How Is Coronavirus Affecting the Short-Term Rental Market?

It doesn’t matter if you own a short-term rental property like an Airbnb, in San Diego, Phoenix, or Las Vegas, the outcome following during coronavirus has been the same.

In every city as bookings have stopped, and the short-term rental market has been hit hard, because people have been staying home for the last 60 days due to Coronavirus and the once stable short term rental income that Airbnb hosts and other short term rental owners could depend on is no longer coming in.

What does the future hold for owners who have short term investment properties? The answer is simple, Investors who own short-term rental properties like Airbnb’s should consider converting those short-term rentals into long-term rentals.

Long Term Rentals Are the Way to Go

Yes, even though lockdowns are projected to end within the coming month or so nationwide, the overall fear of getting infected with coronavirus is not going to leave the mindset of the general public anytime soon. This along with possible “rolling lockdowns” in the coming months means that short-term bookings may be affected for the next six months to one year.

Thankfully, owners who convert their short-term rental properties into long-term rentals can keep those properties cash flow during the 90-120 days while they wait for the short-term rental market to get back to where it was before coronavirus and the current economic crisis.

Converting a short-term rental to a long-term property is a better choice than just letting a property sit vacant for up to another month.

Long term rental properties are also a safer option that provides less risk for landlords as well.

GoldenWest Management Can Help!

Hiring a property management company like GoldenWest Management is the key to success with owning a long-term rental property because it will save an owner the time, money, and hassle of having to manage that rental property themselves

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

What Are the Advantages of Owning Rental Real Estate?

Are you planning on investing in rental real estate in San Diego, Phoenix or Las Vegas but you don’t know if now is the right time for you to invest in real estate or not? If so, you’ve come to the right place!

In this article, we will share with you some of the advantages that come from investing in rental real estate so that you can have confidence in knowing that right now is the best time for you to invest.

Advantage #1 – You Will Have Fixed Expenses

With any other business that you could start there’s always going to be expenses and is most cases those expenses will not be fixed expenses.

The good news with real estate investments is that you will enjoy fixed expenses and you may be able to start seeing positive monthly cash flow from the first month.

Example: Let’s say that you purchase a condo in San Diego and your expenses are your mortgage, property taxes, HOA fees and possibly water/sewer/trash, and your total monthly expenses average $2000 per month.

The good news is that if the condo that you purchased rents for $2,100 per month, you’re going to enjoy $100 positive monthly cash flow that will only grow each year that you own that condo since the average rent appreciation is around 3% per year.

Advantage #2 – You Will Own an Appreciating Asset

Unlike other businesses or investments, when you invest in real estate you will own an appreciating asset that will only continue to increase during the years that you own it plus your monthly cash flow will continue to grow each year when you raise the rent.

Advantage #3 – Real Estate Is A Great Asset to Pass Down to Your Heirs

Last of all, but most important, when you invest in real estate, you’re buying something that you can ultimately pass down to your heirs. Very few people are able to leave behind assets when they pass away. Your heirs will have an asset that will continue to appreciate in value for them while they own it while producing positive monthly cash flow.

Property Management Makes Owning Rental Properties Easy

After purchasing rental real estate in San Diego, Phoenix or Las Vegas the best thing to do is hire a GoldenWest Management to manage those properties for you because we will save you the time, money and hassle of managing those rentals 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.

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904

How to Protect Yourself When Buying Investment Properties

Are you planning on buying investment properties in San Diego, Phoenix or Las Vegas? If so, you’ve come to the right place!

There’s no doubt that investment properties make an excellent addition to any portfolio but, the key to success with purchasing these types of Investments is following the right procedure to protect your best interest as an investor.

In this article, we will list for you several steps that you can take to protect yourself when buying investment properties.

Choose the right location.

The golden rule as home buyer or real estate investor is always to focus on location, location, location because, an investment property can be priced affordably but, if it’s in an area that’s not near shops, stores, restaurants or amenities that people will want to use on a regular basis, you may find that the property will be harder to rent then what you initially imagined.

Thanks to the internet, investors have the best tool at their disposal for investigating an area before they choose to the invest there. When examining an area online, you should individually research, blogs or other websites that are maintained by people who live or work in the area because this will give you a proper perspective of what you can expect when living there.

Get title insurance

Another important thing that you want to do to protect your best interests before purchasing an investment property is to get title insurance.

Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and the invalidity or unenforceability of mortgage loans. … Typically, the real property interests guaranteed are fee simple ownership or a mortgage.  – Wikipedia

The property must be inspected.

Besides choosing the right location, and getting title insurance, another essential thing that you should do when purchasing an investment property is to have that property inspected.

This step is essential regardless if the investment property is a new-build or was recently renovated because it’s the only real way that you can protect yourself as an investor with first-hand knowledge about what’s really going on with the property rather than being shocked by the repairs or renovations that it may still need after you purchase it.

Get Property Management

Last of all, but most important, the final thing that you can do to protect your best interest as an investor is to hire professional property management like Golden West Management, to manage your investment property for you.

A property manager will save you the time, money and hassle of managing your investment property yourself so you can focus on growing your portfolio of investment properties or just enjoying your normal life.

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.

 

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904

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.

Learn More Here

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.

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904

Planning on Getting Started as A Real Estate Investor but Don’t Know Where to Start? Click Here

So, you’ve been thinking about getting started in Real Estate investing but don’t know where to start.

The good news is that you’ve come to the right place.

In this article, we will provide you with several tips you can use to successfully get started as a Real Estate investor regardless if you plan on investing in San Diego, Las Vegas or Phoenix Real Estate.

Tips #1 – Start Small in The Beginning

Sadly, many investors get started in real estate investing by purchasing more than one rental property at once and they are not ready with the responsibilities which come with managing multiple rentals.

This is why you should start small at first because starting small and building your portfolio or rental properties over time will give you the ability to make small mistakes and learn from them rather than having to deal with multiple mistakes which can come with managing multiple rental properties.

Tip #2 – Choose Properties That Are in In Demand Locations

You’ve heard the old phrase “location, location, location” when it comes to buying Real Estate for your primary residence right? The same can be said about investing in rental properties.

Location is important because tenants know what they want and they will be more inclined to rent a property that meets criteria that they are looking for.

Some of the most common criteria that tenants are looking for in a rental property include:

  • Bedrooms/bathrooms – Most renters are looking for rental properties that have a minimum of 2 bedrooms and 2 bathrooms.
  • Square feet – Every renter wants to rent a property that offers them plenty of square feet so it’s important to find a viable rental property that offers renters plenty of space for them to enjoy.
  • Location – Although some tenants want to live close to downtown, others want to be near the beach of enjoy the quiet solitude of the suburbs. Regardless of where your rental is located, don’t forget to highlight every aspect of its location.
  • Amenities – It doesn’t matter if the property is a single-family home, condo or town home, it has to have great amenities that tenants will want.

Tip #3 – Hire A Property Management Company

Last of all, but most important, the most important thing that you want to do when getting started as a Real Estate investor is to hire a property management company.

At GoldenWest Management we make owning rental properties easy and will save you the time, money and hassle of having to manage 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.

 

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904

Phoenix Arizona Rental Properties – 4 Tips for Successful Real Estate Investing

By Goldenwest Management

Are you thinking about getting started with investing in Phoenix Arizona Rental Properties?

Now is the right time to start investing in rental properties thanks to high demand for rentals and low mortgage interest rates nationwide.

Everyone from Robert Kiyosaki to Warren Buffet are advocates for Real Estate investing thanks to the steady cash flow you receive from your rental properties each month and the wide variety of other benefits which come from owning rentals like tax deductions and equity.

To get you started with Real Estate investing right here are our 4 tips for successful Real Estate Investing.

Tip #1 – Never Stop Educating Yourself

This tip is vital to follow because once you stop learning about Real Estate investing you won’t continue to see the same success that you’re enjoying when you’re learning about Real Estate investing.

Establish a set daily time for studying and following what other Real Estate investors are doing so you can stay ahead of other investors and even find great deals no matter what shape the economy is in.

Tip #2 – Set Clear Goals for Yourself

Once you get started with investing in Phoenix Arizona Rental Properties don’t get satisfied with just one property, set clear goals for yourself on how many properties you want to buy so your net worth will grow every year.

For example: one of your goals could be to save $20,000 and use that profit from your rental property to use as a down payment on one new Phoenix Arizona Rental each year.

Tip #3 – Don’t Speculate!

Although the market may be up, or down, NEVER speculate on where you think it’s going to go or speculate on what your short term gain will be if you purchase a new rental property in Arizona now.

Always use wisdom backed up by hard data when you’re investing because these are the two things which will ultimately contribute to your long term success as an investor.

Tip #4 – Always Invest For Cash Flow

When investing in a Phoenix Arizona Rental property your primary question should be “what is the cash flow I will get from this property” because cash flow is king and also the key to your success if you’re trying to build cash flow for your retirement.

Contact Goldenwest Management

To get started with investing in Phoenix Arizona Rental Properties contact Goldenwest Management today by calling us at (602) 765-4750 or click here to connect with us online.

 

 

Investment Property Solutions
AZ LIC# CO583886000
CA LIC# 071791904
NV LIC# B1000408