Memorial Day 2016 – Thank You To All Veterans From Goldenwest Management!

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At Goldenwest Management we would like to thank ALL Veterans who have served our country because without your sacrifice we wouldn’t be able to enjoy the freedoms that we have today.

In honor of Memorial Day all Goldenwest Management offices will be closed on Monday 5/30 but will reopen on 5/31.

 

Goldenwest Management Staff

Phone (866) 545-5303

Fair Housing Laws & Landlords that play with fire!

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As a landlord you may be thinking that “it’s my rental, and I can rent to whom I want to” but, the reality is that you have to follow Fair Housing Laws just like every other landlord and property management company in the United States.

If you’re a landlord one of the absolute WORST things you could do is to deny a rental to someone based on “anecdotal” evidence or feelings. You may be committing this violation if you find yourself asking this question when reviewing applicants:

“Those two renters aren’t married so I am not going to rent to them, because what if one of them wants to move out”

“She is a single mom so 2.5x the rent in income verification is not enough.” 

“I don’t want to rent to them because you didn’t tell me they have kids.”

“What religion are they?”

Sadly, we hear these objections from Landlords (yes our clients!!!) EVERY DAY.  

And what they don’t realize is not only are they breaking Fair Housing Laws, and setting themselves up for potential legal trouble, they are putting the management company in jeopardy as well.

What Are Fair Housing Laws?

Fair Housing laws protect individuals during the sale, or rental, and financing of a dwelling based on their familial status, sex, race, religion, color and nation of origin. This means that landlords can’t purposely choose who they don’t want to rent to. In today’s world, that’s more than just skin color or race, it includes gender, familial status. In addition to these laws, there is the American Disabilities Act that protects prospects with certain physical and psychological dependencies as well.

What Happens When Fair Housing Laws Are Violated?

When Fair Housing Laws are violated a landlord may face a lawsuit from the tenant claiming that they have been discriminated against, or worse, they could face a Fair Housing violation from the U.S. Department of Housing and Urban Development (HUD) via the state attorney general.

Some of the other penalties a landlord could face include:

  • Pay a penalty to the Government up to $16,000
  • Pay the prospect for their emotional distress, humiliation, and suffering
  • Take Fair Housing Training.
  • Pay punitive damages.

And most parties elect to hire an attorney (which cost money) to represent them during the HUD investigation and if necessary hearing.

Avoid Fair Housing Discrimination

The easiest way to stop “playing with fire” as a landlord is to avoid Fair Housing Discrimination by sticking with a basic screening plan that relies only on tangible items.  GoldenWest, for example, lays out a basic initial approval diagram: Credit score of 685 or better; Verifiable income of 2.5x the monthly rent; No felonies with current probation or parole; 1 year of last 2, verifiable rental history  (or home ownership with no latest in last 2 years).

This would be an example of an “A” rated Tenant. Anything that deviates from here, the Landlord would then have to make a decision based on the overall factors, but a Tenant that does not meet these initial characteristics would not be given automatic approval. If you use this same rubric EVERY time, then you exponentially decrease your risk of being accused of committing of discrimination.

If you don’t have the time to study Fair Housing Laws or understand the importance of an in-depth screening process, you have to hire a qualified property management professional…and more importantly, you have to know and trust that they are following these procedures to both protect your investment and prevent frivolous lawsuits.

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To learn more about the property management services we can offer you contact GoldenWest Management, Inc. today by calling us at (866) 585-5303 or click here to connect with us online.

Simple Tips for Getting Your San Diego Renters to Pay on Time

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One of the keys to success with owning rental property is getting your San Diego Renters to pay on time because, timely rent collection means that you will enjoy long term, stable cash flow from your rental properties.

Sadly, many property owners don’t have stable income from their rental properties because they have tenants who don’t pay them on time.

In this post we share with you several tips you can use to insure that your San Diego Renters pay you on time every month.

Tip #1 – Choose San Diego Renters Who Will Pay On time

Before choosing just any tenant make sure that you choose renters who have a history of making their payments on time, have stable cash flow, and good credit history.

This is an important tip because, taking the time to choose the right tenant who is financially stable and has good credit will save you the time, money, and hassle of choosing the wrong tenant who will only be a “headache” for you in the months to come.

You should also search for tenants that meet the following criteria:

* They make 2.5x the rent in income (verified by paystub or tax return)

* Have good rental history, again verified by a landlord

* No evictions

* Good credit, at a minimum 650 score or better of seasoned credit.

You should also search for “red flags” that a prospective tenant may have on their credit report including: Unpaid collections or utilities, unpaid phone bills, or other bills that haven’t been paid.

Tip #2 – Be Clear With Your Tenants

From the moment that you get new San Diego Renters the first thing you should do is be clear with them that they are expected to pay their rent on time, app utilities must be transferred over to their name, before you hand them the utilities, and that there will be penalties if they don’t pay their rent on time.

Tip #3 – Make Paying Rent Easy

Last of all, but most important, you should make the process of paying rent easy for all of your San Diego Renters and this includes offering your tenants the ability to pay their rent online, since that’s by far the easiest option.

Remember to never have tenants bring rent to your house, mail rent to you or put it in a drop box because, all of these methods are unreliable and can cause problems for the property owner.

Get San Diego Property Management Here

For professional San Diego Property Management contact Goldenwest Management today by calling us at 858-792-3442 or click here to connect with us online.

Four Tips That Will Help You Build Your Portfolio of Las Vegas Rental Properties

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Are you thinking about buying Las Vegas Rental Properties? If so, you’re not alone. Las Vegas is a great place to buy rental properties right now and you can build long term cash flow from your rental properties by following these simple tips.

Tip #1 – Have a Plan

Know how much your mortgage, taxes and insurance (PITI) as well as miscellaneous expenses like a property manager, repairs and vacancy. If you have a budget in place, you can then determine how much and how long you will need to hold your property under both the “best” and the “worst” case scenarios. Be comfortable with your finances should the “worst case” scenario arise so you know you can weather the storm. Don’t sugar-coat the numbers, or you may find yourself regretting your purchase later.

Tip #2 – Make Improvements

You may find it difficult due to cash flow issues to make major improvements right away, but identify key items and strive to make improvements each year. The better shape your rental properties are in the more value you will retain not to mention better Tenants you will attract. Try to set aside a small amount each month plus utilize a small rental increase each year to handle long term capital improvements.

Tip #3 – Be Open to Innovation

As your portfolio of rental properties grows you should also stay open to the idea of innovation because, more renters are searching for Las Vegas Rental Properties that are wired for internet or have environmentally friendly furnishings and if your rental doesn’t have the innovation they are searching for, those renters will search for other rentals instead of choosing yours.

Besides choosing the right options to innovate your Las Vegas Rentals you should also choose the right innovative options for managing your rental properties so that you can manage them more efficiently and offer better service to your tenants.

Tip #4 – Know When It’s Time To Hire A Property Management Company

Last of all, but most important, you should know when it’s time hire a property management company because, with more Las Vegas Rental Properties to manage comes more responsibility and you can save the time, money and hassle of managing properties yourself when you hire a professional property management company to handle all aspects of property management for you including: rent collection, maintenance and more.

Contact Goldenwest Management today by calling us at (702) 685-7696 or click here to connect with us online.