Kerr Properties, Inc., is Portland's top property management company. We've been helping real estate investors like you for over 40 years. We look forward to speaking with you!
Contact us to learn more!
