Should You Invest in Rental Properties Now Before More Stock Market Losses?

If you’ve been following the latest stock market news on a daily basis it’s not hard to see that the stock market is in turmoil right now. Over the last two weeks, it’s not common to find out that the DOW is down by 600 points one day, then up by 400 points the next.

Sadly, the stock market correction that investors and analysts have been speculating about for the last 3 years has finally arrived and, the full-blown correction has not officially hit yet. Many people predict that the stock market could see a loss of close to 2500 points sometime within the next 30 days. That is is why it makes it more important than ever before for investors who want to avoid losing money in the stock market to consider investing in rental properties now.

Why Invest in Rental Properties?

The most important reason to consider investing in rental properties now is financial security.

When the stock market is going down, you can always count on your rental properties to continue producing you regular income on a monthly basis that you can depend upon.

Over the last 20 years, rental properties have been the most consistent investment around and everyone from Jim Cramer, to investors in the San Diego area, have been putting their money into rental properties to avoid the losses that they may have sustained following the .COM bubble burst of the late 90s, or the Great Recession.

What Types of Rentals Should You Invest In?

With more cities across the United States taking a stand against Airbnb and short-term rental properties as a whole, it makes more sense for investors in cities like San Diego, Phoenix, and Las Vegas to consider investing in long-term residential rental properties.

The obvious benefit of investing in a long-term rental property is that it will produce consistent cash flow for you on a regular basis and you won’t have to deal with the hassle which comes from owning and managing a short-term rental property like an Airbnb.

Depending upon your preference, you may be more inclined to invest in a single-family home versus a multi-family rental property, and that’s okay. There are more renters in Southern California, Phoenix, and Nevada than ever before and the good news is that there is also a wide mix of renters who prefer renting single-family homes, versus an apartment or a unit in a multi-family rental property.

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To learn more about real estate investments in San Diego, Phoenix and Las Vegas or to speak with us about our Property Management Services, contact us today at (866) 545-5303 or click here to connect with us online.

Tips For Writing A Clickable Rental Listing

One of the most important things that you’re going to do as an owner is marketing your property and a fundamental aspect is writing a rental listing write up to post online.

Sadly, many owners make mistakes that result in their listings receiving fewer clicks than they should that’s why in this article we will share with you our best tips for creating a clickable rental listing.

#1: Uѕе Dеѕсrірtіvе Hеаdlіnеѕ

Whеn people аrе looking for араrtmеntѕ оn Craigslist, they don’t сlісk оn every lіѕtіng—thеу ѕсаn thе hеаdlіnеѕ for keywords thаt іndісаtе thаt a lіѕtіng fits thеіr criteria. This mеаnѕ thаt unlеѕѕ your hеаdlіnе іѕ dеѕсrірtіvе, арреаlіng, аnd ассurаtе, very few реорlе will сlісk on іt.

Fоr instance, іnѕtеаd оf оffеrіng a “Grеаt араrtmеnt in оnе оf San Diego’s bеѕt suburbs,” соnѕіdеr a hеаdlіnе that ѕауѕ, “Fаmіlу-frіеndlу 3BR арt in Downtown, ѕtерѕ frоm Petco Park.” As уоu саn see, thе fоrmеr dоеѕn’t tell a рrоѕресtіvе rеntеr muсh about the асtuаl араrtmеnt, whereas thе latter gives thе exact ѕіzе, lосаtіоn, аnd hіntѕ аt the fact thаt thе property may bе in an ideal school district.

If you аrеn’t ѕurе whісh hеаdlіnеѕ will реrfоrm wеll, consider doing аn A/B tеѕt: Use two dіffеrеnt headlines tо аdvеrtіѕе thе same unіt, аnd then еvаluаtе whісh produces bеttеr results (bаѕеd оn іnԛuіrіеѕ, quality оf lеаdѕ, еtс.).

#2: Avоіd Sраmmу Fоrmаttіng

Some hеаdlіnеѕ use ALL CAPS AND TONS OF EXCLAMATION POINTS!!!!!! Whеn you dо thіѕ, you’re еѕѕеntіаllу yelling at рrоѕресtіvе renters to try to get thеіr аttеntіоn, аnd іt makes your ads lооk lіkе spam. Inѕtеаd, catch rеntеrѕ’ еуе with соmреllіng hеаdlіnеѕ thаt wіll еntісе them tо сlісk аnd rеаd thе rеѕt of уоur listing.

#3: Wrіtе Dеtаіlеd Copy

Put уоurѕеlf іn renters’ shoes. If уоu’rе looking fоr аn араrtmеnt оn online, whаt tуре оf іnfоrmаtіоn wоuld уоu wаnt tо knоw? At a mіnіmum, we ѕuggеѕt including:

  • An оvеrvіеw оf thе property’s condition: Iѕ it оldеr? Mоdеrn? Newly renovated?
  • A dеѕсrірtіоn of thе property’s lауоut: Is іt an open flооr рlаn? Hоw lаrgе аrе the rооmѕ? Does it have a room on the first floor?
  • Whаt’ѕ included іn thе ѕtаtеd rent? Hеаt? Hot wаtеr? Electricity? Pаrkіng?
  • Dоеѕ thе рrореrtу offer any аmеnіtіеѕ? A lаundrу rооm? A gуm? Outdооr space?
  • Describe thе gеnеrаl lеаѕе tеrmѕ, ѕuсh as month-to-month vs. a уеаr-lоng lease

Whаt will be rеԛuіrеd tо ѕесurе thе apartment? First mоnth’ѕ rеnt? Last mоnth’ѕ rеnt? A ѕесurіtу deposit? Dо you rеԛuіrе a bасkgrоund check? Emрlоуmеnt сhесk? Lаndlоrd references? Verification of income?

Whеn wіll thе рrореrtу bесоmе available fоr rent?

Whеrе іѕ thе property lосаtеd? Iѕ іt convenient to рublіс transportation оr major roadways?

Iѕ thе рrореrtу реt-frіеndlу?

Thіѕ іnfоrmаtіоn will hеlр уоu to wееd оut аnуоnе whо, bаѕеd оn these сrіtеrіа, wоuld nоt bе іntеrеѕtеd іn rеntіng thе unіt. Surе, this may result іn fеwеr lеаdѕ—but the lеаdѕ thе ad does gеnеrаtе wіll be mоrе qualified. In аddіtіоn, уоu’ll сut dоwn оn unnесеѕѕаrу еmаіlѕ аnd рhоnе саllѕ by answering thе questions thаt a vast majority оf applicants will have.

#4: Gеt Crеаtіvе wіth Multіmеdіа

Lеt’ѕ ѕау thаt уоu’vе рut tоgеthеr the mоѕt dеѕсrірtіvе ad оf аll tіmе. Pеорlе will STILL wаnt tо knоw whаt іt lооkѕ like. So, уоu саn еіthеr line up a ѕhоwіng for each рrоѕресtіvе tenant; or уоu соuld include ѕоmе form of multimedia іn уоur ad (рісturеѕ, vіdео, еtс.) Aftеr all, a рісturе is ѕuрроѕеdlу worth a thousand wоrdѕ!

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For professional property management in San Diego, Phoenix or Las Vegas, 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.

Advanced Tenant Screening – Tips You Should Follow

By GoldenWest Management

SAN DIEGO, CA. – Are you searching for advanced tenant screening techniques? If so, you’ve come to the right place.

In this article, we will share with you several tenant screening techniques that you can start using today to find higher quality tenants to live in your rental properties.

Young couple moving in new place

Make Sure Your Tenant Meets Your Application Requirements

After getting the rental application back from your tenants you should check their application to make sure that their application meets all of your requirements including the following:

Photo ID – Their application must have a current photo ID.

Credit – The prospective tenant must have a credit score with seasoned trade lines (3 or more) and more than 2 years history per reported item.

Verification of Income – This should include pay stubs which show that the potential tenant makes 2.5 x Rent.

Bank statements – Should show that the application has at least six months of reserves.

Rental Verification – Must be a written statement from previous landlord or ideally a professional property management company.

Legal – They must have no evictions.

Background check – You must check their background for a criminal record via HUD guidelines.

New apartment building in suburban area

Did They Complete the Application?

After doing all of the above you should next check your tenant’s application to make sure that they filled it out completely and signed the application.

This step is important because a prospective tenant who fails to fill out their rental application may be hiding something and this could lead to you evicting them due to the information they left out on their application.

Young man with glasses working on his notebook, with a fresh cup of coffee nice and early in the morning, getting the business out of the way nice and early in the day

Contact Two of The Prospective Tenants Previous Landlords –RENTAL VERIFICATION

Instead of calling their current landlord, you should contact at least two of your tenant’s previous landlords.

A tenant’s current landlord may give them a “glowing” review (especially if they are eager to get rid of them) while their former landlord may offer you the real truth about who the prospective tenant really is.

Street of residential houses

Verify, Verify, Verify

Last of all, but most important, always verify all references that a tenant gives you.

From their personal references to income sources, it’s possible for someone to create fake references and you will only know if they are legitimate or not until you actually call to confirm and verify them.

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For property management in San Diego, Phoenix or Las Vegas contact Goldenwest Management today by calling us at (866) 545-5303 or click here.

When is it okay to charge copay?

By GoldenWest Management

Another common question that most owners and investors have asked us over the years is if it’s okay for them to charge their tenants a copay when it comes to repairs that need to be made at their rental properties.

The answer to this question is that it’s perfectly acceptable to charge your tenant a copay, as long as the repairs that need to be made are not related to health, safety or other habitability issues.

Minor repairs like replacing light bulbs should be the tenant’s responsibility and if the tenant does not want to make those repairs themselves, or they are unable to, they should be made to pay a portion of the cost.

What Repairs Should You Not Charge A Co-Pay For?

Depending on your area, the most common repairs that you should not charge a co-pay for include repairs related to heating, cooling, water heater, stove, oven, or the mainline to your rental property since these types of repairs are all typically expected to be made by the owner.

In California, landlords are expected to make repairs like those mentioned in this article because of the Implied Warranty of Habitability. If a landlord fails to make repairs to their rental that affect habitability, the tenant may be legally able to withhold rent until those repairs are made.

Even though some landlords may not like to make repairs, it’s important for every landlord to remember that all appliances have a “lifespan” and they will eventually wear out so those repairs will come unless a tenant damages those appliances maliciously.

Make Sure Your Lease Is Clear About Repairs

One of the best things that every landlord can do to protect themselves is to make sure that their lease is clear about what repairs the tenant is supposed to make and what repairs the landlord is supposed to make. Repairs made necessary by misuse, negligence, excessive wear and tear, or
destructive activities of Tenant, other occupants, guests, invitees, pets or others, whether authorized or unauthorized. Doing this will clear up any misconception about repairs and save time/money.

Get Property Management Here

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

 

 

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Can I sell my property while my tenant still lives there?

By GoldenWest Management

Are you planning on selling your rental property while your tenant lives there?

It doesn’t matter if you own a rental property in San Diego, Las Vegas, or elsewhere in the United States, you can sell your rental property while your tenant lives in the rental especially if you follow these tips.

Young couple meeting financial advisor for investment

Remember That Your Tenant Has Rights

One of the most important things to remember while you’re in the process of selling your rental property is that your tenant has rights and those rights must be respected.

What does this mean? It means that you must respect your tenant as a person and tell them about your intention to sell the property.

If they’ve expressed a desire to move, you should be willing to pay your tenant to vacate (Cash for Keys) and come up with an arrangement to help them move into a comparable rental property in your city.

Let’s say that your rental property is in a very competitive rental market, and your tenant wants to stay. In this case, you should be willing to communicate with them whenever the property has to be shown, and you should also follow the law by submitting a 24-hour notice to enter just so they are aware when you will be entering the property.

Estate Agent Showing Empty Office Space To Clients

Consider Selling Your Property to An Investor, Or to Your Tenant

As an investor, it’s important for you to get your ROI from your rental property but you ultimately may want to consider selling the property to another investor.

This is a great idea because an investor may be open to buying a property which is already occupied, compared to a non-investor who may want to have the tenant move after they purchase the rental property.

You also may want to consider selling your rental property to your tenant as well because this solves the problem of them having to move and they may have interested in becoming an owner, especially if they’ve been renting your property for more than one year.

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

How long should it take to rent a home?

By GoldenWest Management

Are you planning on renting your home and are wondering how long it will take to rent it out? If so, you’ve come to the right place!

In this article, we will share with you information on how long it’s going to take for you to rent your property out and what you can expect from this process.

cartography, location and navigation concept - close up of map or city plan with pin

Location, Location, Location

Depending on the location of your home, and the demand for rental properties when you’re reading this article, it could take 30 days or longer to rent your home.

Location is obviously important because if your home is located near good schools, restaurants, shops, stores, entertainment options or amenities in your area, it’s going to rent faster than a home which may not be located in a desirable area.

If you’re not sure if your home is located in what can be considered to be a desirable area you should take the time to consider what’s nearby because, even though those things may be average to you, they may be highly desirable to a renter.

  • Is your home near public transportation?
  • In a good school district?
  • Near public parks?

Beautiful New Custom Living Room Interior.

Price

Your home may be in a great location but did you set the correct market rent? If not, you risk having your rental home stand out like an eye sore because it’s going to be overpriced when compared to what other properties may be renting for nearby.

To verify that you have set the correct market rent it’s best to check other rentals nearby to confirm what they are renting for. You can do this by using websites like rent.com or Craigslist.org to get a good idea of the rent a landlord may be asking for a rental property in the area.

A row of colorful new townhouses or condominiums.

Condition

What condition is your home in? If it’s not been maintained in some time and has dirty floors or walls that haven’t been painted in years, the condition of your home may keep it on the rental market for longer than you expect.

Instead of renting your home “as is” it’s best to work hard on improving the condition of your property before you list it for rent because this will also help your property to rent fast.

tenant

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

Should A Landlord Accept Pets at Their Rental Property?

By GoldenWest Management

Although some landlords may have a no pet policy, the reality is that it’s a smart idea for landlords to accept pets at their rental properties.

Since we constantly hear about all of the problems animals cause for landlords, you may not be as familiar with the benefits of allowing your tenants to have pets. This article will provide you with several reasons why you should consider accepting pets and the long-term benefits they will offer you.

Expose Your Rental to A Wider Tenant pool

Thanks to recent statistics from apartments.com we know that 75% of renters in the United States have said that they have a pet, and roughly 60% of those renters have struggled to find a rental property that allows pets.

Every landlord should consider accepting pets at their rental property because doing so will widen their tenant pool and make it possible for them to expose their rental to more prospects who are searching for pet-friendly rental properties.

Increase Your Renewals

The vacancy rate is decreasing in cities like San Diego, Phoenix, and Las Vegas. This has made it harder than ever before for some renters to find rental properties and most tenants who have pets will be inclined to renew their leases rather than look elsewhere because they won’t want to go through the hassle of finding another pet-friendly rental again.

Increase Your Annual Income

Since most pet owners are committed to their pets it’s possible that you can also increase your annual income by renting to them when you charge a pet deposit and monthly pet rent of $20 per month which can easily add up to $240 per year.

Protect Your Rental Property

Last of all, but most important, renting to people who have pets will also help you to protect your rental property because you will know up front what type of pet is living in the home, compared to finding out later that the tenant had a pet after they moved out.

Best of all, if your tenant’s pet causes damages to the rental property, you will be able to use their pet deposit to cover the cost of repairs.

Get Property Management Here

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

How do I conduct a move out an inspection of my rental property?

One of the most difficult things to do for some owners is to conduct a move out inspection of their rental properties because the former tenants may be asking the owner for their deposit return (like most tenants do) while the busy owner may also be searching for new tenants to rent their property to.

Thankfully, conducting a move out inspection can be easy for any owner especially if they follow the tips in this article.

move out inspection

What to Look for After a Tenant Moves Out

Besides inspecting the rental property to make sure that it’s been professionally cleaned after the tenant moves out, every owner should be looking for the following:

  • Unapproved changes or alterations to the rental
  • Weird or strange odors
  • Evidence of pets or smoking in the rental
  • Holes in the doors
  • Fleas or bug evidence
  • Burned out light bulbs or missing hardware
  • Missing blinds or window coverings

What to Do After the Move Out Inspection

After doing a move out inspection another important factor that you should consider is accessing the condition of the inside and outside of your rental property because now is a great time  to make repairs to your rental while it’s not occupied with tenants.

Exterior:

What is the condition of the paint and siding? Does it need to be cleaned or replaced?

Does the landscaping need to be cleaned up and/or replanted?

Are there any stains on the driveway or parking spaces which will need to be pressured washed?

Interior:

How is the condition of the doors and windows? Are they easy or difficult to use?

Are there any signs of mold in the rental property?

How is the condition of the bathrooms? Does the caulking around the toilets, sinks, and showers need to be replaced?

What condition is the flooring in? Has the carpets/flooring been professionally cleaned? Does the flooring need to be replaced?

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Tired of managing your rental properties and doing move out inspections yourself?

There’s no denying that property management takes time, especially when you add more rental properties to your portfolio, that’s why you should save time and money by investing in professional property management with GoldenWest Management.

At GoldenWest Management we will save you the time and hassle of doing things like a move out inspection so you can rest easy and have confidence that your rentals are being professionally managed by people who really care about your rental properties and tenants.

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