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Mesa Properties Blog

Minimizing Vacancy When It's Time For A Rehab

Rehabs are just a normal part of the rental property life-cycle. You shouldn't have to do a rehab after every tenant turnover, but there will be times when a tenant vacates and you have quite a bit of work to do.

This can range from the standard new carpet and paint to full on bathroom or kitchen upgrades. Rehabs can be pretty pricey, especially if it's been several years since you've done any serious amount of work on the property.

It's also important to note that rehab is above and beyond the normal work you have to do during a standard tenant turnover that may just consist of some cleaning and touch up paint. If you just had a tenant move out after only living there for a year, chances are a lot of the repairs and cost for you to fix stuff that they damaged can be charged to their security deposit. A rehab is usually required after several tenant turnovers or after a long term tenant. After years of wear and tear, you are eventually going to have to do more than swap out the carpet and paint the walls. It will also be required if you get someone who trashes your home.

What needs to be done during a rehab

Every decision you make regarding what appliances, carpet quality, paint, bathroom upgrades etc should be made with the intention of earning a return.

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How Much Will Your Property Rent For?

One very important step in renting out a single family home is knowing what to set the asking rent for. Set it too high and your property will sit vacant for weeks. Too low and you won't be collecting as much income as you potentially could be.

So how do you make sure you ask the right amount?

You have a couple of options here, one that involves researching the rental value yourself and one that involves reaching out to a property management professional to help you out.

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9 Tips To Succeed With Your Short Term Rental

As the sharing economy continues to grow, the concept of renting out single family residences on sites like AirBnB and VRBO is increasingly gaining in popularity.

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12 Questions To Help Rent Your Property Fast

Every rental property owner wants to rent their home out as quickly as possible. After all, vacancy is the number 1 expense when it comes to your rental property investment. So how can you make sure you rent your home out as quickly as possible, and what qualifies us to write about this?

We've helped our client owners of a combined 800+ properties rent out their homes quickly and with minimal vacancy time between tenants. It all boils down to consistency. We've developed multiple systems and procedures that allow us to rent out properties in the Inland Empire and High Desert in under 30 days.

It's worth pointing out that even though we have the system down pat, there are certainly exceptions. Some properties have rented in under 24 hours while others sit for several weeks. This is especially true of unique properties or properties in unique areas such as mountain homes, homes with extremely large lots or located in new development areas to name a few. Market conditions and time of year also dictate average vacancy times.

Following the guidance on this page and answering the following questions the way we do will put you in the best position possible to rent your home as quickly as possible.

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Is Rent Control Coming?

The November elections are just a month away and a very important measure will be presented to all California voters: Proposition 10.

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The Fiduciary Duties of Property Managers

There's a common saying that property management companies use when pitching their services to potential owners. "We will manage your property as if it were our own."

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2019 Law Update: Changes To The 3-Day Notice

Gov. Jerry Brown signs legislation making it harder to evict tenants.

A well intentioned law that just makes everything more complicated

What's In It?

Last week the governor of California, Jerry Brown, signed Bill AB-2343 into law. This bill extends the amount of time that a tenant can stay in a rental house without actually paying the rent or fulfilling other obligations of the lease. This new law goes into effect on September 1, 2019.

This law is not a huge deal for landlords, but it makes the eviction process that much lengthier and complicated. Essentially, this law excludes holidays and weekends from the time that a tenant has to respond to a notice.

This includes the infamous 3-Day Pay Rent or Quit notice, which is the start of an eviction process. The 3-Day notice is simple, it tells the tenant that if they do not pay the past due rent within 3 days, the landlord is going to start the eviction process and remove the tenant from the home.

California’s new law also covers the 3-Day Notice to Perform Covenant (Cure) or Quit. This notice is served to a tenant when the tenant is still paying rent, but is somehow in violation of the lease. Examples of this include excessive weeds or trash in the yard, drugs on the property or adults living on the property who are not on the lease. Only If the tenant does not remedy the broken lease is the eviction process actually started.

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Selecting A Home Security System

In 2018, personal home security systems are cheap, they're everywhere and they are incredibly easy to install. It has become an absolute no brainer to have one in your personal home and may become more and more necessary to have one in your rental home as well.

Several Inland Empire cities are on the top 10 list for highest property crime rates in Southern California. With the passing of Proposition 47, property crimes have risen and the likelihood of becoming the victim of a home burglary has increased.

Homeowners and renters alike can ensure they are protected by taking simple measures to add security to their homes. The big companies with the confusing contracts and high fees are no longer the only option. There are several DIY systems that you can install in a matter of minutes and have up and running with free self monitoring or low monthly fees.

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How Long Does It Take To Find A Tenant?

How long will it take you to find me a tenant?

This is a question that property managers get asked a lot, and the answer is, it depends.

There are so many factors that affect the desirability of a home, it can be difficult to give an exact time frame for how long it will take to find a tenant. If the property is "standard" it will typically rent much faster than a "unique" home such as a mountain home, a home in a new development or a home with an extremely large lot.

For a professional property manager, renting out a home in under 30 days should be standard and what happens 90% of the time.

For an owner renting out their own home for the first time, it isn't uncommon for the home to sit vacant for weeks or even months.

Here are 12 questions to ask to help you determine if your home is likely to rent in under 30 days or not.

Take the free quiz below to see where you stand, or just scroll on by to see how you need to be answering these 12 questions if you want to rent your home in under 30 days.

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Are You Ready To Die?

Most people would say “no” but in reality we all die. Unless you are super rich and maybe a little goofy, you could look into a good cryogenic vendor to freeze your brain in the hopes of a future cure for whatever ultimately pushed you out of this life and into the next.

For the rest of us, death is inevitable. If you own income producing real estate, it’s vital to do some estate planning now while you are still counted among the living.

Don’t think death can’t come knocking at an early age. I know of two local men in 2018 who recently unexpectedly passed. One was in his late thirties, healthy, fit and heading out for a morning run when his running partner found him deceased on his front porch. Another man was 44 years old, in the process of getting healthy with diet and exercise. He left his Orangetheory Spin class early not feeling well. He went home and had a massive, fatal heart attack.

Neither one of these men had done any estate planning because they were "too young" to think about it. Both left their families with not only the emotional grief of losing a loved one but also a very complicated, expensive and time consuming task of unwinding their assets through the dreaded process known as probate. Letting a judge decide what’s best instead of the owner is not a good idea, which is why its best to make these decisions in advance.

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Investing in Rental Property in Riverside, CA

Home prices are continually rising in California, meaning the state is continuing to see more and more renters as opposed to new homeowners. In fact, according to a study conducted by The Street, in Riverside, the average monthly rent is 4.1% cheaper than the average monthly mortgage payment.

That isn't to say that rents aren't rising either. They certainly are, but the rise in home prices and interest rates have outweighed the rise in rents.

What this means is that many would-be first time home buyers are opting to rent instead of buy. It also means that people moving to the area for a new job are choosing to rent instead of buy, even if they were homeowners previously.

In fact, Riverside has a median home price of just under $400,000 and a price/rent ratio of 18. With a low price/rent ratio rental property owners are seeing a higher return on their investment.

This is all good information for the short term, but other data points besides just market condition need to be taken into account when deciding whether or not to purchase or hold rental property in Riverside.

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