Did you know that individual investors make up over 71% of landlords in the US? While this is great for the millions of people who want to be landlords, many people seek landlord advice because they don't want to be in their situation.
Are you one of many accidental landlords? You may have purchased a property intending to become an income-producing rental, or perhaps you inherited a family estate that seems more trouble than it's worth. Whatever the case, being saddled with unwanted property can be a worrisome burden — so what do you do?
Read on for pointers from our property management team, who is happy to offer our advice and share tips we've learned along the way. Who knows. Maybe your bad luck will turn into good fortune if you take some of this helpful information to heart.
What Are Accidental Landlords?
They're exactly what they sound like. An accidental landlord is somebody who unexpectedly finds themselves in the position of owning a rental property. This typically happens when circumstances change, such as:
- Inheriting a house from a relative
- Being unable to sell a house due to economic turbulence
- People moving away to another area without proper notice
The accidental landlord must then manage their business, which can be quite demanding and requires plenty of dedication to run smoothly. However, being an accidental landlord can be a great opportunity as it presents individuals with new building-management skills and extra income that could be very useful.
Still, if you don't want to be a new landlord, then what are your options? Here are two of the most common cases we see with our Oregon property or land owners.
What to Do With Unwanted Land
Suppose you inherit land that doesn't have property on it. In that case, our best suggestion is to ensure you familiarize yourself with all aspects of your new investment, including potential local laws.
Additionally, create a plan for both long-term and short-term expectations for your unwanted land so that you can make the best decisions according to your needs. Taking the time upfront to get organized will end up saving you a lot of frustration down the line.
This includes figuring out whether it's worth selling the land now or waiting until the market changes. Or, it could mean waiting until you're able to build a new property on the land to later rent out for a profit.
What to Do With an Unwanted Property
If you've inherited an unwanted property, then your two main options are to either sell it and be done with it once and for all or rent it out and have some ongoing income. Both have their pros and cons that you should carefully consider before proceeding.
Selling can be the easiest option but may not give the returns you are hoping for. On the other hand, renting can provide more financial stability over time but comes with responsibilities and risks, such as vetting renters, adhering to Oregon tenant laws, and maintenance costs.
Whatever you choose to do, make sure to weigh up your options before deciding on the best course of action for your unwanted property. If you're unsure which makes the most sense, then we suggest you get in touch for help with Oregon property-related matters.
Get Help with Property Management
At Kerr Properties, we have a staff of specialists trained to assess property values and advise accidental landlords on the right rental fees and investment options. Our knowledgeable team has an in-depth understanding of local neighborhoods, rental markets, and all types of investments. Simply put, we're ready and able to help you with all your rental needs.
Don't hesitate to contact us if you're looking for experienced and reliable advisors in this field. Or click here to learn more about our property management services.