There are several decisions you'll need to make if you're considering becoming a Landlord. What type of properties do you want to rent? Will you purchase new real estate or utilize what you already have in your portfolio? Will you partner with a property management company or manage operations by yourself? Do you know how to research existing landlord/tenant laws and how to stay current?
Here are a few important things to consider if you want to maximize your real estate property by converting them to rental properties.
Benefits:
- Tax Perks
- Property Appreciation
- Cash Flow
Downsides:
- Liquidity
- Time Management
- Unpredictable Tenants/Expenses
Ask yourself 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.