What Should You Replace in A Rental Property After Purchasing It?

Are you planning on buying a new rental property in San Diego, Las Vegas or Phoenix? If so, like many owners you most likely are eager to get that property rented quickly right? This is totally understandable but, there are things that should be replaced in your new rental property if you want to ensure that you won’t have any problems with that property in the future.

Replace the Locks

Always replace the locks after buying a new rental property regardless if the former owner claims they were changed recently or not because you just don’t know how many people had access to that property in the past and may have created their own key.

If the locks are in good condition you can save them and use them again in the future changing the locks on the next property that you buy.

Change the Toilets

Another important thing to change after buying a new rental property is the toilets because a leaky toilet can easily cause unseen damage to your rental property and thousands of dollars in repair costs so it’s best to replace them now so that you can have confidence that there won’t be any leaks going forward.

 

Get Rid of Old Outlets

Regardless of the age of the home, you should always get rid of old outlets because those outlets can potentially pose a fire hazard and it’s better to replace them now before your new tenants move in.

Swap Out Those Old Light Bulbs

Last of all, but most important, if your rental property has light fixtures you shouldn’t think twice about changing those light bulbs. Getting rid of those bulbs will save you the hassle of having to get called from your tenants whenever they need a light bulb changed unless you’ve instructed them to change the light bulbs themselves.

Need Property Management? Contact Us Today

At GoldenWest Management we specialize in full-service property management and can save you the time, money and hassle of managing your properties 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.

How to Get More Profit from Your Rentals In 2019

nevinvesAre you searching for ways to get more profit from your rental properties in 2019? If so, you’ve come to the right place!

At GoldenWest Management, Inc we specialize in managing rentals in San Diego, Las Vegas, Arizona and we can provide you with proven ways to increase the ROI from your rental properties.

#1 – Increase the Rent

Although this method of increasing the profit from your rentals may be controversial for sure, the reality is that it’s a no brainer to increase the rent especially if you want to keep your property competitive with the fair market rent in your area.

If it’s been a while since you’ve increased the rent at your property, use online tools (or contact GoldenWest Management) to find out what comparable properties in the area are renting for then choose a fair rent increase.

Ideally, your rent increase shouldn’t be more than $50-$100 because rent increases of $200-$250 per month are often difficult for many renters to budget for.

#2 – Accept Pets

Yes, it’s true that many landlords don’t allow pets but, owners who allow pets are able to charge a pet deposit of at least $500 and a monthly pet rent of $50 to $100 per month.

Most pet owners are responsible people who actually train their pets to use litter boxes or potty outside so you should have confidence that allowing your tenant to have a pet is a positive move that may also motivate your tenant to stay with you for years to come.

#3 – Install A Coin Operated Washer / Dryer

Do you own a single-family home or multifamily rental property? If so, consider installing a coin operated washer and dryer because these units are easy to maintain and can easily bring in an additional $100 or more per month from your tenants because everyone has to do their laundry and most tenants would rather do it at home then drive to a laundromat.

Get A Property Management Quote Here

Are you managing your rentals yourself or are not satisfied with your current property management company? Contact GoldenWest Management for a free property management quote by calling us at (866) 545-5303 or click here to connect with us online.

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.

Property Management: Does Size Matter?

Professional Property Management
Photo Credit: slworking2 via Compfight cc

Does size matter when it comes to choosing a property management company?  If you’re a property owner, there’s a good chance you’ve asked yourself this question when vetting property managers.  After all, there are property management companies of all sizes out there ranging from huge conglomerates to one-man shops. Is size a good metric to judge a company?  Luckily, you don’t have to use this metric to rule anyone out…Because size actually doesn’t matter…experience matters.

According to the CCIM, there are over 25,000 property management companies in the united states.  There are so many to choose from that deciding on a single property manager can be difficult.  You might be inclined to lean towards the large team at the conglomerate, but if those companies are filled with licensed managers who don’t know what they are doing, or don’t have a knowledgeable broker or office head supervising the office, things can fall apart quickly.  Things that traditionally go wrong are: Continue reading “Property Management: Does Size Matter?”

Fair Housing Facts for Property Owners and Tenants

Here’s a nice infographic from Property Management Insider about some common Fair Housing questions.  Tenants and property owners should be aware of Fair Housing regulations  to avoid unnecessary conflicts or worse, legal action.  Please inform yourself by going to the HUD website.  In the meantime, take a look at the quick quiz below:

FHA Fair Housing Facts quiz infographic

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Professional Property Management: What to Look for in a Property Manager

residential propertyReal estate investors in the Phoenix market have had their share of ups and downs in the past decade.  Those fortunate enough to have retained property despite the recession probably understand the headaches involved in managing a property.  Managing multiple properties only compounds these headaches.  This is where property managers can provide a valuable and efficient service to investors – by relieving the headache of the day to day management of real estate.

When GoldenWest Management (GWM) setup our professional property management services in Phoenix years ago, we noticed that this market was especially ripe for investing.  Property was cheap, which allowed savvy and even new investors to snatch up distressed, bank-owned, and foreclosure properties for pennies on the dollar, and turn them into rentals for some nice cash flow.  As these investors acquired more property, they realized that they couldn’t sustain the management of these income properties while still keeping their focus on acquiring new properties, or even worse, keeping their day jobs!  They needed help, but had many questions about professional management. Continue reading “Professional Property Management: What to Look for in a Property Manager”