Ranking third in population after Portland and Salem, Eugene is one of the ideal places for property investors to consider. The city is situated between the Ocean and the Cascade Mountains far to the east, offering you the best of both worlds.
The city boasts a thriving outdoor and recreation culture that brings in hundreds of local and international tourists every year. Outdoor lovers can choose to hike, bike, or enjoy some canoeing at the Mckenzie or Willamette River. Should you want something more relaxed, the Ballet Fantastique, the Eugene Opera, and the Eugene Ballet are your best options.
Investors with a knack for the unorthodox can consider investing in student housing. The University of Oregon offers comprehensive programs to thousands of students on an annual basis. With a rental property in a convenient location, you can be assured of stable rental income all year long.
Why invest in real estate? Real estate has set itself apart as one of the go-to investment assets. It offers investors consistent income in the form of rent, appreciation in value (provided you invest in an ideal location), and you can also enjoy some tax advantages.
Real estate has proven itself as a hedge against inflation and also absorbs economic shocks and volatility in a way that other investments such as stocks and mutual funds cannot match up.
Interested in investing in real estate in Eugene, OR? Have a look at what the experienced team from Campus Connection Property Management has put together.
1: Confirm Your Budget
Before you decide on the type of property, you must first look at how much you can spend. Investing in property doesn’t mean that you don’t have other financial responsibilities that you need to take care of.
Also, the price of the property is not the only element to take into consideration. There are closing costs, repair costs (to make the property renter-ready), HOA charges/ fees, and more. If you have not considered these extra costs, you will find yourself looking for money here and there to make up the difference.
Your budget will determine the type of rental property you can invest in. While location is often a key criterion that influences the price, other determining factors include the square footage, fittings and fixtures on the property, amenities and services in the neighborhood.
2: Assess the Neighborhoods
Every property market is unique. You will need to get acquainted with the local real estate market for you to make the most appropriate choice.
To start with, you can perform online searches. You should be looking for rental properties within your budget that offer a strong tenant demand. Reading newspapers and local property journals will also help you get the information that you need.
To better appreciate diversity and get the information that you need, we recommend that you look for an experienced local expert who can guide you on the best neighborhoods in the area. Campus Connection Property Management has helped hundreds of current property owners and tenants over the years.
3: Consider a Home Inspector
A property is made up of the fittings and fixtures, appliances, and the foundation (also known as the sub-structure). If not properly assessed, these elements might be faulty and bring you issues in the future.
Consider hiring a reputable home inspector who can determine the condition of the structure and advise you on what costs you will have to incur to make the property safe and habitable. You can also use the inspector’s report to negotiate the price of the property.
You have likely heard success stories of investors who use the fix-and-flip strategy. This is where property investors purchase run-down residential homes at a discount, make the necessary repairs, and sell the property; making a considerable profit.
While it has worked before, you should only consider this strategy when you have the experience to assess a property, the local property market trends, and also know your way among contractors and handymen.
4: Find a Property Manager
What comes after purchase of the property? Management. Most property owners, especially first-time owners, rarely take this into account. Management of the property can take up a considerable amount of your time and cause your stress levels to escalate. Property management requires someone with experience, expertise, and resources.
If you are interested in purchasing property in Eugene, consider getting in touch with the property management experts at Campus Connection Property Management. We guarantee to meet the needs of your property as well as those of your tenants. Should you want a customized service, we are ready to design and implement a tailor-made package.
5: Know What’s Included in the Sale
When you are viewing the property for the first time, you might have fallen in love with the appliances, fixtures, fittings, and artwork. You might have already envisioned yourself or the tenant enjoying these items.
From our experience in the Oregon real estate market, you must be sure whether these items are part of the sale. Since these items are not affixed permanently to the property, it might be a surprise to you when they are removed after the sale.
Always confirm with the seller and ensure that they are well listed out in the addendum of the sale agreement.
As you can now appreciate, there is more to property investing than simply identifying a property that tickles your fancy and signing the sale agreement. You need to consider the legal, technical, and also the management of the property.
Speaking of management, you should rely on an experienced and reliable service provider to manage the needs of your rental property and also those of your tenants. The team from Campus Connection Property Management has decades of experience managing property of all manner and sizes with Eugene.
Get in touch with us today and have a discussion with our expert property managers. You will receive a free quote of our property management services.