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Recorded Webinar

Webinar: How to Successfully Invest in Out-Of-State Properties

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Recorded Webinar

Webinar: How to Successfully Invest in Out-Of-State Properties

Do you want to grow your portfolio from 1-2 properties to 3-5 or beyond, but not sure where to start? Out-of-state investing might be the solution you’ve been looking for, and it’s easier than you think.

Watch this webinar to get the tools you need to start investing out-of-state. Steve Rozenberg, founder of Empire Industries and proven real estate investing pro, will share his step-by-step approach to out-of-state investing to generate the greatest return on investment.

Register to learn:

  • How to align your objectives and strategy to reach your desired financial goals
  • How to evaluate properties in out-of-state markets with tools like INVESTimate
  • How to manage your properties like a business
  • Why Houston and Dallas are prime markets to consider

Don’t miss this opportunity to learn from the leading out-of-state real estate investment expert.

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Speaker

Steve Rozenberg

Co-founder
Empire Industries

Mynd in the Press

When Should You Hire a Property Management Company in Scottsdale, AZ?

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.

Why Should You Purchase a Rental Property in Scottsdale, AZ?

Characteristics of Scottsdale AZ

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.

What types of renters are in the Scottsdale area?

  • Snowbirds – people that only live there during the Winter months
  • Retirees
  • People that work locally in tourism focused businesses.

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.

Hiring a Scottsdale Property Manager

Why should you hire a property management company in Scottsdale, AZ?

There are a lot of laws, rules, and regulations

Scottsdale property management services for your rental property

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

  • Getting back in touch with a tenant when they have a problem
  • Knowing who is responsible for fixing specific items when something breaks. Just because a tenant says something is broken doesn’t necessarily mean you are liable or responsible.  

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.

Pricing your home for the market is key to reduce vacancy

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.

 

Property managers deal with the contractors, so you don’t have to

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.

 

A property management company gives you back your time

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.

How Do You Accurately Set Rents in Scottsdale, AZ?

After purchasing your Scottsdale, AZ rental property, how do you determine what rent to charge?

 

Scottsdale AZ rental statistics

  • The average rental property in Scottsdale, AZ is 1440 sq ft.
  • Average rent (single family and multi-family) is $1648 per month
  • Occupancy rate (for Mynd in Scottsdale AZ) is 97%
  • Average days on market for the area is 120 days

 

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.

 

Rental occupied vs owner occupied data

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.

Growth in Scottsdale

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.

Take all the numbers and look at the big picture

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.

 

What will your property rent for?

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.

 

 

 

 

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5 Tips to Quickly Fill Your Vacant Temecula, CA Rental Property

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.


1) Have your home inspected 

Your experienced Temecula property manager can provide some guidance to efficiently get the property ready to rent.  

  • Is there anything you need to bring it up to code? 
  • Are there any quick changes you can make so the property attracts more interest?


2) Make sure the house is clean and ready to show

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. 

  • Open the windows and air it out. 
  • Run the air conditioner. Stale air can make a home feel stuffy.
  • Run an air purifier with a HEPA filter to remove odors, dust, and impurities.
  • An open container of baking soda can help absorb musty smells.


3) Curb Appeal matters. Make the first impression count

Property management in Temecula CA

Quick updates you can do to improve curb appeal:

  • Clean the kitchen sink disposal.  Note you can run a vinegar/baking soda solution in it to get rid of any odors that might be coming from the disposal.
  • Repair or replace damaged window screens
  • Clear dead plants or shrubs
  • Trim trees if needed.
  • Clean or replace blinds as needed.
  • Check the driveway and walkways for cracks. Remove any weeds growing and reseal them.
  • Power wash the home or driveway
  • Wash the walls if you are not going to paint. This can help eliminate odors and make the house smell fresh.
  • Apply a fresh coat of paint inside
  • Weed and plant as needed to clean up the landscaping
  • Update light fixtures
  • Repair or replace flooring
  • A fresh coat of paint on the front door
  • Clean or paint the mailbox
  • Add a new layer of mulch in flower beds
  • Trim hedges

 

4) Price it to rent fast

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.


5) Highlight what renters are looking for. 

  • Good school districts 
  • Near tourist attractions
  • Convenient to shopping
  • Easy access to freeways to San Diego or Los Angeles
  • Close to wineries


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.


Learning About Rental Property Laws and Regulations in Temecula, CA

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?


Know the laws and regulations that apply to landlords

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.

Where can you find laws and regulations that affect landlords?

  • Local city laws – check Temecula city websites for local laws that apply.
  • State laws – Check state websites for state-wide laws and property code updates.
  • Federal laws – Stay up to date on federal Fair Housing laws, Discrimination laws, Fair Credit Reporting Act, IRS laws, etc. 

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.

Looking for a property manager in Temecula?

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.

 

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Is Your Carlsbad, CA Rental Property Prepared for Leasing Season?

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.


Have policies and procedures in place

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.

Know what questions to ask and what questions NOT to ask. 

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. 

Make the first impression count

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.

The front door says a lot about the property.

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.


Simple fixes to the interior can increase interest

You want to be the property they remember because it smelled good, not the one that smelled old and musty.  

  • Open the windows and air it out. 
  • Run the air conditioner. Stale air can make a home feel stuffy.
  • Run an air purifier with a HEPA filter to remove odors, dust, and impurities.
  • An open container of baking soda can help absorb musty smells.


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.


Show the home while it is empty

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. 


Leverage a property management company to help you

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. 


Things to Know about Investing in Single Family Rental Homes in Carlsbad, CA


When you are thinking about buying a property in Carlsbad, CA, what are some things you should be thinking about as an investor?

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.

  • You are close to the beach so there are people there for vacation.
  • Being a popular tourism spot, the city has a lot of short-term rentals.
  • People like to retire in the area and rent long-term.
  • Camp Pendleton is a Marine Corps Base nearby, so you have a lot of families that want to rent nearby.
Property Management in Carlsbad CA

Renters in the area are a mix:

  • high dollar rent retirees that want to stay long term
  • short term vacationers
  • military families looking for a safe, lower rent home for a couple of years.

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. 

Consider what type of tenant you are looking for when purchasing your rental property. 

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.

Looking for a property manager in Carlsbad?

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



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