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Portland

Property Management

Our team of local professionals at Mynd Property Management are different than other Portland property managers. Servicing the greater Lake Oswego, Hillsboro, Gresham and Aloha areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.

Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Agriculture and fishing once were Oregon’s greatest investments, now, it’s residential real estate. It’s time to make your Portland real estate investment work for you.

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Mynd's rental income guarantee

Rental Income Guarantee

We protect your rental income

If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.

Mynd's property damage protection guarantee

Property Damage Protection

WE PROTECT YOUR PROPERTY

If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.

Mynd's eviction protection plan guarantee

Eviction Protection Plan

WE PROTECT YOU

If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.

SELECT YOUR AREA TO VIEW PRICING

Pricing Plans That Suit Your Needs

CORE SERVICE PLAN

$79
Monthly Management Fee
100%
Rental Leasing Fee
$349
Lease Renewal Fee

AVID INVESTOR PLAN

$119
Monthly Management Fee
50%
Rental Leasing Fee
$99
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection

PEACE OF MYND PLAN

$169
Monthly Management Fee
0%
Rental Leasing Fee
$0
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection
checkmark - feature included
Property Damage Protection

Don't Take Our Word For It

Results You Expect

Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.

Mynd offers faster leasing times

Faster Leasing

Quicker than average leasing times.

Mynd responds quickly to resident and owner communications

Quick Response

Less than 4 business hours for owners, less than 8 business hours for residents.

Mynd finds high quality residents

Quality Residents

Higher than average resident quality score (720+)

Mynd offers low delinquency rates

Low Delinquency

No need to worry about rental payments, less than 2% delinquency.

Mynd's high customer satisfaction scores show high resident satisfaction

High Resident Satisfaction

Consistently high customer satisfaction scores (Better than 4/5)

Mynd's NPS score shows higher owner happiness rates

Happy Owners

Net Promoter Score of 58 versus industry average of 7

Meet Your Local Superstars

We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.

Meet

Scott

Portfolio Manager

Scott brings to the table 3-decades of property management experience from a 360-degree perspective. Scott started his career as an accountant for a large PM firm. After a decade, Scott leveraged his industry knowledge and began his own real estate investment company which included remodels, small land developments, and long-term rental holds. Scott enjoys working with the owners and sharing his investing experience to help maximize their investments. Reach out to Scott to learn more about Portland and other surrounding markets!

Portland

At Mynd, we’re also real estate investors, so we know all the concerns and challenges that come with rental property ownership and investing in the Portland area. We know renting laws in Portland are so confusing thatthe city is offering classes for residents and landlords about the laws anda coalition of landlords actually sued the city because the laws are so cumbersome and confusing.You don’t have the time to take a class, or even read a SparkNotes guide. Mynd’s property managers do, and they’ll answer all your questions too. Don’t worry, we won’t quiz you. Mynd knows Portland in the way only a local can.

Kate
Leasing
Kathleen
Accounting
Gina
Resident Services
Matt
Maintenance

Portland

Portland

1455 NW Irving St #200
Portland, OR 97209
United States

Mynd Property Management is local
(971) 350-2979

Portland

They say an earthquake is inevitable in Portland. Your Portland rental property investment is as important to us as our own. We ensure your rental income is optimized, your residents are happy, and that your property meets the latest earthquake codes. Learn more about Portland property management below!

Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.

Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?

About Tacoma, WA

Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.

Tacoma property management

Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive.  Cash flow opportunities are better in Tacoma because the prices of homes are not as high.  

Home prices in Tacoma

Median home price: $354,019

Home prices have gone up 9% in the past year.

 

Diverse types of renters

Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.  

Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.  

Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.  

Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.

 

Economy and industry in the area

Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.

  • Unemployment rate: 5.3%
  • Average income: $75,649

Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.

If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.

How to accurately set rent for my Tacoma, WA rental property

The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.

Tacoma rental statistics

  • Median rent for a single-family home: $1750
  • More single-family homes available since 2007
  • 45% Renter Occupied
  • 55% Owner Occupied

Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.

Knowing the trends and statistics for the area is key to your success as an investor.  Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate.  Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.

 

Why should I hire a property management company in Tacoma, WA?

What does a Tacoma property management company do?

They take care of the day to day operations required when you own a rental property such as:

Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?

Landlords must comply with ever-changing laws and regulations

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:

  • 120 day notice to purchase property if you intend to change the use of the property
  • 60 day notice of no cause termination of a resident
  • 60 day notice of rent increase
  • Several tenant’s rights laws. For example, tenants can complain to the city of Tacoma about code enforcement violations.

There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.

 

Consider hiring a Tacoma property manager

Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws.  Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.

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As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision.  Having a local partner like a property manager makes this process easier.

What kind of return do you want from your investment property?

Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses?  Are you only interested in appreciation or debt paydown?  Your strategy must be defined before you start looking for a property.  

About Everett, WA

Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.

Everett population and home prices

  • Population: 111,000
  • Average age: 33
  • Median income: $57,999
  • Median home value: $362,000

 

The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.

Many of the homes in the area were built between 1970-2000.  Being older properties, they may require some maintenance or updates to attract a quality tenant and meet Property Code.

 

Everett Property Management

 

Industry and the Economy

  • Unemployment rate: 5.8%
  • Cost of living index: 116.2  (US average is 100)

Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.

Best neighborhoods in Everett

  • Darlington
  • Edgewater
  • Pinehurst
  • Riverside
  • Bayside
  • South Forest Park

When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area.  They are also more likely looking homes with multiple bedrooms for their growing families.

 

Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:

  • Is the city growing?
  • Are rents going up or down?
  • What is the average eviction rate?
  • What are the average days on market?
  • What is the average vacancy?
  • What type of homes are rented quickly? What are most people looking for?
  • Are there certain features people are looking for in a home?

These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.

If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.

 

How to Accurately Set Rent for my Everett, WA Rental Property 

It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.

Leasing has seasons

You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).

The economy can affect rent

If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.

Everett rental statistics

  • 42,000 housing units
  • 37% Owner Occupied
  • 67% Renter Occupied
  • 44% single family homes 36% Apartments
  • Median rent: 1,990
  • 48% of homes were built between 1970-1999

The rent amount will vary depending on the property type, square footage and number of bedrooms.  When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.

Mynd’s Everett Property Management company offers a FREE rental analysis so you can see what your property can expect to rent for.

 

Why Should I Hire a Property Management Company in Everett, WA 

When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow.  Should you continue to do this yourself or does it make sense to hire an Everett property management company?

 

Treat your investment like a business.

If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time.  Keeping up with all the laws you must comply with can become a heavy burden.  Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself.  You thought you were gaining free time and ended up having a second job.

It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.  

Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.

 

What does an Everett property management company do?

They take care of the day to day operations required when you own a rental property such as:

They know the laws and regulations

You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord?  There are things you can’t ask on an application or during the screening process.

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.

Maintenance issues

Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold.  There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.

If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager.  Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.

A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.

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On August 31, 2020, California Governor Gavin Newsom (D) signed AB 3088 into law, providing state-wide protections for tenants and landlords in the face of the ongoing coronavirus pandemic. The safeguards extended to tenants worrying about evictions and to landlords concerned about foreclosures. 

Moratorium Eviction Extended

Tenant relief act legal document


AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent. To make use of this protection, the tenant must submit a declaration signed under oath of financial hardship due to the financial burden experienced between March 4 – August 31. A valid declaration will prevent evictions from occurring before February 1, 2021. 


For hardship stemming from the coronavirus pandemic between September 1, 2020 – January 31, 2021, tenants are expected to pay 25% of expected rent to avoid eviction by January 31, 2021. 


Do Tenants Pay Rent?

The expectation of rent has not been eliminated. Instead, unpaid rent cannot be the reason for eviction for tenants that have experienced financial hardship and submitted a valid declaration. Tenants will still be responsible for paying back rent to landlords, who can begin to recover their debts through a civil small claims lawsuit on March 1, 2021. 


The jurisdiction of small claims courts will be temporarily expanded to allow landlords to recover unpaid rents. 


Unpaid rent isn't waived under AB 3088. Instead, it's converted into consumer debt collected in small claims court as early as March 1, 2021. If a tenant cannot meet the 25% rent minimum, AB 3088 would only provide eviction protection until February 1, 2021. If a landlord attempts to use extrajudicial self-help, such as shutting off utilities, threats, or coercion, to generate an eviction, then the landlord may face penalties as high as $1,000 to $2,500. 

California’s COVID-19 Tenant Relief Act Tenant Protections

The following legal and financial protections will be extended to tenants


  • The notice period for nonpayment of rent will increase from three days to 15 court days so that tenants have more time to respond to the landlord's notice to pay rent or leave. 
  • Hardship declaration forms must be provided with any eviction notices for a failure to pay rent. 
  • The hardship declaration forms provided by landlords must be provided in the language in which the rental agreement was negotiated. 
  • Landlords are also required to provide tenants with a disclosure explaining their rights under AB 3088. 
  • Expands the "just cause" protections described in AB 1482 to all tenancies, including tenancies less than one year, affordable housing, new construction, and single-family homes.  
  • Local ordinances that were in effect as of August 19, 2020, will remain in effect until their expiration, while future ordinances cannot undermine AB 3088. 


AB 3088's protections are extended to most tenants if they sign a declaration that they've been financially impacted due to the pandemic. What constitutes "COVID-19-related financial distress" includes:


  • Increased expenses due to the health impacts of the COVID-19 pandemic
  • Increased childcare or eldercare responsibilities directly related to the COVID-19 pandemic.
  • Loss of Income caused by the COVID-19 pandemic.
  • Higher-income tenants (those whose household income is over $100,000 or with over 130% of median household income) must provide documented proof of financial loss related to COVID-19.

California’s COVID-19 Tenant Relief Act Eviction Notices


When a landlord delivers an eviction notice for failure to pay rent, a financial distress form must be provided. The tenant has 15 days to sign and return the financial distress form. The economic distress form does not cover months to come, so that the process may be repeated on a month to month basis. The declaration is signed under "penalty of perjury,” so if a tenant provides knowingly false information, they can be charged with perjury. 


Lawful eviction that has nothing to do with unpaid rent caused by the coronavirus pandemic can move forward as early as September 2, 2020.  That means landlords will be able to pursue:


  • Eviction against nonresidential tenants
  • Evictions for lease defaults stemming from reasons other than nonpayment of rent.
  • Evictions for missed rent payments before March 2020 
  • Evictions for nonpayment of rent unrelated to the coronavirus pandemic.
  • Evictions against tenants willfully damaging property.
  • Evictions against tenants engaged in criminal activity. 
  • Evictions against tenants who violate the lease or rental agreement in other ways.


Evictions for unpaid rent will resume on October 5, 2020, for tenants that do not submit a financial distress declaration.


Evictions for reasons other than nonpayment of rent cannot be performed as retaliation against nonpayment of rent due to the coronavirus pandemic.


Individual cities may have their own eviction moratoriums, and tenant and landlord protections that may be more robust than that provided by AB 3088. For this reason, it's critical to consult both the stipulations outlined by AB 3088 and the stipulations, if any, of one's local jurisdiction. 


If a locality passed a new moratorium after August 19, 2020, then it cannot take effect until February 1, 2021. Ordinances that expire before February 1, 2021, cannot be extended until February 1, 2021. Finally, if a local jurisdiction establishes its repayment period, it must begin on or before March 1, 2021.


Given the complicated nature of the law, it's advised that tenants contact an attorney if a landlord provides notice of eviction. There are many free legal aid foundations to reach out to. The Legal Aid Foundation of Los Angeles, for example, offers free legal services to over 100,000 residents of the greater Los Angeles area. 

California’s COVID-19 Tenant Relief Act Landlord Protections


AB 3088 does not protect landlords from foreclosures, nor does it require banks to provide forbearance. Instead, mortgage servicers must contact borrowers before pursuing foreclosure proceedings with forbearance options. 


Dual tracking, when a provider initiates foreclosure proceedings while considering loan modifications with the borrower, is also forbidden. 


If forbearance is not an option for a small landlord, then the mortgage servicer must provide a written explanation. These protections extend to January 1, 2023.

Bottom Line on AB 3088

Due to AB 3088, California will keep a dramatic increase in residential evictions at bay through the early part of 2021. Although, further action by the federal government is required to ward off the true extent of the pandemic's effects. 

Notice of Eviction Tenant relief act


If you have rental properties, your property manager should be able to support you in navigating the changing regulations around tenant protections. To learn more about Mynd Management's services, contact getstarted@mynd.co


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Today’s topic is one that’s becoming more and more popular in multiple areas of the country, and that’s rent control. Recently, the whole state of Oregon passed rent control laws, and now some revisions are being made in several cities.

We asked Scott to give us an idea of what’s happening with rent control in Portland and throughout Oregon.

Portland’s Real Estate Market

Portland, OR Rental properties in the city

Portland is very progressive and not the only region with rent control laws. The trend recently has been for states to shift the rulebooks more towards resident protections. Understanding the local Portland economics is important because when you are talking about rent controls, there is always a driving force behind why rent control is being implemented.

Portland has been one of the hottest investment markets in the nation for quite a long time. It’s also had an acute housing shortage. This has created expensive rents, and many residents are struggling to pay for housing. So, Senate Bill 608 was passed in February of 2017.

Understanding Senate Bill 608

There are two main parts of this bill.

The first is an actual cap on rents. There are a lot of exceptions. For example, if a home is 15 years old or newer, it’s fully exempt because they want to keep driving the development and construction of new homes. But, if the home is more than 15 years old, landlords are limited to a seven percent rental increase, plus the CPI or Consumer Price Index. Over the last two years, it has resulted in a rent increase that can go no higher than 10 percent.

This is pretty reasonable and not terribly limited. As long as you are staying close to market rents, a 10 percent increase is not going to limit your profitability or returns in Oregon.

The second part of this bill addressed no-cause evictions.

Most people associate the word eviction with being forced out for nonpayment of rent. That might be true but there is also a no-cause eviction, and that typically means a landlord is not renewing a lease. The big change in Oregon is that if the resident has been in the property for more than one year, landlords cannot do a no-cause eviction or ask for the property back with a 30-day notice period.

This is significant. It applies to month-to-month residents as well if they’ve been living in the home for more than a year. This, combined with the law that says you can only increase rents once a year means that you have a bizarre leasing situation. If you have a vacancy on February 1 and you want to fill it, you might do a five or six-month lease so you’re at the point where the next vacancy is in the summer. But in Portland, the new laws mean your lease end date and the date you increase your rent are likely to be two different dates.

The problem for landlords is that this provides a much shorter window of time to determine whether this is a resident you’d like to keep. Waiting out a full year before you decide whether you want to renew the lease is no longer possible. It gets you in trouble because it doesn’t allow you to do a no-cause eviction, in which you simply decide to look for a new resident or do something else with your property.

We’re now recommending an 11-month lease instead of a full year lease. This is the only way to maintain leverage when it comes to removing residents we’d rather not work with. In the past, you could remove a resident with a 30-day notice and get your property back. Now, you need to have a documented reason to evict the resident, such as nonpayment of rent, lease violations, or criminal activity. That’s not possible anymore.

Portland Property Management and Legal Knowledge

Understanding these laws is critical, and many investors aren’t even aware of them. When you read the legislation, you can either trust your own ability to interpret the laws or you need to hire a really good real estate attorney. You can also hire a good Portland property management firm that will know the rule book and handle the legal issues for you.

Rent control and eviction laws are different depending where you are in Oregon. With the housing shortage, Portland has a stricter rulebook than the rest of the state. There are additional new rules on security deposits and accounting restrictions.

You’re running a business when you invest in a property and rent it out in Portland. Businesses have laws, and it is your responsibility to abide by these laws and regulations. You have to take this seriously because the government takes this seriously and they are going to hold you accountable.

Don’t try and figure out all the different laws on your own. As we said earlier, laws are always changing. They’re always being updated depending on the market and the people who are in power. And the trend both nationally and in Portland is to move closer to a tenant-friendly set of laws and regulations. This means you have to know exactly how the laws affect your properties and your investments.If you have any questions about rent control in Portland, Oregon, please contact us at Mynd Property Management. We have processes in place to protect our owners and investors against the problems that can be encountered with rent control and evictions.

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Many Portland, OR investors have worked with property management companies before, and they know what to expect. But, if you’re a new investor or you’re thinking about investing or you’ve been a landlord for just a little while and you’re thinking about handing over the duties to a professional, you might want a little more information about what exactly a property manager can do for you.Today, we’re explaining what a property management company in Portland does, and why it can help you have a better investment experience.

Day to Day Portland Property Management Operations

Property management companies actually do a whole lot for the owners and the residents they serve.

Some of the tasks that come with professional property management are fairly obvious. You probably know that your property manager will handle marketing your vacant property. We’ll take care of all the online advertising and we’ll help you establish a rental value that’s both competitive and profitable.

We will work with prospective residents on the application process and screen everyone who applies. When we’re ready to place a resident, we’ll handle all of the leasing and the collection of security deposits and move-in funds.

The leasing process is only the beginning. Once a tenant is placed, your property manager will take care of all the accounting that pertains to your rental property. This includes rent collection and tracking all the income and expenses associated with your property. We produce statements, reports, and tax forms.

Relationships are also part of a property manager’s job description. We’ll take care of the resident relationship and we’ll also use our vendor relationships to keep your property well-maintained.

We treat our residents as customers and that contributes to better relationships, increased communication, and higher retention rates. The average resident will have 3.8 maintenance requests a year, and we’re available for all of them. Property managers should answer the phone 24 hours a day and 7 days a week. You don’t have to worry about tracking down plumbers or gathering quotes for roofing work. Your property manager will identify the maintenance issues that are required and get the repairs scheduled and taken care of for the resident.

Asset Management and Portland Investment Properties

Managing Portland, OR rental property assets

A good property management company will provide more than day to day operational support. We are also, more importantly, here to help you have a better and more profitable investment experience. We will treat your asset like an investment and make decisions based on your bottom line and your earnings. You wouldn’t give $400,000 to a stockbroker without knowing they are going to be very hands-on with that investment. Property managers have the same attention to your real estate investments. We’ll stay focused on your property or your portfolio. We will treat them like they’re our own investments, and we’ll make sure they are earning you as much money as possible.

We will preserve the condition of your asset by maintaining it and protecting it against tenant damage, vacancy costs, and liabilities. We’ll keep an eye on preventative maintenance in your Portland rental property and make plans for long term upgrades and updates so we can help you maximize your rents over time and attract well-qualified residents.

One of the most important services your Portland property manager will provide is help with the local market and the rental values. The amount of rent you’re able to earn on your property will really depend on the location. The same house might earn one rent in one neighborhood and something completely different in another neighborhood. Your property manager should understand the nuances of each neighborhood and help you approach the pricing, marketing, and screening appropriately.

Property Managers Act as Your Firewall

Something that’s often overlooked when we talk about the benefits of professional property management is that we really become the firewall between you and your resident. As an investor, you don’t want to make decisions based on emotions and what you think you should do. Your Portland property management company will have a completely unemotional approach to managing your home and working with your residents if you choose to work with a property management company in Portland. The decisions that are made will be based on the law and the lease agreement. We keep it that simple.

Property managers will always treat your rental property like a business that’s designed to make you money. Without a good resident in place, that business doesn’t earn anything. So, you need the property management company to put up a firewall and protect you from the emotions and the personal relationships that can sometimes plague investors who manage their own homes. If you’re new to the industry, you may not understand how difficult it can be to manage residents. Figuring it all out once you already have a resident in place is difficult and dangerous. That’s where the property management company really comes into play and becomes so vital to your success and the success of your investment.

If you have any more questions about what you can expect your property management company to do for you, please contact us at Mynd Property Management. We can tell you all about our own services and what you should expect when you have someone professionally managing your Portland rental home. It’s an important relationship, and one you should take seriously. Let us know how we can help you make more and worry less when it comes to your investments.

You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.

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Learn more about Oregon’s H.B.2001 bill and how it will affect rent pricing. Why is this an attractive opportunity for entrepreneurial investors?

 

Scott Muzuca, Portland Property Manager for Mynd, says a lot of development gets stifled because of the “not in my backyard” attitude.

People in single family home areas are typically opposed to multi-family complexes existing in their neighborhood. Oregon is the first state to issue a bill that has eliminated single family housing zoning state-wide. This bill does have some stipulations like you have to be a city with a population of 10,000 or greater for the bill to affect the area, but it does apply to most of Oregon.

How will H.B. 2001 effect pricing and affordability?

What is Oregon’s H.B. 2001 Bill and how will it effect Oregon property management and investors

This bill can be good or bad depending on how you position yourself as an investor.

When investors are looking at an investment property, they are looking for the highest and best use. When single-family zoning was in place, that was set for you. Highest and best use meant you put as much home on a piece of property as the neighborhood or rules allowed. Some neighborhoods were redeveloped by replacing an old house with a larger mansion.

 

Now the opportunities have increased. The land has been rezoned to allow more than just a single-family home.

 

This bill addresses what they're calling the missing middle. We have a lot of single-family homes and apartments, but there's isn’t a lot of development in the middle (Duplexes, Triplex, and Fourplexes).  

 

This bill favors density, and they want the result to be an increase in housing supply and choice. If you own a big enough piece of property, you could do what they're calling a cottage cluster and build three or four little tiny homes that are 400 square feet.

 

How will this affect the pricing structure of rents

What you can expect to receive rent-wise from one rental house versus a multi-family unit on the same 1 acre of land shows you the potential increase in your investment. That could be a significant increase in potential rent for your acre of land.  

 

As the supply increases, you will probably see the impact on rental rates.  You may have to lower what your rent is to compete, but overall, you may see an increase in value because you have 2, 3,or 4 rental properties instead of 1 on your land.

 

Solving the housing scarcity issue in Oregon

In the Portland metro area, there is a housing scarcity, and this bill encourages a welcomed increase in supply.  If you are in a market where you're seeing an oversupply, that could affect your investments.  You will want to know which cities have the better potential.

 

As an investor, what you do worry about with housing bill 2001 is the “not in my backyard” from an owner in a nice single-family neighborhood that starts to see his neighbors putting in little cottages.   Suddenly the parking gets out of control, and now there are lower income homes in your neighborhood. This could cause the appreciation value to go down as a result.

 

As a Real Estate Investor or Owner, What Does the H.B. 2001 Bill Mean for Me in Portland OR?

How does H.B. 2001 impact investors and property owners in Oregon?

 Now the investor that owns five or less properties can play in the same game that was previously reserved for the larger, well-funded investors. The larger investors would take a big piece of land zoned for high density and build a lot of units that create significant value.  They could get a chunk of land rezoned and overnight create wealth because now the land’s highest and best use was dramatically changed.

 

This bill has effectively rezoned the whole state of Oregon.

Single-family housing zoning has now been eliminated.  The one home per piece of land limit is now gone.

 

Now you can add an addition to your home and rent it out through Airbnb.  You could have a smaller home on the property for Grandma or another family member.  Apiece of land may be worth more as an apartment complex or fourplex.

 

If you live in a single-family home, does that now mean somebody can come along and put an apartment complex or a commercial strip mall next to the house?  There is still zoning against that.   There are also limits on density on a lot. Currently you can only put 4 homes per acre.

In most cases if you have a seven or eight thousand square foot lot, there’s not going to be room for more than two homes. You are going to see a lot of tiny homes sprinkled in, but that adds a lot of value as an investor as you may be doubling your income. This can be viewed as a win-win situation as renters are going to have a variety in housing choices they may not have had in the past.

  

When you're looking for a rental property to purchase, make sure you're in the right school district.Tenants with families will be more interested in the areas with good schools.  Your local Oregon property manager knows the area well and can help you find an investment property in a popular area.

 

How Can Real Estate Investors Find Opportunities Coming from the H.B. 2001 Bill?

 

 

The H.B. 2001 is a follow up to Senate bill 608.  Oregon was one of the first states to pass a state-wide rent control bill.  This year the rent control is a 10% increase, so it isn’t really restrictive. Rent controls are typically put in place when there is a housing shortage.  The H.B. 2001 seems to be geared to helping ease the housing shortage by increasing the supply.

 

This opens the doors for investors to go into the Oregon market and make a lot of money.

As people see the opportunity, it is possible this could drive prices up.

Is there a negative side from an investor’s perspective?

You want to be on guard as an investor. There are always going to be a few potential negatives such as an increase in density causing parking issues. However, if you have the right eye for finding the opportunities to make the highest and best use of a property, the Oregon market could be a fantastic investment option.

Is Oregon an attractive market for investors?

Scott Muzuca’s conclusion on H.B. 2001 is that it will benefit the entrepreneurial investor, and Steve believes this is going to put Oregon on the map for investors that are looking for these types of strategies.

 

Looking for an Oregon property manager?

How will you benefit as an investor from an experienced property manager?

They know the area and the rental market. If you are interested in finding out what cities to invest in or if you need property management in Oregon, reach out to Scott Muzuca at Mynd property management.

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