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From tax breaks to short-term rentals, there are many creative ways to boost rental income without breaking the bank. But what are they, and how do you start taking advantage of them?
Watch this webinar recording to hear actionable insights from Doug Brien, founder and CEO of Mynd Property Management, on how to effectively maximize rental income at your investment properties. He discusses:
If you’re a rental property owner looking to maximize rental income, watch the recording now!
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Is the Scottsdale, AZ market a good fit for your investment strategy? Learn more about this unique market,why to hire a property manager, and how to determine your rent for this area.
Scottsdale is known for hosting baseball spring training for the San Francisco Giants, Colorado Rockies, and Arizona Diamondbacks. With more than 200 golf courses in the area, it is also a popular destination for golfers.
Often referred to as a suburb of Phoenix, the average prices of a rental home in the area is about $400,000. However, this does vary depending on the area you are looking in. As an investor, you would expect to benefit from appreciation in value but not so much as far as cash flow goes. The higher purchase price in the area is what is going to limit your cash flow, so this will probably only appeal to the investors interested in appreciation of the property.
When shopping for an investment property, you want to use the knowledge of Scottsdale property manager who knows the area, knows the rental market, and knows where to buy based on your goals. At Mynd, we have proprietary data that will help determine if this area is right for you. If it aligns with your goals, your property manager knows what areas rent faster and can help you find a good investment.
One of the most important jobs of a Scottsdale property management company is to make sure your property is protected while also ensuring the tenant is taken care of. At the end of the day, you are in the customer service business, and your property management company can be that helpful,friendly face when dealing you’re your tenant(s). This includes things like
Your Scottsdale property manager knows the local laws and how to handle situations when they arise with your property or tenant. They are well educated when it comes to know the laws and are better equipped to help you make smart, legal decisions about issues.
Just because you have been charging the same amount for years doesn’t mean it will rent for that amount today. Your rent must match the market. This could mean an increase or decrease from what you have charged in the past. Your property manager can provide you with a rental analysis to show you comparison numbers for your market and give you a better understanding of what you can expect to get in today’s market. Mynd offers a free rental analysis of your home. Setting the price right will help it rent faster. An overpriced rental runs the risk of sitting vacant month after month which costs you money in the long run.
When you are managing a home on your own, you need to make sure any contractors are licensed and insured, and are they charging you a fair price. Your property management company has established relationships with quality vendors. Often, they can get a better price on work because of this long-term relationship they have with their vendors.
You can be free of the late-night emergency maintenance calls and other interruption involved with owning rental property because your property manager will be taking care of this for you. If you are a serious investor with multiple properties, these headaches are multiplied. As you grow your portfolio, you will eventually be short on both time and knowledge. Hiring a professional property management company is going to give you your time back. Now you are free to do what you want while they handle any issues that come up. No more 1:00 am emergency calls! They are better equipped with their vendor resources and knowledge of the laws to protect both your property and your tenants.
Not knowing the law doesn’t excuse you when it comes to tenant laws. If you do choose to manage the property yourself, take the time to educate yourself.
After purchasing your Scottsdale, AZ rental property, how do you determine what rent to charge?
If you were hoping for a 30-60 days on market turnaround,keep in mind the 120 days is going to effect your cash flow. You will want to factor that in your planning.
Getting market analysis numbers is important, and your property manager can help get you the numbers you need to make an informed decision on things like purchasing or setting rent.
56% of the homes in Scottsdale are owner occupied. That means 46% of homes are rentals, and that is good news for you as an investor. If your property is in rent ready condition and priced right, it has a great chance of renting.
Scottsdale has been experiencing about 8% a year while Phoenix is about 10%. That is good news for investors looking to purchase investment property for appreciation in value.
Don’t focus on 1 set of numbers but instead look at them all to create a bigger picture. The average house price in Scottsdale is $934,000 (about $326 /sq ft) . The national average is $330 per sq ft. That tells you that Scottsdale prices are on the high side. Expect to have little cash flow, but the advantage is going to be in the appreciation due to the consistent growth in the area.
If you want a free rental analysis of your property, contact us at Mynd. Not only do we offer property management services in Scottsdale, AZ, we have offices in 19 of the most rent able markets in the US, so we can help you increase your portfolio and net worth in multiple markets.
We can help you purchase and manage an investment property outside your current market. When you expand outside of your area, you will have a wider selection to choose from to find the properties that best fit your goals and strategies as an investor. The advantage is you can expect the same level of services across all our offices, and you only have to deal with one company for all your investment needs. Contact Mynd today.
Thinking about owning a rental property in Temecula, CA? Already own a property in the greater San Diego area? We are here to help ensure your investment is operating efficiently and you are managing the unit effectively. Learn more about how to quickly fill vacancies in your rental properties as well as the local laws and regulations applicable to homes in the Temecula, CA area.
Having a vacant property can be a stressful time for any rental property owner. Learn our top tips for getting your Temecula rental property leased quickly to the right tenant.
Your experienced Temecula property manager can provide some guidance to efficiently get the property ready to rent.
If your home has a musty, closed-in smell, you want to take some steps to make the home smell fresh. A new coat of paint and clean carpets can make the home more inviting.
Quick updates you can do to improve curb appeal:
Don’t assume that the rent you charged in the past is still accurate. Markets change and rent rates fluctuate. To be competitive in Temecula, CA, your rent rate needs to match what is available in your area today. Pay attention to your market to know how much you can rent your home for. Your property manager will be able to give you a rental analysis that shows a rent range you can expect to receive.
You might have potential tenants coming from out of state that aren’t familiar with the Temecula, CA area, so highlight the benefits of your location and point out the convenience of your property.
When you own a rental property in Temecula, CA, how do you know all the laws and regulations that govern you as a landlord and protect the tenants? Where can you find these laws and regulations?
Are you aware of changes to the laws and regulations that apply to landlords specifically in the Temecula, CA area? You need to be.
For example, AB 1482 was a law that was introduced earlier this year that created state-wide rent control along with several other little laws that they didn’t talk about, yet they are all being enforced. The rent control law has gone through multiple changes, and it is up to you to go discover them, keep up with any changes, and most importantly know how they affect you and your resident.
No one wants to discover they have broken a law by receiving a notice that you have violated the federal Fair Housing law. You must stay up to date on the changes in the law to avoid such a situation.
There are a lot of laws to comply with, and you want to make sure you are following them all. Are you qualified to even figure out these regulations by reading these yourself?
If you aren’t interested in spending your spare time reading through websites for law changes, you may want to consider hiring a staff member to do this research for you or hire an experienced property management company in Temecula.
Making sure you have the proper business model and are operating within the confines of the law (local, state, and federal) is key to your success as a real estate investor. As a rental property owner, you should be doing everything you can to make sure your asset is protected, your tenants are safe, and you are complying with the laws.
At Mynd property management, our professional Temecula property management services can take this headache away from you. We can give you a comprehensive review of your property, and if you want to add more properties to your portfolio, we can give you advice based on your strategy and goals. We are here to help you develop a strategy for success and make sure your property is operating correctly within the confines of the law. Contact us today for more information.
Owning a rental property in Carlsbad, CA can be extremely lucrative, if operated properly and efficiently. When your property is vacant, you are leaving money on the table. We will cover how to prepare your home for leasing season in Carlsbad, CA as well as some general tips and tricks to owning a home in the greater San Diego area. In general, the area is high in rental demand and experiences yearly job market growth. Learn more about how to manage your Carlsbad rental property below!
Before listing your rental property, make sure you have the background processes ready to make finding a tenant a smoother process.
Having the right structure from the beginning will reduce your vacancy time, so your first step is to have policies and procedures in place. Set the screening criteria in a way that increases your chances of finding a quality tenant while also giving you a solid defense in a discrimination claim.
The last thing you want to do is violate a Federal Fair Housing law or find yourself involved in a discrimination lawsuit. It is important to have written criteria that meets all the laws. All the back end policies and procedures should be set before you start advertising your property.
Is the grass cut? Are there colorful flowers in the yard? Are the trees and shrubs trimmed? Is there trash in the yard or mail hanging out of the mailbox? Not only is this first impression important for attracting interest, it also sets the bar on how you want them to treat the property. It is worth taking the time to make that impression a great one. You want your property to be the one they remember for the good qualities you present.
Think about the difference between seeing a front door with peeling paint vs one with a fresh coat of paint. The front door gives the tenant some insight into how the owner takes care of their property. They are looking for someone that is going offer them a safe, well-maintained place to live.
You want to be the property they remember because it smelled good, not the one that smelled old and musty.
A bad smelling home can be an instant turn off. Fresh paint or new carpet can make a big difference in making the home appear newer and cleaner.
If you have walls or carpets with holes or spots, take care of it. You are not going to want the tenant that would accept the home in this condition. Take the extra steps to attract a quality tenant and set the bar for the condition you expect it to be returned in.
When you show an empty home, the prospective tenant can envision how it will look with their belongings inside. Don’t show a property with an old, smelly, dingy sofa in it that was left behind from the previous tenant. Get rid of it prior to showing the property. Saying “We will take care of that before you move in” isn’t good enough. Getting your property rent ready before listing it on the market will produce the best results.
Don’t feel like prepping the home? Leverage your time by hiring a Carlsbad property management company that has the vendors and resources to help you get your property rent ready quickly.
Carlsbad is a quiet little beach town located just North of San Diego that has a few specific types of renters due to its location.
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Renters in the area are a mix:
Due to the demand for housing in the area, the price per square foot is going to be high, but the values in this market are very stable.
Because the city’s populations consist of mostly retirees, vacationers, and military families, there aren’t a lot of places to work in the area as far as businesses go.
Would it be better suited for the retiree, vacationer, or a military family?
Because the value of the property is high, your cash flow is probably going to be a little lower than if you had property in another city. What you will get is a lot of appreciation. Don’t expect to put a minimum amount of money down on an investment property in Carlsbad and get a maximum amount of cash flow. However, you can expect the property to consistently go up in value year after year. Before investing in Carlsbad, consider these points and determine if that aligns with your investment strategy.
Carlsbad is perfect for someone that is looking for a property that is going to go up in value in a stabilized, smaller area.
If you are interested in investing in the Carlsbad, CA area or need management services, contact us today about Mynd’s full-service, results-oriented property management in Carlsbad.
