San Diego City Council Votes to Limit Vacation Rentals

By GoldenWest Management

Thanks to the outcry of renters in the San Diego area who have been hit hard by the housing shortage the San Diego City Council has voted to outlaw vacation rentals in secondary homes while limiting short-term stays to just the homeowners primary home only.

This move will certainly hit investment activity in the short-term rental market hard while making it harder for anyone who lives out of town to own short-term rental property in the San Diego area.

 

11,000 Short Term Rentals Could Be Affected

The news of the City Council’s vote spread fast and of course there were mixed reactions from people who support Airbnb style rentals in the San Diego area and those who oppose them.

On the positive side, the City Councils move may turn thousands of Airbnb vacation rentals in the San Diego area into long-term rentals.

Thanks to a recent article from the San Diego Union-Tribune we know that there are an estimated 11,000 vacation rentals in San Diego right now so having more inventory for renters to choose from will definitely make a big difference during the housing crisis.

Although more long-term rental housing is a good thing, many advocates of short-term rentals, including Airbnb itself, have voiced their opinion on how the city councils move is an “affront” to hardworking taxpayers who own Airbnb’s and it may force travelers to seek alternate vacation stay options

Estate Agent Showing Empty Office Space To Clients

Support from San Diego Residents

After word of the San Diego City Councils vote spread, the support was almost unanimous among residents and community advocates who have been fighting short-term rentals for years, especially in the beach communities where 40% of the rental inventory in cities like Mission Beach have been vacation rentals. – Source – San Diego Union Tribune

Short term rentals like Airbnb’s aren’t gone for good, if an owner meets the City of San Diego’s requirements for short-term rentals, they may still keep their rental active but they are also going to have to pay hefty fees.

For example, the city is going to require owners who want to rent their entire home to pay a fee of $949 annually. This is believed to be the highest fee in the United States and it may cause many owners to turn their short-term rentals into long-term rental properties. – Source – San Diego Union Tribune

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For affordable property management in the San Diego area contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

5 Tips For Becoming A Successful Landlord

Are you thinking about buying a rental property and becoming a landlord? If so, you’re making a smart choice.

Now is a great time to buy rental properties in the United States because mortgage interest rates are still historically low while demand for rental properties is high.

In this article, we will share with you 5 tips for becoming a successful landlord.

Treat Yоur Rental Property Like a Business

Sadly, mаnу lаndlоrdѕ dо a poor jоb аt managing their rental properties. Thіѕ іѕ in large part because they dоn’t see thеіr property аѕ a buѕіnеѕѕ. In оthеr wоrdѕ, they trеаt their investment like a hobby.

Whеn уоu, trеаt уоur landlording wіth thе rеѕресt, systems, аnd оrgаnіzаtіоn thаt you wоuld deal with аnу оthеr commercial vеnturе, wonderful things саn and will occur.

Screen Out the “Bаd Apples” Or Unqualified Tenants

Whеn ѕсrееnіng tenants you should require:

  • Thеу muѕt mаkе 2.5x thе mоnthlу rеnt іn ѕtаblе profits
  • Nо rесеnt еvісtіоnѕ
  • No rесеnt fеlоnіеѕ
  • Gооd preceding landlord references

Be careful nоt to ѕсrееn out tenants based оn any оf thе blanketed сlаѕѕеѕ, оr уоu соuld fіnd уоurѕеlf іn a lawsuit.

Trеаt Your Tеnаntѕ With The Respect That They Deserve

Although it may be difficult, you absolutely have to treat your tenants with the respect that they deserve because if a tenant feels like you value their business and treat them with respect they will want to renew their lease.

You Can’t Be Too Nice

Yоur jоb аѕ a lаndlоrd is tо be fаіr.

Bеіng “nісе” wіll gіvе your tеnаntѕ and оthеrѕ thе invitation tо stroll аll оvеr уоu аnd tаkе аdvаntаgе аt еvеrу flip.

Bу аllоwіng your tеnаnt to interrupt thе rulеѕ, уоu ореn уоurѕеlf up tо years of battle and compromise thаt will ultіmаtеlу lеаd tо large financial losses.

Thеrе іѕ a distinction bеtwееn rеѕресtful and being nісе. Choose wіѕеlу.

Gеt Hеlр When You Need It

Wіth оvеr 28 Million actual еѕtаtе іnvеѕtоrѕ іn Amеrіса, (Source: BіggеrPосkеtѕ.соm) there аrе bоund tо be countless іnvеѕtоrѕ іn уоur tоwn who саn hеlр уоu оut all through hard times.

Whеthеr іt’ѕ thе smartphone numbеr for a plumber, hеlр dealing wіth a tоugh еvісtіоn, оr juѕt rеаѕѕurаnсе which you аrе dоіng thе rіght (or wrоng) factor, rеасh out to оthеr lаndlоrdѕ fоr hеlр. Landlords love tо “communicate ѕhор” ѕо lооk for opportunities tо open thе verbal exchange.

Get Property Management Here

Once you buy your first rental property, make the smart decision to hire a professional property management company instead of managing your rental property yourself.

To learn more about the property management services that GoldenWest Management can offer you contact us today at (866) 545-5303 or click here to connect with us online.

Carbon Monoxide Detectors – Should You Install Them in Your Rental Properties? Yes!

By GoldenWest Management

Do you have smoke detectors installed in your rental properties but not carbon monoxide detectors?

Carbon monoxide detectors should be essential in every rental property because they save lives.

Unlike smoke, Carbon monoxide is a gas that doesn’t have any odor or color and it can be lethal to animals or humans who have been left in a home or environment that has a carbon monoxide leak.

What Does Carbon Monoxide Come From?

Carbon Monoxide can be found in combustion fumes, including those made by cars and trucks, lanterns, stoves, gas ranges or other heating systems. Source – cdc.gov

It’s very common for carbon monoxide to build up in places that don’t have good air circulation or fresh air.

What Are the Symptoms of Carbon Monoxide Poisoning?

If you suspect that someone might be suffering from carbon monoxide poisoning, some of the most common symptoms include: Dizziness, Weakness. Nausea, vomiting and chest pain.

(Source – Medlineplus.gov)

This poisonous gas sends roughly 15,000 people to the emergency room each year and sadly close to 500 people die on an annual basis from carbon monoxide poisoning. (Source – safewise.com)

How Do Carbon Monoxide Detectors Work?

Carbon Monoxide detectors have three separate sensors: Biomimetic, Metal Oxide Semiconductor and an Electrochemical Sensor that detect the presence of this poisonous gas in the air so that people have time to get out of the home until help arrives.

The only way a carbon monoxide detector can reset itself is if there’s no presence of this deadly gas in the air so the problem does have to be eliminated before humans or animals can return.

How Much Do Carbon Monoxide Detectors Cost?

Thankfully, carbon monoxide detectors cost between $50-$100 each so they are an affordable life-saving solution that every rental property should have.

Get Property Management Here

For professional property management contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

Are Month-To-Month Leases Bad for Landlords?

By GoldenWest Management

Are month-to-month leases a bad idea?

Although this type of lease is supported by some landlords in the United States who like month to month leases because of the perceived flexibility that they offer, the reality is that a month-to-month lease is a bad idea especially for the following reasons:

Reason #1 – Month to Month Leases Don’t Offer Financial Security

The first reason to not consider a month-to-month lease is lack of financial security that will result from choosing these types of leases.  

This type of lease doesn’t offer you any financial security due to the obvious fact that a tenant can be gone in 30 days and you may have to pay your mortgage or other property expenses out of pocket while you look for another tenant.

Reason #2 –  Vacancy

Without a tenant in place another side effect that can come with choosing a month to month lease is more vacancies during the year.

Depending on the rental market and location of your property your rental could be empty for weeks at a time while you search for a new tenant.

Reason #3 – You Can’t Plan for The Future

Another unfortunate consequence of allowing one or more tenants to have a month to month lease is the fact that you cannot plan for the future because your tenant can be gone within 30 days.

If your income is always fluctuating due to your tenants leaving because of the month to month leases you won’t be able to plan for the future and potentially grow your portfolio of rental properties.

Get Professional Property Management Here

We offer property management in San Diego, Las Vegas, and Phoenix. Our trained staff can save you the time, money and hassle of managing your rental property yourself.

To learn more about the services we can offer you contact us today at (866) 545-5303 or click here to connect with us online.