How To Keep Your Investment Property In Good Condition

Are you planning on buying a new investment property? If so, one of the keys to success with owning that property is keeping it in good condition.

The condition of your property is important because a rental property that’s in poor condition isn’t going to rent for top dollar, regardless of the location.

Tenants want to live in rentals that have been maintained over the years, have no deferred maintenance issues, and show signs of pride of ownership inside and outside of the property.

In this article we will offer you several tips that you should use for keeping your rental property in great shape.

Tips For Keeping Your Investment Property In Great Shape

Tip #1 – Always deal with small repairs first – This is important because letting small repairs go means that they could turn into bigger repairs later on, so it’s best to resolve those issues now, especially if you don’t want to pay more money take care of them later.

Tip #2 – Focus On Habitation, Before Cosmetic – Besides dealing with small repairs first, you should also focus on taking care of habitation repairs, before dealing with cosmetic repairs. This is important because if a property isn’t in inhabitable condition, you’re going to lose money.

Tip #3 – Make Sure The A/C Is Always Working – It doesn’t matter how beautiful your property is, as long as the central air conditioning isn’t working, you’re going to have unhappy tenants who will eventually move.

HVAC repairs are not expensive, and regular HVAC checkups can save you hundreds of dollars in maintenance costs so it’s best to make sure that you are always knowledgeable about the condition of the HVAC unit at your rental property.

Tip #4 – Invest In Pest Control – There’s nothing worse than dealing with pests because, once they move in, they don’t like to move out. To avoid the hassle of pests, it’s best to invest in pest control to regularly spray the inside and outside of your property; this will keep the pests away and keep your tenants happy as well.

Tip #5 – Have Regular Inspections – Whenever a new tenant moves in, you should make it a priority to have your property inspected every six months. This is important because, regular inspections will allow you to fix problem areas, instead of leaving those maintenance issues unresolved until your tenant moves out.

During the inspection, make sure you document every part of the property because proper documentation will eliminate ‘he-said-she-said’ disputes regarding damages.

Contact GoldenWest Management

At GoldenWest Management we know how difficult it can be for owners to manage and inspect their properties themselves. Thankfully, with our property management services, our team handles inspections and the day-to-day responsibilities of owning rental properties, so you don’t have to!

For more information on our company, or to get a property management quote, contact us today by calling (866) 545-5303 or click here to connect with us online.

The Amenities Your Multifamily Property Needs In 2021

Are you interested in earning better ROI from your multifamily property in 2021? If so, adding amenities to your property is one of the best ways to justify a higher rent rate.

In this article, we will share with you the top multifamily amenities that you should consider adding to your property next year.

High-End Appliances

Even though amenities like swimming pools, outdoor dog parks, tennis courts, gyms, and onsite laundry, will always be amenities that are in demand among renters, the reality is that renter preferences are changing.

Today’s multifamily unit renter wants to have ‘high end’ appliances in their rental units like smart thermostats, touchscreen refrigerators, and wi-fi connected lighting as well.

In the building, renters also want to know that their packages are being delivered safely and securely.

This is why landlords should consider adding Amazon storage lockers so that their tenants can have peace of mind in knowing that should they need to have packages delivered, their packages will be safe and secure until they return home.

Having storage lockers, or a policy for package delivery, is essential for multifamily properties especially considering that more people order online, or have subscription orders that are delivered monthly.

As we enter a post-COVID-19 world, it’s also important to know that renters are going to want apartment amenities that enable them to enjoy time outside like hiking and biking trails, that enable tenants to exercise while social distancing as well.

Renters Will Expect Technology

One of the key things that every landlord should expect from renters in 2021 is that they must be ready for renters to expect technology from the landlord from their very first point of contact with them.

Due to the changes that landlords have had to make during Covid-19, renters will expect landlords to offer them options like self-tour technology using (or similar services), DocuSign, online bill pay, and more.

Even though services like were once seen as a convenience to landlords, they have become a necessity, as tenants have grown accustomed to being independent and having contactless experiences with their landlords.

Contact GoldenWest Management

At GoldenWest Management, we specialize in property management for San Diego, Phoenix, and Las Vegas.

Owning multifamily properties is a great way to build wealth while generating cashflow but they can also take a lot of time to manage.

If you’re currently managing your multifamily property yourself, or are interested in hiring a new property manager, we would like the opportunity to talk with you more about our services!

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

Nevada’s Statewide Eviction Moratorium Extended Until March 31st, 2021

Nevada renters struggling to make their rent payments due to Covid-19 received good news recently when Governor Sisolak signed another statewide eviction moratorium which pauses most residential evictions in Nevada until March 31st, 2021.

The Governor’s move came just in time for many renters who are currently facing eviction, or face the threat of eviction at the end of December when the CDC eviction ban is set to expire.

Eviction Crisis Is Paused, For Now

Even though another eviction moratorium is a good thing for renters, since it keeps them off the streets during the winter, ultimately the state is only ‘pausing’ the eviction crisis for a few more months.

Thanks to recent data from the U.S, Census Bureau, and their Household Pulse Survey, we know that close to 35 percent of renter households in Nevada have not remained current with their rent payments and are potentially facing eviction in the next two months.

With the latest eviction moratorium, renters are not relieved of their obligation to pay the back rent that they owe. They will still owe the total amount due at the end of March in 2021, unless they have worked out a payment plan with their management company which splits the amount due into manageable amounts.

They are only being given a ‘reprieve’ for a few more months as the state makes its way through winter, and waits for the Covid-19 vaccine to be distributed.

Many Landlords Continue To Struggle

Throughout the Covid-19 pandemic, Governor Sisolak and most politicians in Nevada have expressed optimism that landlords could ‘sacrifice’ during the pandemic.

Although some landlords may have been able to navigate the Covid-19 pandemic without much of a problem, smaller ‘mom and pop’ landlords have been hardest hit.

After months of being unable to collect rent, many smaller landlords face foreclosure in 2021 unless the Federal Government is able to pass a series of emergency bills which stop foreclosures and evictions at the same time.

Contact GoldenWest Management

At GoldenWest Management we specialize in managing rental properties in Las Vegas, San Diego, and Phoenix.

Our team saves owners the time, money, and hassle of managing their properties themselves so that they can enjoy passive income from their rental properties without the hassles of property management.

To learn more about the property management services that we can offer you, contact us today by calling (866) 545-5303 or connect with us online.

 The new Nevada eviction moratorium does apply to all renters automatically, with exceptions for those being evicted for violence/breach of contract/etc.

Four Christmas Décor Tips For Rental Homes

Are you planning on decorating your rental home for the holidays? If so, you’ve come to the right place!

Holiday decorating is something that most people look forward to, but with the decorations also can come holes in the walls that will need to be filled in later.

This is why in this article; we’re going to share with you several tips that you can use to decorate your rental home without leaving an ‘impact’ on the property.

Holiday Decorating Tip #1 – Use Command Hooks Whenever Possible

Command Hooks are a decorator’s ‘best friend’ during the holidays because they don’t leave holes in walls as thumbtacks do.

Since many Command Hooks can hold up to 10 pounds, you can use them for hanging things like lights, stockings, and ornaments.

Once the holidays have passed, and you remove your holiday decorations, all you have to do is peel the Command Hook strips off the walls of your rental property and throw the used strips away.

Holiday Decorating Tip #2 – Be Wary Of Real Trees

You may enjoy the smell of pine from your Christmas Tree during the holidays but the reality is that pine needles can potentially be a fire hazard (if they dry out) and their needles are often hard to clean up, especially from carpeting.

For best results, consider investing in an artificial Christmas tree. They are very affordable, easy to clean up, and can be used every year.

Holiday Decorating Tip #3 – Hang Christmas Lights Inside Windows

Although everyone wants to hang their holiday lights outside their rental property, the reality is that most rental homes don’t have any outside electrical outlets to plug lights in.

If you’re living in an apartment complex, or a multifamily property that’s part of an HOA, you may not be allowed to hang lights outside at all.

For best results, hang your Christmas lights inside your windows using Command Hooks.

This will help them to still be seen when you approach the exterior of your rental home and you won’t have to find a way to use a long extension cord outside your rental home to provide power to those lights.

Also, when decorating the exterior of your rental home, be conscious of your neighbors and avoid too many decorations that might shine light into their bedrooms, block their view, or be an annoyance.

Holiday Decorating Tip #4 – Avoid Fire Hazards

Fires often occur during the holidays because people sometimes do things that are unsafe like placing a Christmas tree near a heat source, or pinching electrical cords while trying to provide power to lights.

To avoid fire hazards during the holidays, it’s best to review your decorating work before you turn those lights on, because a fire can break out in minutes and ruin your Christmas.

Contact GoldenWest Management

At GoldenWest Management, we offer property management for San Diego, Phoenix, and Las Vegas.

If you need a property manager for your rental property and would like to learn more about our services, contact us today by calling (866) 545-5303 or connect with us online.

Rental Market Update – What Can Owners And Tenants Expect In January 2021?

With January 2021 fast approaching, most owners and tenants nationwide are looking forward to the new year wondering what’s going to come next.

In this article, we will provide you with a roundup of what owners and tenants can expect in 2021.

What’s Going To Affect Owners In 2021?

Now that the November elections have come and gone, it’s clear that January will bring a change to the Presidency in the United States, and Joe Biden will be our next President.

The big question is what changes can real estate owners expect when Biden’s Administration takes office?

Here’s what we know so far:

1031 Exchanges – During his campaign, Joe Biden went on record stating his intention to modify this program so that investors who earn over $400,000 per year would not be able to benefit from this program.

Even though 1031 Exchanges have been in existence since the 1920s, Biden’s team calculated that changing the rules would mean that it would bring in an estimated $775 billion over the next 10 years.

Tax Increases – As expected, another big change owners can expect under President Biden is tax increases on individuals earning more than $400,000 per year.

What Can Tenants Expect In 2021?

Eviction Ban – The number one issue on the minds of tenants in San Diego, Phoenix, and Arizona is evictions, as hundreds of thousands of renters across these states face the real threat of eviction.

In Arizona and Nevada, some evictions are already occurring, even though the CDC Eviction Ban is protecting certain renters until January 2021.

California’s eviction ban is in place until February 1st, 2021 but a tenant must be able to show proof of financial hardship and they will be required to pay 25% of their monthly rent.

In each state, landlords and tenants are being encouraged to negotiate, or come to mediation, to work out payment arrangements.

A good example of this can be seen in Nevada where the state has been encouraging landlords to negotiate with their tenants who are behind on their rent.

Unless a landlord forgives the bank rent, tenants are still required to pay up, and with roughly $1.7 billion owed in back rent across the country, it’s understandable that landlords are going to want to collect what’s owed them as soon as possible.

Rent Increases – 2020 has been a year marked by Covid-19, but despite what’s been happening, rent has increased in many areas.

San Diego – Rent has increased by 4% this year and the average rent for an apartment in SD is now $2,237 per month.

Phoenix – As more people have left rental property in California this year, for Arizona and Nevada, it’s not surprising that the average rent for an apartment in Phoenix has increased by 10% to $1,141 per month.

Las Vegas – Right now, you can rent an apartment in Vegas for $1,107 per month, a 4% year-over-year increase.

Contact GoldenWest Management

Are you thinking about hiring a new property manager?

Or are you considering hiring a property management company for the first time?

We offer property management services for Las Vegas, Phoenix, and Las Vegas that will save you the time, money, and hassle of property management.

To learn more about our ‘boutique style’ property management services, contact us today by calling (866) 545-5303 or connect with us online.