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Mesa Properties Blog

What Credit Score Do I Need To Buy A Home?

A good credit score is an excellent asset when you are in the market for a new home. It's one of the first things a lender or mortgage broker will look at and will play a big part in determining what loan amount and interest rate you qualify for.

Does this mean you need a 700 or higher FICO before you buy a home?

Not necessarily, but for the most part, the higher your credit score, the better loan you will be able to secure.

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What defines a good or bad credit score?


All three major credit reporting agencies grade your credit history from 350-850. The ranges for what's good and bad are as follows:

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Important Landlord Responsibilities Before a Tenant Moves In

The lease is signed and its almost time for your new tenant to move in!  You get to stop spending money advertising and screening applicants and now you get to start making money as your property generates a monthly income for you in the form of rent.

The process doesn't end once that lease is signed though.  There are still a few things to take care of before moving in a tenant.

There is one thing that can always be said about any property inspection: “A picture is worth a thousand words.”  In the age of the smartphone, there is no reason not to have pictures and even video of every major area of your rental property.

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5 Things To Consider When Saving Money For A Down Payment

Welcome to the post-Great Recession era of home buying!  

Prices and interest rates are almost right back up to where they were before the housing crash in 2008, but the standards for you to be able to afford and qualify for a loan are completely different, especially if you are a first time home buyer.

In the pre-Great Recession era, buying a house with little or no money down was extremely easy to do. 

And everyone did it.

Then came the housing crash.  All of a sudden, everyone was looking around and wondering how all these people with no money were living in expensive houses that they supposedly owned.

These days, it's much harder to get approved for a loan if you clearly don't have the ability to pay it back.  Lenders are much more strict with who they will lend to and the income requirements and debt ratio you must have to be considered a strong borrower have also gone up.

So the real question is, how much money do you need to afford a house?

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20+ Essential Details to Include in Any Residential Lease

A well written lease can truly help you sleep better at night.  

How do you write that perfect lease though?  

If you are using a property manager or even a Realtor to lease your property, they should have access to good, well written leases.  You can also get a good lease from various landlord associations that specialize in your property type.  You should avoid buying a very basic, generic lease, especially if it doesn’t include all the specifics that your State may require.

A good lease is necessary to protect yourself and your tenant from any legal issues that may arise, but remember, it all starts with placing a good tenant.

Download our Free Landlord Essentials Ebook!

Here are 20+ details that you should include in ANY residential lease agreement:

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What Do I Need To Qualify For A Home Loan?

Finding a good lender is difficult enough, but once you've tackled that, how do you actually qualify for a good home loan at the best possible interest rate?  In case you missed it, check out our tips on How to Get the Best Home Loan before reading this post and learn how to best qualify for the loan you want.

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4 Things To Know When Screening a Tenant

Screening and selecting a tenant for your rental property is the MOST important step in renting out your home.  

Think about it.  What do you worry about most when it comes to your rental property?

Here are some common concerns that we hear all the time:

  • Is the tenant cleaning the home and preventing mildew and mold?
  • Are they doing anything illegal in the house?
  • Are they subletting to other people that I wouldn't have approved?
  • Are they upsetting the neighbors or being disruptive?
  • Are they damaging the walls, cabinets or appliances?
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How to Get the Best Home Loan

Securing a good home loan at the right rate is one of the most important steps in the home buying process.  This can be a pretty confusing part, especially if it's your first time buying a home.  Here are some steps to take and where to go when it's time to find the perfect loan.

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The Dangers of Marketing Your Rental Property Online

These days, it is common knowledge that the best way to market your rental property is online.  Gone are the days of having to call your local newspaper to list your property for rent.  The Internet has once again disrupted another industry and changed the way we do business.  Various listing sites and Craigslist have become the go to destinations for prospective tenants looking for a place to rent.

However, with new technology comes new challenges and threats that landlords need to be aware of and guard against.  The most common threat often comes from people sitting in some internet cafe on another continent, trying to make a quick buck at your expense. The scam usually goes like this:

 

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How to Price Your Rental Property

Knowing where to start when it comes to managing your own rental property is the hardest part.  Breaking the process down into a series of steps is the easiest way to stay organized and stress free while managing your investment.  In case you missed it, check out our 9 Steps to Help You Manage Your Rental Property Without a Property Manager.  Once your property is “rent ready,” you need to determine how much to charge for your rental property.  With online sites like Zillow providing their “Rent Zestimate,” it’s a fairly straightforward process to determine the market value of your rental property.   

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9 Tips To Help Get Your Property Ready To Rent

Managing your own rental property can be a rich and rewarding experience.  It can also be a stressful and intimidating venture!  Knowing where to get started can help you manage your rental property like a pro.

Residential rental property can range from a single family residence on a nice quiet cul-de-sac to a multi-unit complex with on-site management and maintenance in a downtown urban setting.  Regardless of the type of property you own, your most important variable (after location) is the condition and quality of your rental property.  

Yes, curb appeal does matter, even if the property is occupied by a renter.  It matters to both the prospective tenant and the local community in the immediate area.   A real estate investor who understands this will be willing to invest the money needed to maximize the potential rent and attract the best possible long term tenant.  A good tenant is defined as one who takes care of the property and pays the rent in full, on time, every month.  

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My Property Manager Screwed Up My 1099

So you have rental property managed by a professional property management company and in comparing your 1099-MISC to your 12-Month Cash Flow report, you notice the total income on the Cash Flow Report does not match the 1099-Misc.  Has your property manager made a mistake?

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3 New California Real Estate Laws for 2018

Real estate laws are continually changing in California and the new year brought some important changes.  Here are 3 new California laws that directly affect landlords in 2018.

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