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.
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.
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.
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.
Here are 20+ details that you should include in ANY residential lease agreement:
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:
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.
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?
Renting out a property can be a great way to make extra money. However, the process of buying a second property and finding tenants can be difficult and confusing. Here are some tips for what time of year you should buy a property and how to navigate through the process of renting a house.