Things That Kill Your Profits As A Real Estate Investor

Rental properties continue to be an excellent hedge against inflation but, several things can effectively kill your profits as a Beaverton Oregon Real Estate Investor.

In this article, we will break down some of the things that you should not be doing in your rental property business.

Tip #1 – Not Turning Over Your Vacant Units Quickly

One of the first mistakes that many owners make is taking their time to turn over their vacant units.

Moving quickly when you have a vacant unit is essential because, the longer it’s not occupied, the more you will have to face-covering your mortgage, insurance, and other costs out of pocket.

From the moment that your tenant alerts you that they are going to be moving, you should move forward with getting the property ready for your next tenant. Getting the property ready, marketing, and advertising all takes time and it’s better to start early instead of waiting too long to get that done.

Tip #2 – Not Screening Tenants Effectively

Let’s face it, tenant screening is one of the keys to success with owning rental properties that produce consistent profits because, if you screen tenants improperly, you may rent to tenants who make your life difficult.

To avoid renting to the wrong tenants, it’s important to invest the time in thoroughly screening tenants correctly each time, including asking the right questions because, investing the time in tenant screening will produce long-term, consistent rental income for you.

Tip #3 – Handling Maintenance Issues Poorly

Rental property maintenance is something that every owner should outsource immediately because, it’s easy to think that you can handle the maintenance yourself but the reality is that when maintenance is mishandled, it can be very costly.

From your first month of owning a rental property, you should focus on building a vendor matrix. Doing this will help you to effectively know who to call when you have maintenance needs at your property.

Contact Rent Portland Homes – Professionals

Ultimately, hiring a property manager is the smartest decision you can make as a landlord because it saves you the time and hassle of managing your property yourself.

To learn more about the services we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

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Tips For Effective Rent Collection      

Rent collection is the nuts and bolts of every rental property business because if your tenants don’t pay their rents on time, you won’t have the income that you need to cover your mortgage payment and other expenses.

Thankfully, even though you may have had a problem with rent collection in the past, you can get back on track with your tenants by following these tips.

Tip #1 – Create A Rent Collection Policy

One of the most important things to do when renting property to tenants is to have a rent collection policy. This means that you must state in writing how, when, and where you expect to be paid rent.

Breaking it down, your rent collection policy must include the following:

  • When rent is due
  • How much must be paid
  • Grace periods
  • Late fees
  • How tenants can pay

Creating a ‘rock solid’ rent collection policy will eliminate any guesswork about Oregon rent collection and ensure that your tenants are on the same page as you regarding their responsibilities.

Tip #2 – Don’t Ignore Tenants Who Pay Late

Once you encounter a tenant who pays late, don’t ignore their late payment.

Dealing with tenants who pay late is a vital part of owning rental properties because, once you ignore those tenants who pay late, there’s a strong possibility that they will pay late again in the future. After all, you let their last late payment slide.

Tip #3 – Offer Multiple Ways For Tenants To Pay Their Rent

Since we live in the internet age, it’s more important than ever before for landlords to offer their tenants more than one way to pay their rent.

This means that you should allow payment by debit, credit, ACH, check, etc. because, it’s an effective way to eliminate the age-old excuse from tenants that ‘the check is in the mail’.

Tip #4 – Hire A Property Manager

Last of all, but most important, hiring a property manager is the best way to ensure that rent is paid on time each month because a property management company will ensure that rent is paid on time each month and you won’t have to do any work yourself.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we save tired owners the time, money, and hassle of managing rental properties themselves.

Besides rent collection, our team also specializes in accounting, maintenance, collections, property marketing, and more.

For a property management quote, contact us today by clicking here or calling (503) 447-7735 or click here.

property management benefits
How Do Oregon Real Estate Investors Benefit From Property Management?

One of the most common questions that Oregon Real Estate Investors have is how will they benefit from property management, when they can easily manage their rental properties themselves?

This is understandable, especially since the consensus among many investors is that DIY management is a ‘good thing’ for newbie real estate investors when in reality, property management is always better.

Why Do Oregon Real Estate Investors Need Property Management?

Let’s face it, time is money, and when an Oregon Real Estate investor hires a property manager, they will save the time, money, and hassle of managing their rental properties themselves.

Yes, an investor can manage their rental property but, the reality is that it’s always better to hire a property manager because an investor must be prepared to do everything including:

  • Property Marketing
  • Tenant Selection and Placement
  • Accounting
  • Customer Service
  • Rent Collection
  • Maintenance

Besides all of these individual aspects of property management, Oregon Real Estate Investors must be prepared to give up their time to manage their property and most investors don’t want to do that.

Thankfully, a property frees up an investor’s time so they can focus on growing their portfolio of investment properties in Oregon while also enjoying passive income from their property.

Benefits Of Hiring An Oregon Property Manager

Hiring a property manager in Beaverton Oregon will save an investor time and money but what are the other benefits that bring ROI?

  • Better ROI from rental property – A property manager will professionally manage an investor’s rental property so that they get the most ROI possible.
  • Increased property value – Investors who have to hire professional property managers often experience increased property value because the property has been professionally managed.
  • Improved tenant retention – Last of all, a property management company will also ensure that tenants stay longer than 12 months and tenant retention is a good thing because it means more long-term ROI from the property.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in local property management for single-family and multifamily properties in the PDX area.

To learn more about the property management services we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

fire pit
Should You Add A Fire Pit At Your Rental Property?

Are you thinking about adding a fire pit to your Beaverton Rental Property? If so, you’ve come to the right place!

Adding a fire pit is a smart investment to make, especially during the summer months, when people tend to spend more time outside.

In this article, we will cover everything you need to know about fire pits so that you can choose the best one for your rental property.

Gas Fire Pits

Gas fire pits are ideal because of the simple fact that once the gas is turned on, the fire pit will produce an instant flame.

Installing a gas fire pit may be more costly than a traditional wood fire pit, and they may require more maintenance during the year, but these fire pits also offer the following benefits:

  • Adds A Sense Of Style to Your Outdoor Living Area
  • Extends The Outdoor Season For Your Tenants
  • They Turn On and Off Easily
  • Gas fire pits hold Up Well to the Elements

Traditional Fire Pits

Before installing a tradition fire pit on your property, make sure that you are choosing a location that’s no less than 15 feet away from your rental property, and ten feet away from power lines. This is important because you want to have peace of mind that no sparks or embers will catch your property or nearby structures on fire.

It’s also best to study the prevailing wind direction online so that you can best determine how the wind will blow once the fire is lit.

The fire pit must by at least 44 inches wide and 14 inches high. These dimensions ensure that people will be able to sit comfortably at the end of the fire pit.

Regardless of the style of fire pit that you choose, it’s also best to add a fire extinguisher next to the fire pit, so that tenants can easily put out fires should they begin to get out of control.

Tenants should also be instructed about fire pit safety when they move in, including basic tips like the following:

  • Don’t use flammable fluids (gasoline, lighter fluid, etc.) to light or relight fires.
  • Don’t wear flammable clothing (like nylon) or any loose-fitting clothing.
  • Keep children and pets at least three feet away from the fire.
  • Avoid using soft woods like pine or cedar, because they can pop and throw sparks.
  • Keep a fire extinguisher, garden hose or bucket of water nearby.

More

Contact Rent Portland Homes – Professionals

For more property management tips, or to speak with us about the property management services we can offer you, contact us today by calling (503) 447-7735 or click here.

property manager
What Is Your Beaverton Home Worth In The Rental Market?

Are you thinking about renting your Beaverton Home but you’re not sure what it’s worth in the current rental market? If so, you’ve come to the right place.

There’s no denying that the rental market is even more competitive than ever before but, the good news is that you can determine what your property should rent for when you follow these tips.

beaverton rental home

Tip #1 – Review Your Property Age And Condition

Your home may be a much-loved family home but, if it’s not been painted or renovated in some time, the age and condition of the property will affect what you can rent that property for.

Take the time to think like a renter and critically analyze your property from the front door to the back door because, this will help you to determine if your Beaverton home is ready to be rented or not.

Does the property need?

  • New flooring
  • Paint
  • Furnishings
  • Light fixtures

If the property has been well-maintained over the years, you may be able to invest in minimal repairs/upgrades before listing it for rent but, if your Oregon property needs major repairs, like a new roof, you should commit to making those repairs now before renting it out.

Tip #2 – Do A Comparable Analysis

After getting your property ready for rent, you should do a comparable analysis to determine what other similar properties in the Beaverton area are renting for.

During your comparable analysis, you will also be able to determine if adding additional amenities like onsite storage, dog run, patio or an RV pad will help to improve the value of your property and help you to rent it for more money.

rental property

Tip #3 – Hire A Property Management Company

Even though you could manage your rental property yourself, hiring a property management company is the best way to earn the most ROI from your property possible.

A property management company will save you the time/money and hassle of managing that property yourself, so you can focus on enjoying your life while earning passive income from that rental.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we offer local property management services for both single-family and multifamily properties in the Beaverton area.

To learn more about the services that we can offer you, contact us today by clicking here or call us at (503) 447-7735.

Rental Property Upgrades That Are Not Worth The Money

Are you planning on making upgrades to your Beaverton rental property?

Upgrading your rental property will help increase the value of your property, and keep your tenant happy, but some upgrades are not worth the money.

In this article, we will break down upgrades that you should not make to your Beaverton rental property.

THINKING OF RENTING YOUR HOME

Upgrades That Are Not Worth The Money

Granite Counter Tops – Yes, even though granite countertops are a favorite feature that many home design show gurus add to their rental properties, the reality is that these countertops are not worth the best investment for a rental property.

Granite countertops are not worth the investment because they are more costly than other solid surface countertop types and they can also be difficult to keep clean.

Elaborate Landscaping – When it comes to your Oregon rental property landscaping, all you need is a clean look in the front yard and a suitable backyard that also offers room for play.

What you don’t want to do is get elaborate with landscaping and add plants that require more time and maintenance because most tenants don’t want to spend time maintaining landscaping.

Wood Flooring – Every landlord wants to add the best features to their homes but wood flooring isn’t always the best option because it can be hard to clean/maintain and many tenants won’t have the time to invest in keeping the flooring clean.

For best results, use carpeting in the bedroom and dining areas, then use laminate or another type of high-use flooring that can easily be cleaned when needed.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in property management for single-family and multifamily properties in the PDX area.

Our team can help with you our full suite of property management services which include rent collection, maintenance, customer service, accounting, and more

For a property management quote, contact us today by calling (503) 447-7735 or click here to connect with us online.

How To Future Proof Your Beaverton Rental Property

Are you planning on turning your single-family home into a Beaverton Rental property? If so, like most owners you’re probably concerned about wear and tear at your rental property.

Wear and tear are a fact of life when you own a rental propert, but the good news is that you can easily prepare that property for wear when you ‘future proof’ it by following these simple tips.

Tip #1 – Choose Durable Materials Vs. Trendy Materials

Even though you may be tempted to install granite countertops and a stylish backsplash in your kitchen, the reality is that those features will cost more than durable materials and they may not last as long.

Focus on choosing durable materials each time you plan on investing in upgrades for your property and you will find that those materials cost less and last longer than trendy materials.

Tip #2 – Choose Neutral Floor And Wall Colors

Another way to ‘future proof’ your Beaverton rental property is to choose neutral floor and wall colors.

This tip is effective because it will save you the hassle of having to search for specific custom colors each time you have to repaint and most of all, your rental property will have a timeless appeal.

Also, when it comes to installing flooring, you should install hard surfaces next to entryways on the property. Doing this will help your tenants to keep the carpet clean and ensure that it will last longer.

Tip #3 – Choose Quality Light Fixtures And Bulbs

Last of all, but most important, another effective way to ‘future proof’ your property is to choose good quality light fixtures and bulbs.

Light fixtures can easily last 10-20 years so it’s best to invest in good quality fixtures that will last.

When choosing light fixtures for the bedrooms in your property, consider adding ceiling fans. Doing this will make it easy for your tenants to cool the rooms in the rental property without having to run the air conditioner.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in property management for single-family and multifamily properties in Beaverton and across Portland.

To learn more about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

rental property
Rental Property Maintenance Tips For Making The Carpet In Your Rental Last

Searching for rental property maintenance tips? If so, you’ve come to the right place!

Flooring can be one of the most expensive investments that a landlord can make in their rental property and if the landlord doesn’t screen and place the most qualified tenant, they could find themselves replacing the carpet in their property every 12 months.

If you don’t want to replace the carpeting in your rental property every 12 months, make sure you follow these simple tips.

Tip #1 – When Laying Flooring, Add A Hard Surface Area At All Entry Points

During the process of laying flowing at your property, you should always add a hard surface area at all of the entry points at your property.

Doing this will encourage your tenants, and their guests, to wipe their feet before entering the property and this one simple tip will greatly reduce the spread of dirt on the carpets inside your property.

Tip #2 – Get The Carpets Professionally Cleaned Once A Year

It doesn’t matter if you just invested in new rental property carpeting 12 months ago, you should have those carpets cleaned at least once a year.

An annual carpet cleaning will stop dirt and filth from becoming fully embedded into the carpet pad and will help to preserve the lifespan of the carpeting as a whole.

Tip #3 – Give Your New Tenant A Good Vacuum Cleaner

One of the best things you can do for new tenants is to give them a new vacuum cleaner when they first move in.

This simple gesture will encourage them to vacuum more often and ensure that they will have the tool that they need to keep the carpet inside your Oregon rental property clean.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in local property management for the Beaverton Oregon area.

To learn more about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

rental property
How To Price Your Rental Property In A Competitive Market

Are you planning on listing your Beaverton home as a rental property for the first time but you don’t know what to rent it for?

One of the keys to success with owning a rental property is setting the correct rent because you can miss out on profits if you set it too low and you may have a difficult time keeping tenants if you set the rent too high.

In this article, we will offer you several tips on how to price your rental property correctly.

Comparable Research

The first thing to do when determining the correct rent for your Beaverton rental property is comparable research.

This means investigating similar rental properties in Beaverton Oregon to determine what stand-out features those properties have and desirable amenities that your property may not have.

Some of the most desirable amenities tenants are searching for include a washer/dryer, upgraded appliances, good parking, a finished basement, and an excellent location.

If your home doesn’t compare to similar properties in the area, consider investing in curb appeal upgrades, adding smart appliances, and allowing pets.

image credit beavertonoregon.gov

Learn More About The Rental Market

Another thing to do that will help you determine the correct rent for your property is to learn more about the local rental market.

Keep in mind that if demand is high, and supply is low, prices will typically increase but if demand is low and supply is high, landlords will start lowering their rents while in some cases offering concessions to tenants.

Do The Numbers

Once you learn more about the local rental market, the next thing to do is the numbers; this means coming up with the exact number that you should ask for your property every month.

How do you do this? Ideally, the amount of rent that you charge should be up to 1.1% of your home’s value.

Example: Let’s say that your home is valued at $400,000, this would mean that you should charge between $3,500 and $4,000 per month for rent.

Remember to set the correct rent based on what similar properties in the Beaverton area are renting for because if you set it too high, your property may be unaffordable for most renters.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in local property management for single-family and multifamily properties in the PDX area.

To learn more about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

tenant
Solutions For Dealing With Terrible Tenants

Life as a landlord can certainly be interesting and one thing that every landlord has to expect sooner rather than later is having a terrible tenant.

Thankfully, dealing with terrible tenants can be easy, especially if you follow these simple tips.

Tip #1 – Stay Calm And Objective

The most important thing to do when communicating with a terrible tenant is to stay calm, rational, and objective because if you let your emotions get in the way, that will only make the problem worse.

Besides approaching the situation calmly, you should also be willing to listen to all sides of the story because the tenant may not be as bad as you initially thought.

MAXIMIZE YOUR RENTAL INCOME

Tip #2 – Keep Records Of Everything In Writing

Once you first reach out to the tenant, the next thing that you must do is keep records of everything that was said between you and the tenant in writing.

Having written records of everything is essential because this will eliminate any questions about what was said in your communication with the tenant and those records will help should you need to evict your tenant as well.

Tip #3 – Teach Them How They Should Communicate With You

Last of all, but most important, if the main issue with the terrible tenant is poor communication, you should teach them how they should treat you and eliminate any issues with communication in the future.

This also means offering your tenant multiple ways to reach you should they need to contact you shortly.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in local property management for the Portland Oregon area.

Our team of property management also consists of professionals that are experts in the landlord-tenant relationship.

To learn more about the services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.