Owning a rental property is a great way to generate income.
For many starting a family in Portland, buying their first house is the beginning of realizing the American dream.
After a while, the family happily grows. By managing the budget correctly and working hard, it is possible to buy a second house, a one bigger, more beautiful one, located in a better neighborhood because the children need a healthy environment.
With nostalgia, the whole family says goodbye to the first little house that means so much in everyone’s life. The decision has been made, keep it and “put it for rent”.
The house that once gave love and refuge to the family, now it will generate income and could be the beginning of a great fortune. Great idea, isn’t it?
First Experience As Landlord.
After several announcements through the social networks and having a “FOR RENT” sign on the window of the House, the first calls and texts are received from potential tenants. Upon finding the perfect tenant, the 12-month rental agreement is signed and the house is occupied.
Before the end of the first month, the tenant’s wife calls because two burners on the stove were not working. Three days after the repair, the tenant calls again because it has rained and water is leaking through a window of the main bedroom.
At the beginning of the second month, the rental money payment had been deposited in your bank account. When the property’s income is balanced against expenses, insurance, and the mortgage payment, the result is a negative of 45%. Well … “It’s only the first month,” you think.
At the end of the rental agreement:
- You forgave the late rent penalty four times.
- You had to replace the garage door
- You replaced the stove for a new one
- Neighbors called you giving complaints about your tenants 20 times.
- An inspection showed that it was necessary to make repairs in the living room and the bathrooms, so the house could be inhabited again.
But your entrepreneurial spirit is intact, you convince your wife to refinance the rental house and with the money, cover the repair costs. Still, the house had equity, so your real estate rental business is much alive.
Regulations, Landlord and Tenant Rights In Portland, Oregon
In Oregon, as in all states of the US, landlords, and tenants have rights and responsibilities. A written or oral rental agreement has the same validity.
When a lease is to be terminated before the legal date, written notice must be given to the other party. If a tenant abandons the rented property, the law can hold him responsible for the value of the months of rent breached in the contract.
If a Landlord wishes to terminate the lease they must notify their tenants in writing and may be accountable for the tenant’s relocation costs.
When a landlord does not want to extend the rental lease, he must notify his tenant, by writing. Oregon laws require 30 days before the end of the lease. In the city of Portland written notice must be presented 90 days in advance.
Due to coronavirus, Portland and the state of Oregon have issued new regulations to enforce the laws on the rights of owners and tenants.
Are you tired of tenants and losses on your property?
If you are tired of being a landlord, then you already know that renting a house is not an easy job. In fact, it’s often a thankless job that only leaves you a few hundred dollars a month at best.
As a Landlord, you are responsible for managing finances, applications, leases, tenants, contractors, tax payments, and home repairs.
Whether bad tenants destroy your property or vacant periods wipe out profits, there is always something to worry about when it comes to being a landlord.
Helping our clients, we have learned of many problems that they have faced with their tenants. Many have had to seek legal help to evict problematic tenants from their rental houses. Other Landlords have had to be legally represented in a court in Portland to defend their rights and the value of their properties.
Unfortunately for some homeowners who were planning to fulfill the dream of creating fortunes as landlords, reality woke them up into a nightmare.
At Better Off Home Buyers in Portland, we help those who need to sell their rented properties, freed from problems, and continue looking for their tranquility in other businesses.
Selling Your Rental House to Better Off Home Buyers in Portland and All Oregon.
In a matter of days, you can have your house sold in Portland and have cash in your hands with the assistance of Better Off Home Buyers.
Dealing with nightmare tenants, and all property expenses, legal fees, tax payments, and other anomalies caused by a rental property, has soured the landlord profession.
Many people in the same situation have contacted us by phone or by email at our Portland offices. They were seeking help to end the inconveniences caused by a rental property. On more than one occasion they told us that the family union ended in divorce.
At this time in our history, the world is facing the Coronavirus pandemic, many people have lost jobs, their savings, and even their life. Both landlords and tenants are uncertain about what may come in the near future.
At Better Off Home Buyers we have faith that we will soon be able to eradicate the epidemic. We hope everything will return to normal here in Portland and in the world.
We will buy your house as-is, tenant-occupied or empty, regardless of the repairs it needs and any damage that it may present. Our purchase process is simple and fast, conducted within the framework of the law.
Contact us either filling out the form on this page or dialing the phone number 503-212-9641. Then we make an appointment to see your Portland property in person.
In these times of coronavirus, we take all the protection measures following the authority recommendations
After visiting your house, based on our purchasing criteria. We will present a written offer for you. After you accept our offer, we will initiate the documentation that the home purchase requires, then, you will get cash for the value of your property.
If having tenants, renting your house, your duplex, or a residential complex is causing you discomfort. Don’t risk the tranquility and the health of your family.
Contact Better Off Home Buyers, we will help you. We are a business family owned.
We know what love for the family means.
Contact us! We will help you.