Something that always comes up in any conversation we have with property owners is whether or not an investor should buy, sell or rent out a property here in the Portland, Oregon area. On the news, we often see reports that the rental market is strong and the amount of rent owners can collect is increasing. That may be true in a general sense, but what does this mean for you and your property?
If you’re thinking about buying a condo or a home that you will turn into a rental property, you have to pay attention to location. You might be able to find a great deal on a home, and feel like you are getting a good price. However, getting a good deal on a property does not necessarily mean it will rent well. If that condo or house is not in a preferred rental area, you won’t be able to make much money off your investment. It’s important to scan the Portland market and have a good idea of where the strongest rental neighborhoods are. A professional property management company like Illume Property Management can help you if you’re thinking of buying.
Many owners who currently have a property often ask if it’s a good idea to sell now that prices are rising again. The real estate market in Portland is improving, but you don’t necessarily want to jump on the bandwagon and sell your property now. There are still some losses being seen by a lot of people, especially if you owe more than your property is worth. It might be a better idea to offset those losses and wait for the market to get a little stronger. One way to do that is by renting out your home and earning some rental income. This is a great opportunity to just wait and have a tenant pay your mortgage.
Instead of selling, consider renting out your property for a long term real estate investment. You have to consider how your property will grow in value over the years. There are some great opportunities in the Portland market, and it’s a good time to hold onto your condo or your home and let the market continue to improve. You will see more of a return on your investment if you wait to sell. You can also think about perhaps living in the property yourself at some point in the future.
Please contact us at Illume Property Management if you have any questions about buying, selling or renting out your property.