The Register Guard recently ran an interesting article on rental houses. I thought the information was good, if at a pretty general level. Still you’ve gotta start somewhere. One quote from the article was particularly on point:
“In this market, at this point, it’s a sweet spot,” says Chris Princis, a senior executive at financial advisory firm Brook-Hollow Financial and owner of two rental properties in Chicago. “You’re getting the market where it’s just starting to rebound, but still at the bottom, with what’s looking to be a great recovery.”
I’ve been a real estate broker and property manager for rentals in Eugene Springfield for decades, and like to think I know what I’m doing. Broadly, we find owners in two categories:
- Investors who make a business out of buying, renting and selling rentals, and
- Accidental landlords who got into the house rental business in Eugene Springfield because of a change in circumstances, for instance a career mandated move.
The professional investors usually understand rental properties in Eugene Springfield pretty well. When buying or selling rentals, their chief concern is often the numbers. The learning curve for rentals is pretty steep, in my opinion, and most professional investors have paid to learn. Having said that, real estate transactions do change over time, and if you haven’t done one in awhile, you’ll be surprised at that. It can be difficult to evaluate income property when you’re considering a purchase, and a Realtor familiar with rentals in Eugene Springfield will be invaluable.
Accidental landlords and newbies usually have much to learn. One thing the RG article says that I particularly agree with, is the importance of figuring out rentals. However this takes both time and experience, so doesn’t come easily or quickly. It usually costs nothing to work with a realtor us when you’re the buyer, which is an added plus. Selling rentals also has its unique set of requirements, and a Realtor familiar with rentals will help you out.
Property management isn’t exactly easy, especially when you’re starting out. Probably the most difficult aspect is learning all the rules and regulations, then keeping current with them; they change over time, and new rules with which you must comply also get added. If you have a limited number of rentals, it probably makes the most sense to have a good property management company run them for you. If you have many rentals, economics may justify you running them yourself.
Residential income property in Eugene Springfield is just like anything else–the more you know, the better. A realtor that thinks every day about rentals in Lane County, Oregon can be a great aide in purchasing, managing, or selling. If you have an interest in Eugene Springfield rentals, please contact me if I may help.