San Diego Property Management & Rentals – 10 Steps to Finding a Better Renter

San Diego Rental Property

By GoldenWest Management, Inc.

SAN DIEGO – One of the best ways you can attract a better quality Tenant for your San Diego Rental Property is to create a home which sets itself apart from the neighborhood competition.

In today’s post, GoldenWest Management, Inc. located in Carmel Valley shares with you 10 ideas you should incorporate to start attracting the “A” rated Tenants. This is applicable whether your home is in Del Mar, 4S Ranch or La Jolla, these tips work everywhere her in San Diego.

Step 1 – Price, Price, Price!!!

Before we talk about things that will cost you money, take a second to review your competition.

The market does not care what your mortgage and total overhead cost is, the market sets the rental price on:

  • What the neighborhood says your type of home (size,bdm,ba,amenities) should rent for…usually it is a set range, and then
  • The time of year, ease of showing, overall condition of the property.

Tip – Because you have $50k in upgrades does not make your home worth 25% more than the market, but, it absolutely will get people to climb over each other to rent it at a little above market.

Step 2 – Spruce up Curb Appeal

Take the time to improve curb appeal by adding potted plants and or flowers to the front of home; painting the front door, clean up the walk way, spruce up the stucco (when was the last time you hosed it down)…buy a new mail box and removing any trash or debris which may have been left by previous tenants.

Step 3 – Improve the Kitchen

Yes, you may be on a budget, but, you can affordably renovate the kitchen in your rental property by doing a basic kitchen renovation which consists of:

  • Sanding and repainting or staining cabinets.
  • Adding new hardware to drawers or cabinet doors.

For $700 you can stain/repaint old cabinets, add new knobs, and self-closing hinges. This is much better than spending $20k on a new kitchen.

Upgrade the lighting (yes that old box light on the ceiling should be removed).

Add a new faucet ($75 to $100 cost).

If you have money left over, think about upgrading flooring (laminate wood)…in a small space can be done inexpensively or you can even do it yourself.

Step 4 – Renovate the Bathrooms

Another great way to attract the perfect renters for your rental home in San Diego is to renovate the bathrooms in your property.

Picture frame mirror, new light fixtures, new faucet and lastly new towel racks can be done relatively inexpensively…caulk the tubs or add on a glass slider to the old tub and you have a whole new bathroom.

Step 5 – Create an Outdoor Space

If your Rental Property doesn’t have a well-defined outdoor space you should consider creating one, especially by lights, zero-scaping, colorful plants, and when possible patio furniture and grill. People want a place to relax or entertain that is outside.

Step 6 – Thoroughly Clean Your San Diego Rental Property

Before listing your San Diego Rental take the time to thoroughly clean it from top to bottom since most renters will be “turned off” by a dirty rental property.

Every Landlord who has ever said, “oh I cleaned it myself” or “we can just wait until after its rented to have a professional clean and carpet clean” is just not thinking…seriously, would you go buy a new car and be happy to see debris and dirt inside?

People need to see your home at its best, so take a few hours, better yet PAY A PROFESSIONAL and get the place taken care of.

Step 7 – Take Great Pictures of Your Rental

The last step is to take great pictures of your rental property before you list it for rent.

Consider hiring a professional photographer to take pictures of your property since this will eliminate you having to shoot those pictures yourself. $125 – $150 will get you 30 high gloss digital photos that you will have for years.

People choose a property manager and a home rental online…they simply “swipe right” those ads with bad pictures.

Save Money on Managing Your San Diego Rental Property 

Are you tired of managing everything about your San Diego rental yourself and are ready for a change?

Contact GoldenWest Management, Inc. today to learn more about our affordable property management services and how we will free up your time so you can spend more time building your portfolio of San Diego Rental Properties.

Call us at (858) 792-3442 or CLICK HERE to connect with us through our website.

Do You Have A Vendor Matrix For Your Las Vegas Rental Property?

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By GoldenWest Management, Inc

Whether you own one home or a growing portfolio of Las Vegas Nevada Rental Property grows so will your need to have vendors you can trust to handle repairs and maintenance. If you don’t have a Property Manager to handle these items, then you will need to create your own “vendor matrix.” Its not a matter of if you’ll need a service technician, but when.

Which Companies Should Be In Your Vendor Matrix?

When creating your vendor matrix it’s important to have companies you can call for any issue including:

  • Handyman
  • HVAC service tech
  • Plumber
  • Landscaper
  • Appliance Tech
  • Roofer
  • Painter
  • Electrician
  • Cleaner
  • Carpet cleaner

As you create your vendor matrix you will want to verify that your vendors are: licensed, bonded, insured and are able to offer service at all hours of the day or night if needed.


 

Add Backup Vendors to Your Matrix

Another important thing you want to do when creating your vendor matrix is to add backup vendors.

These will be companies you can call when your primary vendor is sick, on vacation or unable to offer service for any reason when you need something done quickly.

How to Effectively Choose Vendors

Since choosing the right vendors is the key to success with keeping your Las Vegas Rentals running smoothly you should focus on choosing the right vendors by following these simple tips:

Tip 1 – Search for vendor feedback online BEFORE choosing them. You can use websites like Yelp, Yahoo or Google for this.

Tip 2 – Ask your family members for referrals to vendors they trust. This is a good way to choose vendors since one or more of your family members will know someone they will recommend for basic services which need to be done in a Rental Home like: Handyman, house and carpet cleaner, and HVAC Tech.

Tip 3 – Ask your current vendors who they recommend for the vendors you need to add to your vendor matrix. Most companies will know someone who offers the services you need so it never hurts to ask!

Get Las Vegas Property Management

Do you really want to take maintenance calls at all hours? Do you really want to rely on the “he said, she said” of whether a repair was completed or not? For Las Vegas property management contact Goldenwest Management, Inc today by CLICKING HERE or calling us at (702) 685-7696. We have plenty of tried and tested service technicians that will service you rental properties day or night.

How To Get Started With Buying Las Vegas Rental Property

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A Step By Step Guide by GoldenWest Management, Inc

Investing in Las Vegas Rental Property is one of the best ways for you to begin to build wealth and establish long term cash flow for your family.

If you’re thinking about buying an Investment Property for the first time here’s how you get started with buying your first property in a step-by-step process.

Step 1 – Do Your “Homework” First Before Buying

Competition in Las Vegas is fierce among rentals…Its important to ask yourself these questions:

  • Where do you want to purchase a rental property?
  • What type of rental do you want to buy and why?
  • Which neighborhood do you want to purchase a rental property in?
  • What is the average rent in the neighborhood where you want to buy a rental?
  • What is the return on investment (ROI) you can expect from your rental property?

Step 2 – Get Financing For Your Rental Property

Contact a lender or mortgage broker to get pre-approved for a mortgage loan.

Make sure you speak with at least 2 or 3 lenders or mortgage brokers since mortgage interest rates are the lowest they’ve been in decades and you will be able to get an excellent mortgage interest rates.

Keep in mind that many condo developments will not allow all types of financing, and often only accept cash offers due to loan restrictions.

Step 3 – Create A Plan And Stick With It

Once you know the rental you want to purchase it’s important to create a plan to start searching for rental properties which match your search criteria and not get distracted by other properties which don’t match what you’re searching for in a rental.

Many people fall for homes which have big yard spaces or nice kitchens but then forget to stick with their budgets and if they are unable to rent their Las Vegas Rentals out they end up getting stuck with paying a second mortgage payment for a home they are not even living in.

Step 4 – Hire a Las Vegas Property Management Company

Last of all, but most important, hire a Property Manager to professionally manage your rental property. Do it before you close escrow so they can help market and guide your fix-up questions before you have to start paying the mortgage.

This step will save you the time, money and hassle of having to manage your rental on your own and it will ultimately free up your time to focus on buying another rental and growing your portfolio.

Learn more about how GoldenWest Management, Inc can help you by clicking here to connect with us online or by calling: (702) 685-7696.

What Is The Snowball Effect And How Will It Help You With Owning San Diego Rental Property?

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By Goldenwest Management

So you’re thinking about getting started with San Diego Rental Property. That’s awesome news but, before you start investing in a San Diego Rental it’s important for you to take a step back and consider the importance of the snowball effect and how it can help you as a Real Estate Investor.

What Is The Snowball Effect?

The snowball effect basically follows the Warren Buffet investment strategy of the “snowball” or buying and holding onto an investment over the years so you can accumulate cash flow.

This investment strategy works well in Real Estate since you can easily have your rental properties pay for themselves over the years if you buy, hold and use the cash flow from your existing rental properties to buy more rental properties.

Snowball Effect in Action

For example:  Let’s say that you’ve bought two rental properties and after expenses both rental properties are generating you about $500 per month each, or an extra $12,000 each year.

If you save the profit from your San Diego rental properties you would be able to buy another rental in about two years and if you continue following this strategy over time it’s possible to pay all cash for your rental properties in the future.

Think Long Term

As a Real Estate investor it’s best to think long term and realize that if you can buy and hold onto your properties for the next 10, 15 or even 20 years rather than using that income now, it’s possible to buy one property per year moving forward and to own an awesome portfolio of San Diego Rental Properties.

San Diego Rental Property Management

As you build your portfolio of San Diego Rental Property let Goldenwest Management be your property management partner who will save you time and money while you enjoy the rewards of owning rental property.

To learn more about how our San Diego Property Management service can help you grow your rental property portfolio call us today at (858) 792-3442 or click here to connect with us online.

Property Management Tips – Learn “Rules” for Owning Henderson Nevada Rental Property

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By GoldenWest Management

HENDERSON – Thanks to the hot Real Estate market, and demand for rental property, you may be thinking about getting started with buying Rental Property in Henderson, Nevada.

Owning rental property is a good investment choice since the there is a high probability of positive cash flow and long term appreciation by the asset. Before you get started make sure you learn these simple rules for owning rental property.

#1 – Focus On Consistency

During the time that you own in Henderson, your primary goal should be to be finding quality, long term Tenants. Turnover and vacancy absolute kill your bottom line.

Focus on setting a  conservative price, screening for “A” rated Tenants, and encourage them stay long term and make upgrades (with permission) so that they feel “at home.” Let them paint, plant a small garden, and make the home nicer. When there is a benefit for you, chip in on the expense…trust me it will make the Tenant want to do more.

#2 – Always Create a Paper Trail

As your portfolio of Henderson Nevada Rental Property grows you may deal with a problem situation from time to time and that’s why it’s always best to document everything with your renters including: Taking pictures of the unit before they move in or out, making copies of documents, and always using email to “follow up” on phone conversations. Avoid the “he said, she said” at all costs…creating a “paper trail” will only protect you later on.

#3 – Check Your Renters References Thoroughly

Before renters move into your property it’s important to always check their references including: income verification and personal references because, it’s very common for a renter to use “fuzzy” references on their applications and checking the items on their applications thoroughly before the move in may save you the time, money and hassle of choosing the wrong renter.

Rent Your Henderson Nevada Rental Property

Let GoldenWest Management save you the time, money and hassle of renting your Henderson, Nevada Rental Property.

Contact us today at (702) 685-7696 to learn more about our property management services or click here to connect with us through our website.