Ready to get into real estate investing and considering Long Term Rentals? Purchasing single family homes and multi-family units are a great way to jump in and create a lasting and long term income producing asset, with a fast learning curve and we are here to give you the full scoop–from the pros and cons, to finding and retaining tenants, and everything in between!

Owning a Long Term Rental, Pros and Cons:

Pros

Consistent income

Easy management

Tenants pay utilities

Clean slate

Tax write-offs

Lower management costs

Cons

Tenant laws

DIY landlording takes time

Potential damage

Property Management:

DIY

You’re in control

Save money

Systems

Learning

Connection

Property Manager

Fewer worries

No emotional involvement

No skills needed

Expert skills

Time vs. Money

Allowing Pets in You Rental Units:

Pros

Larger renter pool

Pet damage deposit

Charge more

References

Restrictions

Accommodation

Cons

Potential damage

Odor/allergies

Waste

Noise/neighbors

Advertising Your Rental:

You know the market rate for your rental, so now it’s time to write your rental ad and post it for rent!

Zillow - Zillow is by far the easiest and broadest-reaching tool to post your rental

Craigslist - Free postings, but can be somewhat spammy.

Nextdoor - This can be a great way to advertise your rental to your immediate community.

Apartments.com - Free postings and ability to manage leases.

Attracting and Retaining Great Tenants:

You’ve posted your rental and now it’s time to find (great) tenants! Some tips:

Kind gestures - consider a welcome gift or list of local hotspots for your tenants.

Flexibility - offer flexible lease duration that matches your potential tenant’s needs.

Maintain the small stuff - take care of maintenance requests ASAP.

Respect privacy - always give ample and required notice before entering the property.

Lease and Rental Management:

You got a strong response to your ad and found some great tenants! Now you need a lease.

MultifamilyNW - Oregon rental forms that comply with updated laws and requirements.

Stevens Ness Law Forms - Local Portland law firm that publishes all types of legal forms, including leases that comply with updates laws and requirements.

Apartments.com - Excellent way to screen tenants and manage your rentals online, FREE for landlords!

Zillow Rental Manager - Post rental, screen tenants, e-sign leases, and collect rent online through Zillow.

Lease Considerations:

Expectations - Clarify as much as possible in your lease.

Painting - Tenants want to make a place feel like their own.

Short Term Rentals - Clarify if you allow your tenants to rent out a portion of the home as a short-term rental.

Sublease - Decide if you wish to allow this, or if you will consider it on a case-by-case basis.

Example damage costs - Give them examples.

Move In:

Lease is signed and your tenants are ready to move in! Now it’s time to do the following:

Take photos and videos

Move-in inspection

Collect deposit(s)

Key handover

Move Out:

Your tenants loved living at the home, but are ready to make a move. Here’s what you’ll want to do:

Acknowledge notice

Move-out inspection

Key handover

Return deposit(s)

Common Pitfalls for new rental owners:

Accepting late payments - If you accept more than two late payments in a row, that sets a precedent and your due date automatically changes.

Expecting too much - If it was your residence before you rented it, let go of the emotional connection. Tenants will never take care of it like you would, especially the yard.

Screening - Make sure you screen every prospective tenant over 18 that will live in the house. No exceptions.

Boilerplate leases - Spend the $20 to get an up-to-date lease that reflects the laws of your area. READ IT and be able to explain it to your tenants. Know what constitutes a violation of your lease - this is important.

Account for expenses - Vacancy happens, plan for it. Budget for repairs and maintenance every year.

Resources and Tools:

MultifamilyNW - Oregon rental forms that comply with updated laws and requirements. Digital and and paper forms available. Excellent local resource for DIY landlords.

Apartments.com - Excellent way to screen tenants and manage your rentals online for FREE! Tenants pay $30 for screening and once accepted, you can set up the lease in their system. Online rent payments

Zillow Rental Manager - Post rental, screen tenants, e-sign leases, and collect rent online through Zillow. A one-stop-shop for the DIY landlord.

Landlordology - a great website with informative articles about being a DIY landlord.

Local landlording resources - Many areas have local networking clubs or monthly landlord education classes. Spend some time researching in your area!