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Is the Landlord Life for you?

Is the Landlord Life for you?

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?

(Source https://www.lawdepot.com/resources/real-estate-articles/a-first-time-landlords-guide-to-renting/?loc=US#.Y0hex-zMJQI)

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.

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