Buying a multi-unit property in Portland for instant rental is a life changing investment. This is why you have to prepare yourself if you ever change your mind someday. Who knows, you might consider selling it at a much higher price or even getting another fixer-upper property with the intention of gaining a bigger profit from it.
This huge milestone won’t come easily since you need to understand the Portland investment property management sector. Real Property Management recognizes the need to reflect on the following:
Don’t be afraid to start small
Your current state of mind will want you to invest in a huge property, but you also have to feel safe about your decision. Avoid buying a huge property to ease your way into the process. Begin by purchasing a duplex, a condo, or a single apartment to ensure that you don’t take a responsibility you can’t handle.
Avoid buying a fixer-upper
It would be better if you don’t risk buying a fixer-upper unit if you’re new to real estate investment. The only way to pull this off without much experience is when you get the help of a company who will do it for a reasonable price. Otherwise, just stick with units that require minor repairs.
Be ready for a huge down payment
You need to be aware that this type of investment doesn’t include mortgage insurance. You usually would have to place a 20 percent down payment in order to get traditional financing. Besides, more down payment could even lead to a better rate and loan costs are usually higher for investment properties.
Keeping the above factors in mind can help ensure that you won’t regret your investment decision in the future. You will thank yourself someday when you are secured financially even if you want to pursue other investments.