How to Get Started With Buying Portland Rental Property
In this post we will share with you a simple guide which you can use to buy rental property and realize the dream of earning cash flow from it immediately.
Step 1 — Define Your Rental Property
Before buying just any Portland Rental Property you should ask yourself these questions.
- Where in Portland do you want to buy a rental?
- What type of rental do you want to purchase? Example: vacation home or long term rental.
- What is the average rent for the area you want to buy a rental?
- Are you ready to get your hands dirty if the property needs work?
- What is the return on investment you can expect from the property?
Step 2 — Get Pre-Approved For Financing
Contact your lender or local mortgage broker to get pre-approved for financing.
Tip — Make sure you get at least five mortgage loan quotes since rates are great right now and you want to get the best interest rate possible.
Step 3 — Shop for Your Rental Home
Hire a Realtor® and star searching for the rental home you want to purchase in Portland Oregon.
Step 4 — Hire a Home Inspector
Yes it might look like a great property but that doesn't mean you should buy a rental home by instinct alone, hire a professional inspector to check out the home from top to bottom to verify that it's structurally sound and ready for use.
Step 5 — Get a Portland Oregon Property Manager
Last of all, hire a Portland Oregon property management company to professionally manage your rental property.
Hiring a property management company is vital since this will save you the time, money and hassle of managing the property yourself and give you more time to focus on growing your portfolio of rental properties.
To learn more about the property management service contact North Star Property Management today by calling us at (503) 636-2232 extension 1 or CLICK HERE to connect with us through our website.