Nearly half of San Deigo's residents are renters, making it the perfect place to be a real estate investor.
Buying your first rental property can be overwhelming. There's a lot to learn and a lot to do when it comes to being a lawful, respectful, and successful landlord. If you're going to make it work, you need to put the time in.
Thankfully, you don't have to go through the process blind. In today's post, we'll walk you through the first steps in post-purchase property management. Keep reading and you'll have the perfect first rental investment guide to get you started on the right path.
Prepare Your Investment
Unless you've purchased a turnkey property, you're going to need to do a bit of work to make it a great rental. Yes, there are plenty of great renters in San Diego, but there are plenty of landlords you'll be competing with as well. The more attractive you make your property, the more competitive you'll be in a busy market.
Inspect your property, make all necessary repairs, and consider upgrading certain aspects to make it more appealing. One thing you should think about is turning a single-family home into a multi-family rental. There's a large up-front cost with this tactic, but it can pay major dividends down the road.
Understand the Law
When your property is ready to rent out, brush up on your legal knowledge. It's crucial to operate lawfully as a landlord, so read about California's landlord-tenant laws. Pay close attention to Fair Housing laws and how to carry out a legal eviction, as they're the areas of most confusion for landlords.
Find Great Tenants
The next step is to start looking for the ideal tenant. Again, in a busy rental market, you'll need to invest in solid rental marketing to make your property stand out.
Create a thorough rental listing that describes your property accurately and details some of the local amenities tenants can enjoy. Complete the listing with plenty of high-quality real estate photos that showcase the property in the best light.
Once you have applicants, you'll want to engage in thorough tenant screening. This process looks into each candidate's criminal and financial history to determine if they're the right fit. If they've got poor credit or a concerning criminal history, you can screen them out of the competition until you find the perfect tenant.
Offer Great Tenant Services
Finding a great tenant is crucial, but you need to keep them satisfied if they're going to stick around and keep your occupancy rates high. Make sure you're providing great communication with your tenant and be proactive with preventative maintenance and tenant maintenance requests.
Property Management for a New Real Estate Investor
If being a real estate investor sounds like a lot of work, that's because it is. To be a good landlord, you need to be thorough and attentive. Not every investor has the time to do it well, which is why property managers exist.
At PMI San Diego, we specialize in full-service property management, offering San Diego rental tips and real estate advice to new and veteran landlords alike. To learn more about how we can help you thrive as a property investor, contact us today.
