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Portland, OR, is in the top 40 best places to live. U.S. News & World Report considered 150 metro areas, and Oregon made an impression with its high quality of life. As a real estate investor, these rankings confirm that you made the right choice when buying your first investment property.
Now that you own investment real estate, you must protect it. Add these items to your task list and ensure your future financial stability.
Create a Real Estate Investment Strategy
Now that you have bought your first rental property, it is time to create a real estate investment strategy. Your investment plan could remain simple with just one property. If this is the case, your strategy will outline how long you plan to rent the property and when you plan to sell it.
Another option is to create a strategy that involves buying additional properties. This strategy will create a timeline for buying additional properties and a method for managing them all.
Learn Landlord/Tenant Law
Becoming a landlord comes with great responsibility. You will need to comply with federal and state laws. Federal laws impacting landlord actions include the Fair Housing Act and the Fair Credit Reporting Act.
Oregon state landlord/tenant laws, the Residential Landlord and Tenant Act, and the Fair Housing Act also impact how you manage your investment property.
Violating federal or state laws can result in legal issues and expensive penalties.
Establish a Maintenance Schedule
Like any other investment, your real estate requires diligent management and protection. Otherwise, you risk your investment losing value instead of gaining. To protect investment real estate, you need to have a maintenance schedule.
When creating a maintenance schedule, consider the interior and exterior of the home. Create a timeline for when you will replace the large appliances. Connect with contractors and service providers who can work on your property.
Hire a Property Management Service
One of the best ways to avoid property investment mistakes is to hire a property management service. When you work with an experienced team of property managers, you have access to a wealth of knowledge and skills. The team at PropM, Inc. assists property owners with every aspect of investment property management.
From marketing and tenant screening to lease signing and rent collection, we manage every step of the tenant placement process. We also address each property's needs, including routine maintenance, cleaning, and improvements.
Become a Real Estate Investor in Portland, OR
With these tips, you can take the next steps as a real estate investor. Begin by protecting your first rental property.
Create your investment strategy and learn the laws. Then, establish a maintenance schedule and hire a management service.
The team at PropM, Inc. takes pride in providing high-quality property management services to our clients. We track real estate market trends, manage tenants, and address maintenance needs. Rental property owners can focus on buying their next rental property when they know we have their first one expertly managed.
Grow your wealth with the expert knowledge of the PropM, Inc. property management team.
