The real estate market is one of the most rewarding industries a person can get involved in. It is one of the few investments that a person can actually use someone else’s money, to make money for themselves. To maximize the investment and make it work for your demands knowing how to effectively leverage money. Leverage is one of the most critical factors in having a successful real estate investing experience.
Did you know that the median price of a home in 16 zip codes in Orange County has surpassed the million-dollar mark? In other words, prices have pretty much doubled in the last ten years! Imagine how you would feel if you had doubled your money in just a decade? Basically, a steady 10 percent raise every single year. Not to mention the rental income and tax deductions you’d likely benefit from throughout those same 10 years. You are probably looking at these figures and thinking, “OK, I am ready to dive in.” We have some tips to keep in mind when you are looking into OC real estate investing.
Most, if not all, property managers and landlords in Southern California will conduct a background check on prospective tenants. This background check usually includes the landlord ordering a credit check and/or a consumer report. When conducting background and credit report checks, owners, landlords, and property managers must remember to comply with both Federal and California Fair Housing Laws. Additionally, they must also comply with the Federal Equal Credit Opportunity Act and the Fair Credit Reporting Act (FCRA), which may be applicable whenever a landlord or property manager orders a consumer report on a tenant.
If you own a home in Southern California you must ensure the care, maintenance, and upkeep of the home is a priority if you wish to maintain your property’s value. One way homeowners can keep their appliances and major systems in optimal condition is by investing in a home warranty policy.
In response to this brewing housing crisis, Governor Newsom enacted AB 3088, commonly referred to as the COVID-19 Tenant Relief Act of 2020, to offer substantial new protections to all California residents, from eviction, provided that they qualify. In sum and substance, the bill prevents the eviction of tenants who are facing financial hardship due to COVID-19.
As an owner or investor of multifamily properties in Orange County, Los Angeles, and beyond, the property manager or property management firm you choose to work with is critical to your real estate portfolio’s success.
While you would like to have the ideal tenants, are you being their ideal landlord? According to a study by the National Center for Housing Management, 54 percent of apartments turn over every year.
Successfully renting and managing rental and investment properties may seem like a difficult proposition at times. This is because there are a considerable number of issues and unknown variables that may arise.
Making improvements to your rental property is often viewed as a strategy to increase the net operating income of a property. However, deciding which improvements will give you the best return on your investment can be tough, especially when prices are surging.