As a landlord, collecting rent on time, and writing a late rent notice, are keys to managing your rental property. However, sometimes tenants fall behind on rent payments and it is important to know how to handle late rent notices. In this blog article, we will discuss how to craft an effective late rent notice to maximize your chances of prompt payment from your tenants.

What is a Late Rent Notice?

A rent notice is a letter used by landlords to notify tenants of a past-due rent payment. The notice typically serves as a reminder to the tenant to make the payment as soon as possible. It also serves as a warning that further action may be taken if the rent payment is not made within a certain period.

The late rent notice should be written in a professional, courteous manner. It should contain clear instructions on how the tenant can make the payment and the consequences of not paying by the due date.

When to Send a Late Rent Notice

It is important to know when to send a late rent notice. Generally, the notice should be sent as soon as the rent payment is past due. Depending on the terms of the lease agreement, the landlord may choose to give the tenant a certain number of days (for example, 5 or 10 days) to make the payment before taking further action.

It is also important to note that some states have laws that require landlords to give tenants a certain number of days to make the payment before taking any action. It is important to check the laws in your state before sending out a rent notice.

Crafting an Effective Late Rent Notice

When crafting an effective late rent notice, it is important to make sure that the letter is clear and professional. The notice should include the tenant’s full name, the amount of rent due, the date the rent was due, and the date the rent notice was sent.

The letter should also explain the consequences of not paying rent by the due date. For example, the letter may state that the tenant will be subject to late fees or that further action may be taken if the rent is not paid by the due date.

Finally, the letter should include information on how the tenant can make the payment, such as the address of the rental property or the landlord’s bank account information.

The Benefits of Sending a Late Notice

Sending out a late rent notice can be beneficial for both the landlord and the tenant. For the landlord, it can help ensure that the rent is paid promptly and can avoid costly late fees or other costs associated with the tenant not paying rent.

For the tenant, the rent notice serves as a reminder to make the rent payment on time. It can also help the tenant avoid any potential legal action that may be taken by the landlord if the rent is not paid by the due date.

Late Rent Notice Templates

Many late rent notice templates are available online that can be used to draft an effective late rent notice. These templates typically include all of the necessary information required for the notice, such as the tenant’s name, the amount of rent due, the date the rent was due, and the consequences of not paying rent by the due date.

The templates can be customized to fit the needs of the landlord and the specific rental agreement. For example, the landlord may choose to include a late fee for past due rent or specify the amount of time the tenant has to make the payment before taking further action.

Late Rent Notice Strategies

When drafting a late rent notice, it is important to consider the specific situation and the tenant’s ability to pay. If the tenant is in a difficult financial situation, it may be beneficial to offer an extended payment plan or other options to help them get back on track.

It is also important to consider how the late rent notice will be received. The letter should be courteous and professional, and should not include any threats or insults.

Finally, it is important to remember that the late rent notice is a reminder to the tenant that the rent is due and should be taken seriously.

Tips for Writing an Effective Late Rent Notice

When writing a late rent notice, it is important to keep the following tips in mind:

• Be clear and concise. Make sure that the letter is easy to understand and contains all of the necessary information.
• Be professional. The letter should maintain a courteous and respectful tone.
• Include a clear explanation of the consequences of not paying rent by the due date.
• Include information on how the tenant can make the payment.
• Consider the tenant’s financial situation and offer an extended payment plan if necessary.

How to Send a Late Rent Notice

Once the late rent notice has been drafted, it should be sent to the tenant in one of the following ways:

• By mail. The notice should be sent via certified mail or with a return receipt requested. This will ensure that the tenant receives the notice and that it can be tracked.
• By email. The notice can be sent via email with a read receipt requested.
• In person. The notice can be handed to the tenant in person or sent via a third-party delivery service.

Legal Considerations for Late Rent Notices

It is important to have a clear understanding of the laws in your state regarding late rent notices. Many states have specific laws that govern the collection of rent, including the amount of time that landlords have to give tenants to make the payment before taking further action.

It is also important to note that some states have laws that prohibit landlords from threatening tenants with eviction or other legal action if they do not pay rent by the due date. It is important to check the laws in your state before sending out a late rent notice.

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Late rent notices are an important tool for landlords to ensure that tenants are paying rent promptly. Crafting an effective late rent notice is key to maximizing your chances of prompt payment. It is important to be clear and professional in the letter and to include all of the necessary information. It is also important to consider the tenant’s financial situation and to adhere to the laws in your state. By following these tips and using a late rent notice template, you will be able to craft an effective late rent notice that will maximize your chances of prompt payment.

At 4 Rent Local, we’re experts at property management and our team will save you the time, money, and hassle of managing your rental properties yourself.

To learn more about the property management services we can offer you, contact us today by calling (503) 447-7788 or click here to connect with us online.

Selling a rental property can be an intimidating and overwhelming process, especially if you’re a first-time landlord.

You want to maximize the return on your investment, but you’re not sure how to do it. Fortunately, there are expert tips and strategies to help you maximize your rental property sale and get the best return on your investment.

Whether you’re a seasoned real estate investor or a newbie, these tips can help you navigate the process and make the most of your sale. From understanding the current market conditions and setting the right price to staging the property for showings and negotiating with potential buyers, these expert tips will help you maximize your rental property sale and get the most out of your investment.

Maximizing Your Return: Expert Tips for Selling a Rental Property

Selling a rental property can be an intimidating and overwhelming process, especially if you’re a first-time landlord. You want to maximize the return on your investment, but you’re not sure how to do it. Fortunately, there are expert tips and strategies to help you maximize your rental property sale and get the best return on your investment. Whether you’re a seasoned real estate investor or a newbie, these tips can help you navigate the process and make the most of your sale. From understanding the current market conditions and setting the right price to staging the property for showings and negotiating with potential buyers, these expert tips will help you maximize your rental property sale and get the most out of your investment.

Understanding the Current Market Conditions

Before you can set the right price for your rental property, you need to understand the current market conditions. This means researching recent sales in the area to get a better understanding of the going rate for similar properties. You should also look at the median sale prices for comparable properties in the area. This will give you an idea of what buyers are willing to pay for a property like yours. Additionally, you should check the local housing market to get an idea of the current trends in the area. Knowing the average days on market, the number of active listings and the average listing price will help you set the right price for your rental property.

You should also consider the current economic conditions and how they may affect your sale. For example, if interest rates are low, you may be able to get more potential buyers interested in your property because they’ll be able to get a better deal on a loan. Likewise, if the economy is booming, you may be able to get a higher price for your rental property.

It’s also important to consider the current rental market conditions. If rental prices in the area are high, you may be able to get a higher price for your property. On the other hand, if rental prices are low, you may need to adjust your price accordingly. Knowing the current rental market conditions will help you set the right price for your rental property and maximize your return on investment.

Setting the Right Price

Once you have a better understanding of the current market conditions, you can start setting the right price for your rental property. It’s important to be realistic about the price you set as you don’t want to overprice your property. You should also consider any repairs or upgrades you’ve made to the property, as this may affect the price.

When setting the price, you should consider factors such as the size of the property, its location, and any amenities it may have. For example, if the property is in an area that’s close to amenities such as schools, parks, and shops, you may be able to get a higher price. Additionally, if the property has features such as a pool or a patio, you may be able to get a higher price.

It’s also important to consider the condition of the property. If the property needs repairs or updates, you should factor this into the price. You don’t want to overprice the property and put off potential buyers, so it’s important to be realistic about the price you set.

Staging Your Property for Showings

Once you’ve set the right price for your rental property, it’s time to start staging it for showings. Staging your property can help make a good impression on potential buyers and make them more likely to make an offer.

When staging your property, you want to make sure it’s clean and tidy. This means getting rid of any clutter and sweeping, dusting, and vacuuming the floors. You should also consider renting furniture to make the property look more inviting. Additionally, you should make sure the property is well-lit and add plants, flowers, and other decorations to make it look more appealing.

You should also make sure any repairs or updates are done before the showings. This will make the property look more attractive and help you get a better return on your investment. Additionally, you should consider painting the walls to make the property look more modern and up-to-date.

Advertising Your Property for Sale

Once your rental property is ready for showings, you need to start advertising it for sale. You should consider the various advertising channels available to you, such as online listing services, newspaper ads, and print flyers. You should also consider using social media to spread the word about your rental property.

When advertising your property, it’s important to include all the relevant information about the property, such as its location, size, and any amenities it may have. You should also list the price and any other details that may be relevant to potential buyers. Additionally, you should include photos of the property to give potential buyers an idea of what it looks like.

Negotiating with Potential Buyers

Once potential buyers start showing interest in your rental property, you need to be prepared to negotiate with them. Negotiating is an important part of the process and can help you get the best return on your investment.

It’s important to be prepared for negotiations and know the limits of what you’re willing to accept. You should also consider any repairs or upgrades you’ve made to the property, as this may affect the price. Additionally, you should try to remain flexible and be open to negotiation. This will help you get the best possible price for your rental property.

It’s also important to remain professional and polite during negotiations. Don’t let emotions get the better of you and try to remain focused on getting the best price for your property. Additionally, you should be prepared to walk away if the negotiations don’t go your way.

Hiring a Professional Real Estate Agent

Hiring a professional real estate agent can be a great way to maximize your return on your rental property sale. A real estate agent will be able to help you navigate the process and get the best possible price for your property.

When hiring a real estate agent, it’s important to make sure they have experience dealing with rental properties. You should also make sure they are familiar with the local market and know what buyers are looking for in the area. Additionally, you should make sure they have a good track record of successful sales and can provide you with references.

A real estate agent can also help you with the paperwork and ensure the process goes as smoothly as possible. They’ll be able to handle the negotiations and help you get the best possible price for your property.

Choosing the Right Contractor for Repairs

If your rental property needs repairs or updates, you should consider hiring a contractor to do the work. Hiring the right contractor can help you save time and money and ensure the work is done to a high standard.

When choosing a contractor, it’s important to make sure they have experience dealing with rental properties. They should also have the necessary tools and equipment to do the job correctly. Additionally, you should make sure they have a good reputation and can provide you with references.

It’s also important to get quotes from several contractors before making a decision. This will help you get an idea of how much the repairs will cost and ensure you get the best price for the work.

Preparing for Closing

Once you’ve negotiated with potential buyers and hired a contractor to do any repairs or updates, it’s time to prepare for closing. Preparing for closing involves a lot of paperwork and legal documents, so it’s important to be organized and make sure everything is in order.

You should also consider any taxes or fees you’ll need to pay when closing the sale. For example, you may need to pay capital gains tax or transfer fees. Additionally, you should make sure all the paperwork is signed and the funds are transferred to your account.

Benefits of Selling a Rental Property

Selling a rental property can be a great way to maximize your return on investment. You may be able to get a higher price for your property than if you kept it as a rental. Additionally, selling the property can free up capital that you can use to invest in other rental properties or other investments.

Selling a rental property can also help you diversify your portfolio. This can be beneficial if the rental market takes a hit, as you’ll have other investments to fall back on. Additionally, selling the property can help you avoid the hassle of being a landlord, such as dealing with tenant issues and maintenance issues.

Contact Us!

Selling a rental property can be a daunting and overwhelming process, but it doesn’t have to be. 

If you plan on holding your investment property, contact us for professional property management today by calling us at (503) 447-7788 or click here to connect with us online.

4 Rent Local is proud to announce the opening of their brand-new office located at 10260 SW Greenburg Road in Tigard.

The company looks forward to serving the Tigard, and Great Portland area, with its comprehensive property management services.

Owned by Fred Marlow Sr, a long-time property management professional in the Portland area, 4 Rent Local has decades of combined experience in property management and looms forward to helping homeowners who are renting their properties.

Tigard Property Management

Unlike some property management corporations that have a satellite office in the PDX area, this company is owned and operated by local property management professionals who know the Portland area and are committed to getting owners the most ROI for their properties.

Now is a great time for homeowners to rent their Portland properties because the demand for rental properties in Tigard and the greater PDX area has never been higher.

With an experienced property management team like 4 Rent Local serving them, owners can count on all their property management needs to be served including property marketing, rent collection, maintenance, customer service and more.

Property Management Professionals

Hiring a property manager is the best way for owners to earn passive income from their rental properties because an experienced property management professional like 4 Rent will handle all day-to-day property management tasks involved with the rental property so the owner can earn passive income.

Having a property management team on their side will provide owners with the peace of mind in knowing that they can enjoy passive income from their property without having to do any of the management work themselves.

Contact 4 Rent Local

To learn more about 4 Rent Local, and the property management services we can offer you, contact them today by calling (503) 447-7788 or click here to connect with us online.

Searching for more information on tenant move out? Moving out of a rental property can be a stressful experience for both landlords and tenants, as there are many different steps that need to be taken to make sure that the process is completed correctly and smoothly.

To make life a little easier for all involved, this comprehensive guide to the tenant move out process outlines all the necessary steps for landlords and tenants to follow, from giving notice to the landlord to returning the keys.

With this guide, landlords and tenants can be sure that they will have all the information they need to make the move out process smooth and hassle-free.

What to Consider Before Tenant Move Out

Before tenants decide to end their tenancy agreements, they should first consider the various factors that may impact their decision. Depending on the terms of a rental agreement, tenants may have a certain amount of time (usually 30-60 days) to terminate their tenancy. If a tenant moves out before the end of the tenancy agreement, they may be required to pay rent until the end of the term or they may be responsible for paying any fees associated with breaking the lease.

Additionally, tenants may also have to pay a penalty fee if they have signed a lease that has a penalty fee for breaking the contract. Before a tenant decides to move out, it is also important for them to consider the amount of time that the move out process will take and the steps that they will need to complete. The tenant move out process may involve scheduling and completing multiple appointments with various contractors, cleaning professionals, and utility providers. The amount of time that the move out process will take will largely depend on the amount of time that tenants must complete each step.

Giving Notice to the Landlord Before Tenant Move Out

Before tenants move out, they must give the appropriate amount of notice to the landlord. The amount of notice that tenants must provide to the landlord will depend on the terms of the tenancy agreement. In some cases, tenants may also be required to provide notice because they signed a lease that requires it. Many tenants assume that they are only required to give 30 days’ notice to the landlord, regardless of what is written in the tenancy agreement.

However, tenants who want to be sure that they are complying with the terms of their tenancy agreement and who want to avoid potential issues with the landlord should provide the amount of notice that is required in their tenancy agreement. As a best practice, tenants should also document all communication with the landlord and keep a copy of the notice and any other related communication in a safe place, such as in a digital file or folder.

Preparing the Property for Move Out

After tenants have decided to move out and have given notice to the landlord, the next step is to prepare the property for move out. This step is important because it will help tenants avoid incurring fees and fines from the landlord and will ensure that the move out process is as easy as possible for tenants. Before preparing the property for move out, tenants should gather all their belongings, such as furniture and appliances, as well as any tools, materials, and cleaning supplies that they will need to complete the move out process. Once tenants have gathered all the necessary belongings and items, they should store them in a safe and secure place. This will help tenants avoid incurring fines from the landlord and will make it easier for them to complete the move out process.

Taking Pictures and Preparing Documentation

Before tenants move out, they should make sure to document the condition of the rental property. This will help tenants avoid incurring fines for damages to the property and will help speed up the landlord’s move out process. A good way to document the condition of the rental property is by taking pictures of all areas of the property. Pictures will help tenants keep track of all necessary documentation, including any stains, dents, and other damages to the property. Tenants can also prepare documentation that includes a detailed list of all belongings and items that they have in the rental property. This will help tenants keep track of all their belongings and will make it easier for them to complete the move out process, since they will already have a list of all items in the rental property.

Cleaning the Rental Property

Once tenants have gathered all their belongings and have prepared the rental property for move out, the next step is to clean the property. The first step in cleaning the rental property is to schedule a cleaning appointment with a cleaning or cleaning service. This will make it easier for tenants to clean the property and will ensure that they do not miss the move out cleaning deadline. After scheduling the cleaning appointment, tenants should start cleaning the property. Cleaning the rental property is an important step in the tenant move out process because it will help tenants avoid incurring fines from the landlord and will make it easier for them to pass the final walkthrough.

Returning the Keys

After tenants have cleaned the rental property, they should make sure to return the keys to the landlord. Before giving the keys to the landlord, tenants should make sure that they have a record of the keys. Tenants should also check the rental property to make sure that they do not leave any keys behind. As a best practice, tenants should return the keys in person and keep a record of when they gave the keys back to the landlord. This will help tenants avoid fines and make it easier for them to pass the final walkthrough.

Final Walkthrough

After tenants have cleaned the rental property and returned the keys, the next step is a final walkthrough of the property. A final walkthrough is an inspection of the rental property by the landlord and tenants. During the final walkthrough, tenants and the landlord will walk through the property and check for any damages or issues with the property. During the final walkthrough, tenants should be sure to point out any issues with the property and keep documentation of any damages they see in the rental property. This will help tenants avoid fines and make it easier for them to complete the move out process.

Security Deposits

If the rental property is covered by a security deposit, tenants have the option of either returning the deposit to the landlord or transferring it to the next tenant. If tenants decide to return the security deposit to the landlord, they should make sure to do so in a timely manner. If tenants decide to transfer the security deposit to the next tenant, they should make sure to document all necessary details, such as the amount of the security deposit, the name and contact information of the next tenant, and the due date for the transfer. This will help tenants avoid fines and make it easier for them to complete the move out process.

Setting Up Final Utilities

After tenants have completed the tenant move out process, they may be responsible for setting up final utilities, such as water and electricity. Before setting up final utilities, tenants should make sure to check with the relevant utility provider to find out what is required to set up utility service in their name. To avoid incurring fines from utility providers, tenants should make sure to set up utility service in their names as soon as possible after moving out of the rental property. This will help tenants avoid fines and make it easier for them to complete the move out process.

Terminating Lease Agreements

In many cases, tenants will sign a lease agreement that specifies the terms of their tenancy, including the end date. If this is the case, tenants should make sure to end their tenancy agreement according to the terms specified in the agreement. If tenants have a written lease that does not have an end date, they should end their tenancy as soon as possible.

At Rent Portland Homes – Professionals, we specialize in local property management for Beaverton and surrounding areas.

Our team makes tenant move outs a breeze, saving owners the time, money and hassle of going through that themselves.

To learn more about the services we can offer you, contact us today by calling (503) 447-7788 or click here to connect with online.

Are you planning on investing in rental property? Like most investors, you’re probably interested in learning more about landlord-tenant law in Oregon for 2022-2023.

This is understandable because the rental market has changed in the last two years and landlords have fewer rights than before.

Thankfully, we’ve compiled an updated resource on landlord rights in Oregon so that you know what to expect before investing in a rental property here.

Landlord-Tenant Law 2022-2023

Under Oregon law, landlords must disclose specific information to tenants (usually in the lease or rental agreement). The list of required disclosures is long and includes information on topics such as:

• who is the owner and manager of the property, and who is authorized to receive notices such as service of process (Or. Rev. Stat. Ann. § 90.305)
• pending legal actions (Or. Rev. Stat. Ann. § 90.310)
• responsibility for paying utility bills (Or. Rev. Stat. Ann. § 90.315)
• recycling (Or. Rev. Stat. Ann. § 90.318)
• smoking policies (Or. Rev. Stat. Ann. § 90.220)
• carbon monoxide alarms (Or. Rev. Stat. Ann. §§ 90.316, 90.317)
• smoke alarms and detectors (Or. Rev. Stat. Ann. § 479.270)
• flood zones (Or. Rev. Stat. Ann. § 90.228)
• renters’ insurance (Or. Rev. Stat. Ann. § 90.367), and
• payments for homeowner assessments (Or. Rev. Stat. Ann. § 90.302)

Federal law might require additional landlord disclosures. Nolo’s chart of State Rules on Required Landlord Disclosures contains a complete list of each state’s landlord disclosure statutes

Oregon landlords can require tenants to pay a security deposit. Under Oregon law, a last month’s rent deposit is considered to be a security deposit. Landlords must provide tenants with a receipt when they receive the deposit. Written rental agreements must include the amount of the security deposit. A security deposit can’t be increased within the first year of the tenancy. Landlords have 31 days after the tenant delivers possession to return the deposit and provide an accounting of any amount applied towards rent or damages. See Oregon Revised Statute section 90.300 for all the rules regarding security deposits.

Small Claims Lawsuits in Oregon

Tenants can sue landlords in small claims court for the return of their deposit and other damages, up to a dollar amount of $10,000. (Or. Rev. Stat. Ann. § 46.405.)

Oregon Tenant Fees

Oregon landlords may not charge nonrefundable fees (Or. Rev. Stat. Ann. § 90.302). Oregon landlords may only charge fees for specified events as they arise. For example, landlords may charge fees for acts such as:

• paying rent late
• paying utility bills late
• bouncing checks
• failure to clean up garbage and trash, including pet waste
• violating parking and vehicle rules
• violating smoking rules
• damaging property, and
• tampering with smoke detectors.

Complete information about fees Oregon landlords can charge is found in Oregon Revised Statute section 90.302.

Oregon Rent Rules

Oregon has a statewide rent control law that limits the amount of rent increases, bars landlords from raising rent more than once in any 12-month period, and requires landlords to give tenants proper notice before raising rent.

During any 12-month period, landlords cannot raise the rent more than 7% plus the consumer price index above the existing rent—no matter how long the tenancy. Every September 30, the Oregon Office of Economic Analysis will publish the maximum annual rent increase percentage for the following year.

For week-to-week tenancies, landlords can raise the rent after giving seven days’ written notice. For all other tenancies, landlords cannot raise rent within the first year of a tenancy. After the first year of a tenancy, landlords must give 90 days’ written notice before raising the rent.

Landlords who illegally increase rent must pay tenants an amount equal to three months’ rent, plus any damages the tenants suffered from the increase (such as interest on money they borrowed to cover rent). (Or. Rev. Stat. Ann. § 90.323.)

Tenant Rights to Withhold Rent in Oregon

When landlords fail to comply with a term of the lease or rental agreement, or fail to maintain the premises in a habitable condition, tenants may notify their landlord of the breach and give a 30-day notice to terminate if the landlord doesn’t fix the condition within a certain amount of time. (Or. Rev. Stat. Ann. § 90.360.) Tenants also may withhold rent for some minor defects that can be reasonably repaired for not more than $300—but must follow the statute’s rules regarding notice (Or. Rev. Stat. Ann. § 90.368).

Oregon Termination and Eviction Rules

The rules on how and when landlords can terminate depend on the type of tenancy. Oregon’s laws address week-to-week, month-to-month, and fixed-term tenancies (as well as tenancies located within a landlord’s primary residence). To learn the rules that apply to your tenancy, review the full text of Oregon Revised Statute section 90.427.

Month-to-Month Tenancies

Landlords may terminate a tenancy without cause for month-to-month tenants, but only during the first year of occupancy. After that, landlords must have a reason, or “just cause,” as enumerated in the law (such as demolishing the building, moving immediate family members into the unit, or the tenant’s violation of a lease term).

Tenants With Leases

Tenants with a one-year (or shorter) lease may not have their tenancies terminated during the first year of occupancy unless the tenant has failed to pay the rent or violated another material term of the tenancy (such as having a pet in violation of a no-pet rule). Landlords may decide to not renew or extend a one-year tenant’s (or shorter) lease by giving a 30-day “termination” notice prior to the lease’s expiration date. If the landlord does not terminate and the tenant stays, the tenant has become a month-to-month tenant, but one who has the protections of “just cause” eviction rules on account of the tenant’s occupancy for more than one year (see above).

Landlord Access to Rental Property, Tenant Protection Against Retaliation, and Other State Laws in Oregon

Several other landlord-tenant laws in Oregon affect both property owners and renters, including:

• restrictions on landlord’s right to access rental property (Oregon landlords must provide 24 hours’ notice of entry in non-emergency situations) (Or. Rev. Stat. Ann. § 90.322)
• tenant protections against landlord retaliation for tenant exercising a legal right, such as complaining about an unsafe living condition (Or. Rev. Stat. Ann. § 90.385)
• special protections for tenants who are victims of domestic violence (Or. Rev. Stat. Ann. §§ 90.449, 90.453, 90.456, and 90.459)
• procedures for how landlords must handle abandoned property left behind by tenants (Or. Rev. Stat. Ann. §§ 90.425, 105.165) , and
• fair housing rights (discrimination is also prohibited by federal and, often, local law—see the Housing Discrimination section of the Nolo site for details).

More

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, our team specializes in Oregon property management. This means you can count on us to be on top of the latest landlord-tenant laws so you don’t have to.

If you’re ready to invest in a rental property in Beaverton, Portland or the surrounding area, but you don’t want to manage that property yourself, contact us today by calling (503) 447-7735 or click here to connect with us online.

With the slowdown of home sales in the real estate market, more homeowners are stuck with homes that they thought would sell and they are now considering renting those homes to tenants.

This is to be expected because many homeowners have already moved on to bigger and better properties even though their first homes didn’t sell.

Thankfully, even though the real estate market has slowed, the good news is that homeowners work through this difficult situation by renting out their properties until the real estate market picks up again.

Keep It Simple

You might think that renting your property to tenants is risky and stressful. But if done right, it can be a source of additional income as well to filter out the right tenants without being directly responsible for maintenance and repairs.

You may not want to hear it, but being a landlord isn’t easy. It involves taking on responsibilities that you probably don’t want or expect to deal with. However, with the right preparation and management, you can do so while avoiding some of the risks inherent in renting your home to strangers. With this guide, you’ll learn everything you need to know about renting your home as an investor and what you need to consider before signing on the dotted line.

Find The Right Tenants 

After deciding what type of tenant, you’re looking for, you should do some research on the local rental market.

This will help you to create a profile of the kind of tenant you want to attract and give you a better idea of what your rental property will be worth in the open market. – Where to look for information. The best way to research the rental market in your area is to get your hands dirty. This means looking at rental listings on websites like Craigslist, Zillow, and Trulia.

You should also attend local real estate investor clubs, visit rental property management companies, and talk to property managers in your area. – What to look for. When researching the rental market, you should pay special attention to the following factors: – The average rent in your area. – The average vacancy rates. – The average length of time that a unit is on the market. – The average cost of repairs. – The average rental yield in your area.

Step 2: Know Your Rights as a Landlord

When renting out your property, you are essentially putting your money into a partnership with your tenants.

But the law doesn’t treat you as a partner—instead, you get almost none of the benefits of a partnership. So, before you even sign a rental contract, you should know what your rights are as a landlord and what your tenants’ rights are as renters. – Liability for injuries and damage. As a landlord, you are liable for injuries that your tenants sustain on your property, and you are responsible for all damage. This applies whether the tenant is at fault or not. If a tenant breaks something, you are responsible for repairing or replacing it. If someone gets hurt on your property, you are responsible for their medical bills. This can lead to lawsuits, fines, and even imprisonment. – Your right to enter the property.

As a landlord, you have the right to enter your property to conduct repairs, inspect the property, and/or show it to prospective buyers. However, you must let your tenants know that you’re coming and provide them with a reasonable amount of time to get their things out of the way. You can’t enter a rental property without a legitimate reason or without the tenant’s consent.

Step 3: Advertise Your Property and Select Tenants

You have done the legwork to find a great tenant and are now ready to start looking for a place to rent. But before you sign a lease, you need to put yourself in your prospective tenant’s shoes. What kinds of questions will they have?

What do they need to know before committing to rent your property? – The right way to advertise your property. The best way to advertise your property is by posting an online listing on a site like Craigslist or Zillow, and then following up with phone calls and emails to interested parties. You should include the following in your listing: – When you’re ready to sign a lease.

When you’re ready to sign a lease, you should meet with your prospective tenants and hammer out all the important details so that everyone is on the same page. You should discuss the following: – Written rental agreement. You should sign a written rental agreement with each tenant. Your rental agreement should include:

Step 4: Set the Right Terms for Your Contract

You’ve found the tenant of your dreams and have signed a rental agreement. But you aren’t quite done yet. You need to make sure that you have everything covered in the rental agreement so that nothing goes wrong, and your tenant is happy.

Security deposit – A security deposit serves two functions: it’s a partial payment of the final rent and its insurance for you (the landlord). A security deposit is a money that you take from a tenant at the beginning of a rental agreement. If your tenant breaks their contract (for example, they don’t pay the rent) then you can keep their security deposit. At the same time, you must deposit 10% of the security deposit in a state-approved escrow account.

The terms of the lease – The terms of the lease are especially important because they set the stage for the relationship between you and your tenant.

Your lease should also include terms for when rent is due, how it should be paid and when it’s considered to be late. This is by far one of the most important parts of your lease because tenants must know that they are expected to pay rent on time each month.

Step 5: After Finding Excellent Tenants

Congratulations! You’ve found wonderful tenants who have agreed to rent your property and you have signed the lease.

Now it’s time to kick back and relax, right? Nah. You still have a lot of work to do.

Stay in contact – While you don’t want to be a nagging landlord, you want to stay in contact with your tenants so that you can look out for their best interests and vice versa.

Send them a friendly text or email every few months to check in and let them know that you’re available if they need anything.

Be a good landlord – Being a landlord isn’t easy. But it is rewarding when you find good tenants and they treat your property with respect.

Step 6: Hire A Property Manager

If your goal is to keep living your life without the hassle of owning a rental property, then the best decision you can make is to hire a property management company like Rent Portland Homes – Professionals.

Our property management team will save you the time and money of managing your property yourself so you can continue living your life while leaving the property management to us.

To learn more about the property management services we can offer you, contact us today by calling (503) 447-735 or click here to connect with us online.

Real estate investing can be a great way to build wealth over time. When you invest in real estate, you don’t just get a second home that you can visit on the weekends or a beautiful space to throw parties; you also get an asset that can generate cash flow.

If your goal is to build long-term wealth through real estate investing, buying properties that will generate income from rent is essential.

In this article, we’ll explain what it means to buy a property that will earn you rent and give you pointers on where to find properties like these and how much you should pay for them. Let’s dive in!

What Does It Mean to Buy a Property That Will Earn You Rent?

If you buy a property that you can rent out, you’re essentially operating as a landlord. If you’ve ever been a landlord, you know it can be a full-time job, but it’s worth it if you can find the right tenants and charge a fair price for the rent.

And if you’re buying a property that will be rented out and generating your income, you want to make sure to buy a property that will give you a good chance of having great tenants, paying rent reliably on time, and having a low vacancy rate.

How to Find Properties That Earn You Rent

Before you start looking for properties that will earn you rent, you need to have a specific type of property in mind.

If you don’t know what kind of property you’re looking for, you’ll have a much harder time finding the right one. Here are a few things to think about when choosing a property:

Location – This may sound obvious, but it’s one of the most important factors when picking a property to buy.

You want to make sure your property is in a neighborhood that will appeal to tenants.

When picking a neighborhood, consider factors like crime rates, local schools, job growth, public transportation, and walkability.

You should also make sure the neighborhood has a below-average vacancy rate.

Property type – You’ll want to choose a tenant-friendly property type, such as a single-family home, a duplex, or an apartment building.

Property condition – You’ll want to make sure the property you buy is in good condition. If repairs need to be made, make sure to factor that into the price you pay for the property.

Real Estate Investing Tips for Finding a Property to Buy that Will Earn You Rent

Start looking for properties that earn you rent sooner rather than later – The earlier you start looking, the more time you’ll have to find the right deal, which will make your investing process easier.

Be open to different neighborhoods – Be sure to look in all different kinds of neighborhoods because you might find a great deal in a neighborhood that isn’t super desirable right now. Be flexible with your budget – You might find a great deal on a property that’s outside your budget. It’s important to be flexible with your budget because you don’t want to pass up a great deal just because it’s out of your price range.

Find a great realtor – A great realtor can help you find properties that earn you rent, walk you through the process of buying a property, and help you get a good price for the property you’re selling. A realtor can be an invaluable resource for any real estate investor.

3 Types of Properties that Will Earn You Cash Flow

When you buy a property that will earn you rent, you want to make sure it’ll give you a steady stream of income over time. If you buy a property that only brings in a few thousand dollars in rent, you may not have enough income to make the investment worth it.

To make sure you buy a property that will earn you cash flow over time, you’ll want to choose a rental property that has a high rental yield, below-average vacancy rates, and low maintenance costs.

These three factors help ensure that your rental property will continue to be a reliable source of income for years to come.

Apartment building – An apartment building is a great property to buy if you want to earn cash flow from the get-go. It’s one of the most expensive properties to buy, but it’s also one of the most reliable sources of income since you’ll have a long-term tenant at one location.

Single-family home – A single-family home is a great property to buy if you want a blend of both long-term and short-term tenants. It generally takes longer to find tenants for a single-family home than for an apartment building, but once you do, the tenants tend to stay for a long time.

Duplex – A duplex is a good choice if you’re looking for a lower-maintenance property and you don’t mind doing some work to keep both halves of the building in good condition. The lower maintenance costs are one of the biggest advantages of buying a duplex, but they also come with the disadvantage of a smaller profit margin compared to a single-family home or apartment building.

Wrapping up

Buying a property that will earn you rent is a great way to start your real estate investing journey. When you buy a property that will earn you rent, you’re buying an asset that will continue to bring in steady income for years to come.

When you’re picking a property to buy, be sure to find one that is in good condition, in a desirable neighborhood, costs less than $350,000, and has a high rental yield. Once you’ve found the right property, make sure to put in the work to make sure it stays in good condition, and you’ll have a reliable source of income for years to come.

Contact Us

At Rent Portland Homes – Professionals, we specialize in local property management for Beaverton and surrounding areas.

Our team has decades of combined property management experience and looks forward to the opportunity of earning your business.

Contact us today for a quote at (503) 447-7735 or click here to connect with us online.

In today’s economy, rental properties are still a great way to build wealth, and passive income, but during the process of owning rentals, every landlord must face the reality that good tenants are going to come and go.

Sadly, there are a wide variety of reasons why good tenants leave but, the reality is that there are several reasons why they leave, and there are solutions that landlords can utilize to keep those tenants for longer than 12 months at a time.

More Affordable Rental Options Are Available For Tenants Locally

One of the first reasons why good tenants leave is because more affordable rentals are becoming available locally.

This is completely understandable because every tenant wants to save money monthly.

Landlords must regularly stay on top of what’s happening in their rental market to avoid losing their good tenants to lower-priced, competitive rentals.

This means taking the time to actively investigate comparable listings in the local area. This research will tell every landlord what other properties nearby are currently renting for and if those properties have any features or amenities that their rental properties don’t currently have.

After doing some comparable research, landlords must consider the price differentials and be willing to lower the monthly rent (if needed), or grant their tenants concessions if the tenant is willing to renew their lease for another 12 months.

Problems With Neighbors

Another common thing that stops good tenants from renewing their leases is when they have problems with neighbors in the area.

By neighbors, we mean other tenants in the same building that they live in or neighbors that may live on the same street.

When problems with neighbors occur, landlords must take their tenant’s feedback into account and work hard to resolve those issues with neighbors immediately because, if the tenant feels uncomfortable living in that rental property, they won’t hesitate to move when their lease is up for renewal.

Promises Were Not Kept

In today’s world, every tenant wants to know that their landlord sees them as more than just to rent check, the tenant wants to know that the landlord is going to keep their promises, especially when it comes to maintenance or repairs that may be needed at the rental property.

If promises are not kept, tenants won’t hesitate to move, especially if the promises that were broken directly affect the tenant’s quality of life living at the rental property.

Landlords who have problems keeping their promises should invest in a calendar-based system that will remind them of the promises that they’ve made and provide them with consistent reminders until they complete the jobs that need to be done.

The Landlord Was Hard to Reach

Besides knowing that they have a landlord who keeps their promises, tenants these days also want to know that their landlord is going to be easily accessible when they need to communicate with them.

Unfortunately, tenants who feel that their landlord is hard to reach or doesn’t respond quickly to their issues won’t think twice to move when their lease is up, especially if the lack of communication with the landlord directly affects their quality of life at the rental property.

Landlords who have difficulty communicating with their tenants should hire a property management company like Rent Portland Homes – Professionals because, our team has an in-house staff that handles everything from tenant selection to maintenance, so landlords don’t have to.

Problems BIG or SMALL Was Ignored

When problems arise, one of the first things every landlord should do is try to resolve the problem immediately, regardless of whether it’s big or small.

In 2022, many landlords often underestimate the importance of resolving problems, especially if it’s something that they consider to be minor that can wait to be resolved for 24 hours, or even over a weekend.

Tenants must know that when problems arise, and as soon as they report them, the landlord will take steps to resolve the issue immediately.

Not Enough Amenities

As more rental properties come on the market, another common reason why good tenants leave is that the property that they are currently living in doesn’t have enough amenities.

Aside from major renovation, there’s not much that a landlord can do to add new amenities to a rental property but, there are improvements that a landlord can make along the way including the following:

• Adding smart appliances
• Repainting the property
• Adding new flooring
• Adding more security features to the unit
• Adding on-site storage
• Adding a dog run

Landlords who are on a budget after COVID-19 can take heart that it’s entirely possible to retrofit a rental property with some of the latest high-tech amenities for under $1000.

Each landlord should make consistent improvements to their rental properties throughout the year because those improvements can often be the deciding factor that motivates a tenant to renew their lease for another 12 months or search for another rental property when their lease is up.

The Tenant Had Unexpected Life Changes

So far, we’ve offered you several common reasons why good tenants typically move out within 12 months, another common reason that good tenants leave is when they have unexpected life changes.

Some of the most common and expected life changes occur when a tenant loses their job, must relocate for a job, gets married, has children, or does something else.

Sadly, there’s not much that the landlord can do when there is an unexpected life change, but when it comes to a job loss, landlords who have good tenants who have paid on time within the last 12 months would be better served to work with the tenant until they start their new job and start earning an income once again.

Taking the time to work with the tenant will preserve that landlord-tenant relationship will be something that motivates them to renew their lease with the landlord once it’s up for renewal.

Do you have rental properties in Portland Oregon that need property management? If so, contact the Rent Portland Homes – Professionals team today by calling us at (503) 646-9664, or clicking here to connect with us online.

Our team has decades of combined property management experience and managing tenants that saves owners the time, money, and hassle of managing their properties themselves.

To get a better return on investment from your rental property reach out to us today, you’ll be glad that you did!

Are you planning on renting your Beaverton home for the first time? If so, there are a variety of questions that you should ask applicants that will help you to choose the most qualified tenant for your rental property.

Asking the right questions during tenant screening is important because an applicant’s answers to those questions will offer you insight into the type of tenant that they could become.

In this article, we will offer you the top 10 questions that you should ask during the tenant screening process.

When do you plan on moving in?

A good first question for a potential renter is knowing when they plan to move. Maybe they have time left on their current lease and can’t move immediately. In this case, it may be best to find a tenant who can move in immediately to reduce vacancy time.

On the other hand, suppose the current tenant has given two months’ notice, and you have started advertising early. In that case, someone who wants to move immediately wouldn’t be a good match.

How long have you lived at your current address?

A basic tenant screening question is knowing how long they’ve lived at their current place. Their answer can give an idea of their stability as a long-term tenant. For example, have they lived there for less than a year? In that case, it’s good to find out why. It may be because of relocating with work or another legitimate reason. 

A tenant who is constantly on the move may be a sign of a problem tenant, and there’s a risk they won’t stay for the entire lease agreement term. 

Why are you moving?

Moving can be expensive, not to mention stressful. So, it’s worth asking a prospective tenant their reasons for moving. Maybe their current place no longer matches their needs. Or, they may need to live closer to work or family. Was it an increase in rent prices? Regardless of their reason, always do your due diligence during the screening process. 

It’s always a red flag if the tenant lies about their reason for moving. For instance, they say they need to downsize, but you learn from references that they are getting evicted or regularly miss rent payments.

Do you have pets?

If you don’t allow pets in your rental unit, then you must find out about any animals they have. However, even if you have a pet policy allowing animals, you may have restrictions on the size and breed. So, it’s best to find out before signing the rental agreement. Additionally, you can discuss your policy on paying a pet deposit and any additional fees. 

If you allow pet owners to rent, always carry out pet screening beforehand. 

Pro tip: Remember that a service animal isn’t classified as a pet, and you can’t deny housing to someone who has one. You should also check that the emotional support animal letter is genuine.

How many people will be living with you?

Rental laws restrict the number of people per bedroom in a rental unit. If you have a multi-tenancy unit, asking this simple question is essential. In any case, anyone living in the apartment permanently should be named on the lease agreement. 

Are you or anyone who will be living in the apartment smokers?

A vital rental screening question to ask a tenant is if they smoke. Typically, a rental agreement should state your smoking policy and outline the consequences for violating the lease. However, asking if they smoke allows you to assess their reaction. 

What’s your current income?

It’s not impolite to ask a straightforward question about how much a prospective tenant earns. After all, you must know if they can afford the monthly rent or not. Typically, a tenant can afford rent if they spend no more than 30% of their income on housing. According to a Harvard study, the 30% rule “remains a reliable indicator of affordability both over time and across markets.”

If their pay stubs or bank statements reveal a lower amount, you should be extra cautious about renting.

It’s worth noting that reports indicate that nonpayment of rent is the most common reason for evictions. 

Have you ever been evicted?

Asking about previous evictions may reveal why they were forcibly removed from a previous rental unit. Of course, if they were evicted, it’s good to be cautious. But were there extenuating circumstances? Or has enough time passed, and the tenant now has a good credit history for a previous eviction not to be an issue? Again, it’s good to find out. 

Do you have current or previous convictions?

Before asking about a criminal record, it’s crucial to know if any local laws prevent you from inquiring too deeply into this. There’s also grey area surrounding the Fair Housing Act, and if it’s truly legal to ask this question, as it may turn out to be discriminatory. However, if you can inquire about convictions, it’s good to do so. In addition, their criminal history and type of punishment could indicate if they are a suitable candidate for renting. 

Be very careful not to ask about arrests. It’s generally illegal to ask about previous arrests when conducting a screening interview. Arrests don’t always lead to convictions. 

Can you pay the security deposit and one month’s rent at the lease signing?

The last question is to ensure that the tenant can pay the upfront costs of renting. At the same time, you can ask if the potential tenant has any questions for you.

More

Contact Us

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

Our company saves owners the time, money, and hassle of managing their rental properties themselves.

To learn more about the property management services we can offer you, contact us today by calling (503) 646-9664 or clicking here to connect with us online.

One important scenario that you may encounter as a landlord is when your guest has a tenant who stays longer than expected.

As a landlord, one of the most important things you must do is enforce your lease because, if your tenants invite guests to live with them for weeks, or months at a time, they are in direct violation of the lease and should be held accountable.

If you’ve never encountered this situation before, this article will share with you five ways to know when a tenant has become a guest and how you must deal with it.

#1 – They’ve Stayed Longer Than 2 Weeks

One of the first ways to know that a guest can now be classified as a tenant is when they stay in your rental property for more than two weeks.

Two weeks is the most common length of time that anyone will go on vacation or visit family members for an extended stay. If your tenant has guests that are staying for longer than that period you must A. Contact your tenant and inform them, they are violating the lease, and B. Their guest must be added to the lease if they are going to be living there.

#2 – The Guest Is Moving Their Belongings In

Another easy way to tell if your tenant has guests that can now be classified as tenants themselves is if those guests are moving their personal belongings into the rental property.

It’s very uncommon for people to travel with anything other than just a few bags of luggage so, if you spot your tenant’s guests slowly but surely moving their personal belongings into the rental property, this is a sign that they are planning on staying for a longer period.

#3 – They Are Paying the Rent

If you’re still unsure that your tenant has guests that can now be classified as tenants, another easy way to know for certain is that the guest is now a tenant as if the guest starts paying the rent.

Paying the rent is a clear sign that the guest is planning on staying for longer than two weeks and it shows that they are more than just a guest who will be gone soon.

It’s never a good idea to accept rent payment from a guest because this implies that you’ve entered into an informal landlord-tenant agreement with them, and that guest can now enjoy the same rights and privileges as the tenant who is currently on the lease.

#4 – Your Mailing Address Is Now ‘Their’ Mailing Address

A mailing address is a very personal thing since it’s also part of a person’s identity so if your guest tenant is now using the tenant’s mailing address as their mailing address, this should also be another clear indicator that they can now be a tenant themselves who is living at that rental property full time.

#5 – You’ve Spoken with Them About Maintenance Requests

Last of all, but most important, another sign that a tenant has become a guest is when the guest is submitting maintenance requests to you.

The average guest will not contact a landlord or an owner about maintenance issues unless they are planning on living on the property for any length of time so if your tenants’ guests begin communicating with you regarding things that need to be repaired or replaced at the rental property, this is another easy to decipher sign that they are now living in that property full time.

How To Deal with Guests Who Overstay Their Welcome

There’s no denying that the rental market has changed drastically over the last two years and some people are letting their friends/family members stay with them to keep them off the streets.

Obviously, your goal is not to be the bad guy, but, your rental property is still a business, and you must enforce your lease, otherwise, your tenants will continue to walk all over you during the length of time that they’re living in your property.

Here are several things that you can do to deal with guests who have overstayed their welcome:

Communicate – If you currently have a lease with a clause regarding how long tenants can have guests, you should contact your tenant if you’ve noticed that their guest has stayed with them for more than two weeks at a time.

Talk with your them one-on-one to let them know that the guest must leave and if they informed you that they are trying to keep their friend or family member off the street, you should direct them to local social services so that their guest can find an alternative place to live.

Enforce – After you’ve taken the time to communicate with your tenant, they must be made aware that you plan on enforcing your lease, including requiring them to cure or quit.

This means that if they do not ask their guests to leave, the tenant will face eviction and since no tenant wants to be evicted, especially since COVID, it’s highly likely that they will take the steps to ask guests to leave the rental property before their landlord moves forward with the eviction process.

Keep in mind that someone who’s living in your rental property illegally in some cases may enjoy the same rights and privileges as the tenant, so it’s important to consult with your attorney before you take the steps to move forward with the eviction process.

Contact Rent Portland Homes – Professionals

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

In 2022, it’s more important than ever before to have a property manager managing your Portland, or Beaverton area investment properties.

A property management company will provide you with professional management so that you can have Peace of Mind in knowing that your investment property is earning excellent ROI.

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