7 Things That Make a Profitable Portland Oregon Rental Property
By North Star Property Management
Are you thinking about getting started with buying Portland Oregon Property Management and are wondering what classifies a rental as being profitable or not?
Here's What You Should Look for in a Rental Property
#1 — Neighborhood: The first thing to review when buying a rental property in Portland is the neighborhood because a high vacancy rate will tell you that the neighborhood might be seasonal, especially if it's located near a college or major university but this could also mean that the neighborhood has a crime problem as well and is on the decline.
#2 — Property Taxes: Property taxes are also another important thing to consider before you buy Portland Rental Property because you will have to pay them every year and you will need to budget them so you will have more than enough money to pay your property taxes regardless if they go up or down.
#3 — Amenities: Are there decent stores, restaurants, shopping malls and recreational destinations nearby? Learn more about the area first because great amenities are also helpful when promoting a rental property as well.
#4 — Schools: Learn more about schools nearby because you may be renting to a tenant, family or a couple who wants to start a family someday.
Use the Internet to research area schools online or speak with families that you know who live in the neighborhood to determine the quality of area schools.
#5 — Crime: Yes crime isn't something that we want to talk about but it's important to bring up especially since potential renters will most likely have access to the same crime statistics and data as you so it's important to do your due diligence about a property, and learn more about area crime before you buy a home in that neighborhood.
#6 — Jobs: Last of all, but most important is jobs; you should find out which companies are nearby and who is hiring because, most renters want to live near where they work and stable employment means you will have financially stable renters.