How To Find A Good Short Term Rental In Portland
Are you ready to start your short-term rental investment journey in Portland? It can be incredibly rewarding if you find the right property. Before you jump into the fun stuff you need to work with your agent and consider the important things listed below.
How To Find A Good Short-Term Rental In Portland
You have heard this before. Real Estate value is mostly influenced by location. You need to consider a property's location first. If you are looking to have a successful short-term rental this needs to be at the top of your consideration. Is your prospective property in a popular location? How often is this place visited by others? Is it a vacation hot spot? What are the high and low seasons? Is the property near any beaches, amusement parks, or national parks?
Take your property type into account and consider what will give you a profitable income with more occupancy. Again, a lot of this will be dependent on location just as we said above. If you are looking at a more dense city area, then you will want to take a look at a condominium or townhome, depending on what is available. If you are looking at these property types make sure the HOA regulations allow for short-term rentals.
Budget and Expenses
Before you invest you have to take your budget and expenses into consideration. What is the potential income and what will be outgoing to maintain the investment? What is your starting budget? How will you manage the finances if the occupancy rate is low?
When you have all of the other considerations in place then you can search for available properties. Your agent can help you refine your search and even assist you with looking at foreclosures or bank-owned properties that you could purchase at a lower price. Set up your criteria with specifics and you are sure to find a great short-term rental.
Work with an Agent
As we mentioned above, you want to work with an agent. An experienced agent will know the area and what is available in your criteria. They likely have rental knowledge and information that can help you determine what will be your best investment. While you work with an agent you will consider your ROI and cap rate for the properties you are investing in.
A short-term rental can be a beneficial business investment. As with anything you want to follow the right steps to make sure the decision you are making is a sound financial decision. Follow the steps above as you work with a professional real estate agent. Take your time and enlist the advice of those trusted individuals around you. A short-term rental is a great start to beginning your real estate investment portfolio.