As a Property Management agency, one question keeps coming up with estate investors wondering if they should invest in single-family homes, apartments, or plex. The question is what you will get in the Portland market.
Single Family Homes
There are different types of properties available in Portland. When it comes to single-family homes, they are smaller than your typical home. When deciding on rentals a three bedroom, two bathroom home is about 1,500 square feet and normally the rent is ±$1, 900. These rentals are more popular and affordable. When buying this type of home you will have to expect putting a bit more down. These types of properties are not easy to control compared to other types of properties.
Plex Homes
Being a Portland management Company, we have quite a few plex tenants. These types of homes are usually duplex, triplex or quadruplex and the majority of renters looking for these homes are looking for privacy. If you are considering investing in a plex look for properties that have extra space and private yards, as the majority of tenants are looking for an upgrade from living in apartments. There is a little bit of an advantage when buying a plex, even if one sides vacant the chance is great that the others rented and you should have a starting income.
If you are going to buy an apartment, we recommend that you do not buy the lowest building or the highest building and as we say, you want the bread and butter properties. These Multi-Family homes normally are the middle of the road apartment building. They appeal to a variety of tenants. Investing in housing is always a good and safe investment. In Property Management Portland, we know that all people need a roof over their heads and the middle of the road apartment is usually the easiest. Buy yourself an apartment in the best location as they rent out quicker than apartments found in the least favorite parts of town.
When considering these options, make sure that you are buying in an area with growth. Portland has become a booming rental market – so always buy in areas where the demands for rentals are strong. When considering buying single-family homes, look for parks and schools that close to the homes in the area.
Always think with your head and not your heart. Never get attached to a property or house, as you want the property to produce cash flow.
Most important Budget
Property investors need to know the importance regarding cash flow of property’s before buying. You need to budget and make sure that the property you are buying will provide you with revenue for ongoing expenses. Never underestimate the important factors that need consideration when it comes to maintenance, capital improvements, and preventative maintenance. When a renter decides suddenly to move out you need to make sure there is enough money to cover for lost rent and turnover costs as well as paying the mortgage plus insurance.
At Porter Brauen Real Estate & Property Management Services, we are here to guide and direct you to the best area of town providing you with the best competitive analysis. Call us today and our professional property managers will be glad to help you.