Does the Hayward, CA market offer what you are looking for and align with your investment strategy? What laws and regulations do you need to follow, and are you willing to keep up with the constant changes on your own? We answer these questions and more in an interview with our local property management team in Hayward, CA.
Samantha Bettencourt, Mynd’s Hayward Portfolio Manager, thinks that single family homes are a solid choice when looking for an investment property in the area.
Hayward is a mid-level city located in the East Bay area. Your typical renter in the area is most likely looking for more space and a less-expensive alternative to living in the city. You are going to have people looking for a nice area to raise families, so single family homes are going to be a popular choice for renters. She doesn’t rule out multi-family properties. They could be a potential investment opportunity depending on your strategy and preference.
Does a single-family home in Hayward fit with your goals and strategy?
Before investing, make sure that a single-family home in Hayward, CA is going to meet your expectations and goals as an investor. Maybe the property isn’t going to offer you much cash flow income, but it does offer consistent appreciation. If that fits your investing strategy, then this is a great investment opportunity for you.
Make informed decisions based on the numbers.
It is important to work the numbers and know exactly what you can expect from your investment. No one wants to be surprised after the purchase. Discovering that there is no cash flow when you were expecting $500 a month would be a harsh reality check. Avoid that scenario by thoroughly researching the area, running the numbers, and consider the realistic expectations the property offers.
There is no one size fits all in investing
Mynd Property Management manages many homes in the Hayward, CA area, so we are familiar with the rental market and know where the good deal are located. Not only can we help you find an investment property that works with your strategy, we also offer property management in Hayward and pricing that allows you to choose the level that fits your needs.
Top Rental Property Laws and Regulations in Hayward, CA
As a property investor in Hayward, what landlord laws and regulations should you be aware of?
Doing extensive research on the laws you need to follow is required of all investors. Laws that apply to landlords include local Hayward city laws, State of California Rules and Regulations, and Federal laws such as Fair Housing and Discrimination laws. Your county and city websites should have up to date information on any local laws, ordinances, or regulations that you need to comply with. State and Federal websites will also have an ever-changing list of laws you must follow.
Keeping up with all the changes is time-consuming and may require that you read through websites frequently, listen to webinars, and attend seminars to stay current on the latest legislation.
- Local laws and regulations which may include city-wide rent control laws and property code that protects your residents.
- State of California laws and regulations
- Federal laws and regulations such as Fair Housing and Discrimination laws
- Laws regarding service animals and emotional support animals
For example, AB1482 - Tenant Protection Act of 2019 was recent legislation that impacts a rental property in Hayward. This law contains a lot of different requirements such as:
- Statewide law that goes into effect on January 1, 2020 and expires on January 1, 2030.
- Requires a landlord to have a “just cause” in order to terminate a tenancy.
- Limits annual rent increases to no more than 5% + local CPI (CPI = inflation rate), or 10% whichever is lower.
- A tenant may not waive their rights to these protections and any agreement to do so by the tenant is void as contrary to public policy.
- If a unit is already covered by San Francisco’s local eviction and/or rent increase regulations, the unit remains subject to those local regulations and the statewide law does not remove or replace those tenant protections.
There is a lot more to AB1482, and you can follow the link to read more about it.
City and county websites are a great resource for laws, regulations, and ordinances that apply to landlords. They also are an important resource if there is a natural disaster like an earthquake if you live out of town. Their websites should have up to date information on the situation in the area. This can be reassuring if you are an out-of-town investor.
Your job as an investor is to be responsible and follow the laws
If you are an out-of-town investor, you probably are not too excited about dedicating your free time to learning about what the governing agencies are changing from week to week. Even as a local investor, your time is important.
What do you do when you come across a law that overrides another one? What if there are two laws that conflict with each other?
Hire a Property Manager that knows the laws in Hayward
After contemplating all the work involved in keeping up with the laws you need to follow, it might look like hiring a property manager is money well-spent. Your property manager knows the laws and keeps up to date on changes, so you don’t have to. This could save you many hours a month in time you would have spent researching the updates yourself.
Mynd property management is ready to be your strategic partner.
If you are looking for investment property or Hayward property management services, we are here to help you succeed. We offer a FREE rental analysis of your current rental property, so give us a call today.