Are you considering becoming a landlord? There are several decisions you'll need to think about first. What type of properties would you like to rent? Are you going to purchase new real estate or utilize what you already have in your portfolio? Will you manage operations by yourself or partner with a property management company? Do you know how to research existing landlord/tenant laws and how to stay current?
Here are some important things to consider if you want to maximize your real estate property by converting them to rental properties.
Pros:
- Tax Perks
- Property Appreciation
- Cash Flow
Cons:
Liquidity
- Time Management
- Unpredictable Tenants/Expenses
Consider these questions:
- Do I have the time to commit to managing a rental property?
- Am I comfortable dealing with potentially difficult tenants?
- Can I make repairs myself or do I need to hire a professional?
- Am I organized?
- Do I understand my tax obligations?
- Am I familiar with my state’s landlord-tenant laws?
If you are ready to become a Landlord, consider working with a Property Management Company to help streamline your operation, save you valuable time, and put your money to work for you. If you're located in the Portland Metropolitan Area, give us a call and we'd love the opportunity to be your trusted Rental Property Management Team.