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How to get started buying investment property

You likely know investing in real estate can be one of the best ways to achieve financial success. However, it is no secret that buying rental properties can be a big step. Fortunately, with the help of True Property Management, you can get started with your first investment property to put you on the path to a more lucrative future. 1. Start With Thorough Research Real estate is all about location. In Southern California, it may seem like anywhere can be profitable. However, in such a competitive market, every investor needs to carefully balance affordability and desirability. Doing plenty of research helps you make more informed decisions about which properties to purchase. 2. Secure Essential Financing Of course, most people don’t have cash lying around to buy investment properties. This is okay. With appropriate financing, you can ensure your property earns a good return on investment without needing to have the capital upfront. In fact, according to Apartments.com, you can even buy investment properties in a number of ways with little or no money. Take some time to research your financing options. Often, the mortgage is the biggest ongoing cost associated with an investment property. Saving yourself even a small amount each month can be worth the work. 3. Obtain the Right Help With the Purchase Process Working with real estate experts can help secure a better deal. Someone who is familiar with residential properties in California can assist you with opportunities you may otherwise miss. Additionally, they can give you some insider knowledge on whether a deal is as good as it looks. Like any other business function, buying real estate is often easiest when you have the right professional services in your corner. A realtor is a big part of this. However, you should also have a good accountant and potentially even a financial consultant. 4. Be Realistic About Your Management Abilities Investment properties aren’t just a matter of purchasing a building and collecting rent, even if your notices are on your best invoice template. Properties need to be managed. Be realistic about how much time you can commit to managing your property. If you are buying a duplex and renting out one unit, it is reasonable to maintain a full-time job while also managing your property. If, however, you are buying a multi unit apartment building, managing all the units may be a full-time job itself. It is often a good idea to acquire some help for managing properties. You can consider hiring someone directly. Alternatively, you may prefer working with a property management company. 5. Make Sure Your Property Is Competitive Finally, you need to think about how competitive your property is with other rentals nearby. For example, dated interiors could set your property back. Similarly, you want to repair any items such as appliances that could present safety issues or address other major aesthetic drawbacks. Hiring a repair service can be a little tricky. However, it is worth the time to research reviews to find the right option and possible discounts. You will also likely need repairs in the future, so building a relationship with the right service provider is a good idea. Get Ready to Buy Your First Property By following the above tips, you can be in a good position to buy an investment property. This could become a lucrative path if you play your cards right. This article is brought to you by True Property Management, which currently manages properties all across Orange County, California. From the beaches of Newport and Huntington Beach to Costa Mesa, Irvine, Orange, Santa Ana, Tustin, Mission Viejo, and everywhere in between. Our tremendous success is the direct result of landlords like you leaving their current management for someone they can trust like True Property Management. Virtually all of our clients were once with another management company. We know and understand your pain because we interview each of our landlords to better understand their needs and make it our mission to best serve you. For more information, please visit our website or contact us …

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6 Tips to Impress Your Potential Landlord

  You’re new to the rental market scene, and you’ve spent several weekends hunting for a place. When you finally locate one that’s exactly right for you, there are a dozen other people who want to check it too. You begin to stress, thinking about what you can do to distinguish yourself as the ideal prospective renter. But don’t worry! Although it may seem that getting an apartment is sometimes more competitive than getting into an Ivy League school, there are specific pointers that almost always work. We have done our research and now present you with the absolute best tips to impress your potential landlord and secure that place you’ve set your eye on. How to impress your potential landlord – A guide After you’ve found a property you want, you’ll have to go through the numerous levels of screening, references, and paperwork checks before you can settle in. Making the wrong impression on your landlord during these phases may result in your request being denied in favor of another prospective tenant. To avoid that, our True Property Management experts have the top tips for establishing a great initial contact with your landlord or renting agency. 1. Make sure you can afford the property The landlord needs to ensure that you really can pay the rent. Gain the favor of potential landlords by knowing the highest rate you can pay based on your salary — only look at rentals at or below this level. To determine your maximum, first know how much money you make annually, including all income sources. Then, divide your total annual revenue by 40 to estimate your ideal budget.   Before you even begin house hunting, ensure you have enough money on the account to cover the deposit and first month’s rent. Not having enough money to pay for a deposit if you locate a house and want to reserve it could be very uncomfortable and ultimately resolve in losing the place. It will be critical to put down a deposit fast to get your ideal rental property. 2. Have all your paperwork in order Most landlords will request a documented rental application. So, you will get a competitive edge if you can deliver it promptly. When it comes to renting out a residence, there are a few things that you must obtain. Furthermore, not having the paperwork on hand might create delays and potentially result in you losing out on another possible lease. Here are a few documents that will be required to guarantee the process goes well and without delays: Financial details – Be ready to submit bank details for your checking, savings, and other bank accounts – potential landlords may want approval to conduct a review of your assets. If you need to offer your social security number for a credit check, be sure you have it handy. Keep your checkbook close, too. References – Just like when seeking a job, you’ll need to have a list of references available for the landlord to check. References are frequently obtained from prior landlords and employers, colleagues, or friends. Make a list of at least three references and prepare their names, phone numbers, and email addresses.  Information about pets – Provide a vet’s note proving that your pet is immunized if you’re relocating with your beloved animal. Be ready to disclose your pet’s breed, size, and weight. Pro tip: Before you apply, know your credit score! Nearly every landlord and rental agency will do a credit check to assess if you have a good track record. You can impress your potential landlord by cutting a step there. 3. Present yourself well Dress formally when visiting an apartment showing and meeting with the landlord. There should be no ripped jeans or worn-out workout attire. Think what you’d wear if you were meeting your significant other’s family for the first time. Business attire isn’t excessive; a crisp button-down with neat trousers can create a great first impression. Appearances are as crucial to your potential landlord as they are to hiring managers, and the statement you want to portray is, “I will take care of the apartment just as well as I take care of myself.” You don’t have to go overboard, but a neat look makes a big difference. 4. Show up on time Nobody is impressed by waiting. A landlord will typically schedule showings in 10, 15, or 30-minute blocks, so you will throw off the entire schedule if you don’t show up on time. If you cannot attend your planned meeting, do call to postpone as soon as possible. Expect that you might not get another appointment because several other people are interested in the same property. The landlord will be impressed if you are the first client to arrive, prepped, and waiting with a smile. 5. Be open and honest You need to stand out among other applicants to land your dream apartment. So, be truthful, especially regarding any financial concerns, judgments, or credit problems. Your landlord will most likely check your credit report, so tell them right away if you think they should know something. You should also notify them of potential roommates and pets. Landlords usually appreciate the honesty and would rather have that than unpleasant revelations later on. 6. Don’t be afraid to ask questions. It’s always better to ask than to wonder. Arriving equipped with some questions to ask the landlord demonstrates your interest in the property while minimizing any complications occurring later in the tenure due to miscommunication. To conclude Following these six tips will show your potential landlord that you will be a reliable tenant with sufficient funding to cover the rent on time and take care of the unit. Overall, treat searching for a new apartment like job hunting. If you’re interested in the property, it’s critical to distinguish yourself from the rest of the applicants. To offer yourself the best chance to impress your potential landlord and be the one to sign the lease, you must be well-prepared, polite, and respectful. Good luck! Meta description: If you want to impress your potential landlord and get that dream apartment you’ve been thinking about, we have just the right tips. Article courtesy of: Betty White Photos used:https://pixabay.com/photos/real-estate-agent-sale-home-keys-3337032/ https://pixabay.com/photos/investment-finance-time-3247252/ https://pixabay.com/photos/laptop-office-hand-writing-3196481/ …

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The Game Taking Over The Courts!

What’s the first thing that comes to mind when you think of pickleball? Yes, pickleball. The thing your grandma plays. Well, that’s just it — for most people the first thought that comes to mind is a group of Florida retirees partaking in a friendly game at their condo’s shared court.  But pickleball isn’t just for Florida transplants over the age of 65. In fact, this warm-weather sport is trending among 30-somethings. Even the Kardashians played pickleball on their show.  If you’re into racquet sports, don’t discount pickleball. Here’s what you need to know about this trending sport.  WHAT IS PICKLEBALL? Pickleball is kind of like a mix between tennis, badminton and ping-pong. Essentially, your hand/eye coordination better be good. You’ll need special paddles, a Wiffle ball and two or four players. Most tennis courts will have special lines that are intended for a pickleball game. The rules are quite quirky but resemble something like tennis. There are a bunch of shot techniques and special names for them. For example, “dink” is like a drop shot in tennis. And “kitchen” is the small box near the net that’s considered the “non-volley zone,” so try to stay out of there. It’s all a little funky, but play a few games and you’ll start to get the hang of it.   PICKLEBALL’S HISTORY So, where the heck did this quirky game come from? It was invented back in 1965 by a Washington politician, Joel Pritchard, and two of his friends. Their goal when creating the game was to entertain their families. There are a couple of theories behind the name, pickleball, depending on who you ask. The first places Pritchard’s cocker spaniel, Pickles, as its main inspiration. And the second credits one of the founder’s wives with describing the game like a pickle boat used in rowing. THE PICKLER TREND Enthusiastic picklers come from any age. Whether you’re a 30-something or 50-something, the game is pretty dang fun and entertaining. However, the 30-somethings are known to pair pickleball with some ice-cold spiked seltzers and a Kygo-inspired playlist for all the day-drink vibes. On the other hand, 50-somethings stick to a classy glass of pinot grigio and a classic rock playlist sprinkled with some songs by the Dave Matthews Band. Both experiences sound awesome. THE LOCAL SPOTS Bonita Canyon Sports Park4301 Ford Rd, Newport Beach Public Worthy Park1870 17th St, Huntington Beach Public San Carlo Park15 San Carlo, Irvine Public …

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Is It Time For a Change In The Housing Market?

  As Peggy Huang drove through the hills of Yorba Linda, she passed ranch-style homes with backyard stables.  White picket fences lined equestrian trails snaking through the Orange County city, whose motto is the “Land of Gracious Living.”  Farther uphill, newer houses were closer together but still featured the open space most suburban residents desire, with trails, parks and churches nearby.  Huang, a city councilwoman, wants Yorba Linda to stay this way.  Along with officials in many other O.C. cities, she is fighting a state mandate to build new homes — more than 183,000 countywide over the next seven years. The requirement, called the Regional Housing Needs Assessment, dates back more than five decades, with new goals set for each city every eight years. “I’m not a NIMBY,” Huang said, using an acronym for “not in my backyard.” “I just think it’s important for people to understand that one size fits all doesn’t work, and that’s the very policy Sacramento is pushing on us.” As home prices climb, fueled in part by a long-standing housing shortage, the stakes have never been higher for well-heeled suburbs like Yorba Linda. Many young couples can’t afford to buy homes. Low-income workers are struggling to pay the rent. Homeless people are pitching tents in places where poverty had never been visible. The argument is about how many units of new housing each city should be required to accommodate. It is also about the essence of Orange County, which is becoming more racially diverse, more politically liberal — and more crowded.  Some say that change is inevitable and the burden to create affordable housing must be shared by all communities, not just those that are already densely packed.  But residents fear that what they love about Yorba Linda — the pastoral landscapes, the wide-open boulevards, the privacy — could be lost if too many others join them. “There’s this idea that Orange County is a cluster of suburban communities far away from the ills of the big city,” said Elizabeth Hansburg, co-founder and executive director of People for Housing Orange County. “It has a nostalgia for low-density suburban development, where everyone has their single-family home, but we don’t have that kind of space anymore. We have to build higher-density housing and in a way that really violates Orange County’s sense of self.”  In every eight-year cycle, cities are assigned a certain number of new units under a complex formula that anticipates future housing needs. A state agency specifies an overall number to regional planning agencies, which then divvy up the units among cities and counties in their jurisdiction. In 2020, the Southern California Assn. of Governments was responsible for distributing 1,341,827 units of new housing among cities in Los Angeles, Orange, Imperial, Riverside, San Bernardino and Ventura counties. The association calculated that O.C. should zone for about 183,000 new units. Yorba Linda’s share was 2,400 of those units, with about half for low- or very low-income residents.  To fulfill the requirement, cities identify areas where zoning can be changed to allow new development.  Yorba Linda officials recently identified 27 sites —including church parking lots, an event venue and a hotel — for possible zoning changes. They were hoping to decrease their requirement to between 70 and 211 new homes. Nearly half of O.C. cities, including Yorba Linda, filed appeals with the association asking for their numbers to be reduced. Nearly two dozen cities in L.A. County also appealed. Some cities argued that the bulk of new homes should be placed near jobs and public transit or in places that have more open space to build. After the appeals failed, the Orange County Council of Governments sued the state and the Southern California Assn. of Governments, arguing that the number of new units in the six-county region should be 651,000.  Redondo Beach, Lakewood, Torrance, Cerritos, Downey and Whittier were also plaintiffs in the lawsuit, which was dismissed in November by a Los Angeles County Superior Court judge.  The O.C. Council has said it plans to appeal. In O.C., some city officials see the building requirements as overreach by state officials who haven’t spent time in the area and aren’t familiar with the geographic limitations. Newport Beach Councilwoman Diane Dixon says she wants to maintain Orange County’s character.  “Who wants to live in a congested urban environment?” she said. “That’s why people move to Orange County in the first place.”  Dixon, who is a member of the Orange County Council of Governments, is concerned that the state housing mandates will result in rapid growth, ultimately stripping away cities’ control over development. Newport Beach, which like many O.C. cities has little undeveloped land, must find room for more than 4,800 new homes.  That means construction would have to spread upward, not outward, resulting in a more urban landscape.  But others say more growth in suburban communities is necessary to combat the shortage of available homes and the upward trajectory of housing costs. “Supply and demand tells you that more houses will help ease upward pressure on prices,” said Jan Brueckner, an economics professor at UC Irvine. “California doesn’t have enough houses at the moment compared to its population and the purchasing power of the population.” Hansburg, the housing advocate, points to the divide between homeowners trying to preserve their lifestyles and renters dealing with rising prices in an already unaffordable market.  “They’re saying this isn’t an Orange County problem, and what I’m saying is it is as much an Orange County problem as it is a problem for any other place in California,” she said.  The last Regional Housing Needs Assessment plan required Yorba Linda, which has a population of about 68,000, to create 669 new housing units. The city exceeded that, issuing building permits for 932 units between 2014 and 2019.  In a commercial and office hub called Savi Ranch adjacent to the 91 Freeway, two new apartment complexes were welcomed by many locals, partly because there are no single-family neighborhoods nearby.  All of the roughly 120 units are priced to be affordable for people making 30% to 60% of the area’s median income. “They kind of fit there,” said longtime Yorba Linda resident Dee Dee Friedrich. “If you have to have it, that seems to be a better place.”  But Friedrich and others don’t want their own quintessentially Yorba Linda neighborhoods to change. Friedrich moved there nearly 40 years ago, mainly because the lots were large enough for horses, which she had always dreamed of owning. Recently, she has been concerned that someone might buy on her street, where each home sits on a half acre, and build multiple units. “That’s just not why we live here and moved here and worked our whole lives to be able to afford to live here,” she said. “We like that we can have a little space between us.”  Residents and city officials are also concerned about wildfires.  When the Freeway Complex fire tore through the hills in 2008, thousands piled belongings into their cars and fled. Yorba Linda Boulevard was gridlocked. Then came the Blue Ridge fire in 2020, which renewed residents’ concerns.  Huang, who was born in Taiwan and is a state deputy attorney general, fears that the more people there are, the harder it will be to evacuate when the next fire ignites.  “With more housing and more density, how are we supposed to make sure people can get out safely?” she said. Fry, Hannah. “Amid Housing Crunch, Officials Want Orange County to Stay the Way It Is.” Los Angeles Times, Los Angeles Times, 22 Jan. 2022, …

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Housing Market Competition Doubles

The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks and into summer. On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massachusetts, Georgia, Texas, Colorado, Utah, Washington, and California. Nationwide, 48% of buyers’ offers were above the list price, according to NAR’s data. On average, those offers were about 2.9% above the list price; on the median-priced home, that would be about $10,000 over the asking price. However, 13% of the offers were 10% above the list price. Real estate pros report that in general their buyers typically lose two homes before succeeding on the third try, according to the study. Homes are selling quickly under the intense competition. Eighty-four percent of listings were on the market for less than a month. “Competition could intensify in 2022 before waning in 2023 as home buyers compete to lock in at the current rates,” Gay Cororaton, a research economist for NAR, writes on the association’s blog. “Mortgage rates may rise more steeply in 2023.” View the latest on …

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Rising Rent Across The Country

Renters in California aren’t the only ones feeling pain in their rental market. Rents Climb To ‘Insane’ Levels Across U.S. Rents have exploded across the country, causing many to dig deep into their savings, downsize to subpar units or fall behind on payments, and risk eviction now that a federal moratorium has ended. In the 50 largest U.S. metro areas, median rent rose an astounding 19.3% in December 2021 from a year earlier, according to a Realtor.com analysis of properties with two or fewer bedrooms.  “Tampa, Orlando, and Jacksonville — and the Sun Belt destinations of San Diego; Las Vegas; Austin, Texas; and Memphis, Tenn., all saw spikes of more than 25% during that period. Rising rents are an increasing driver of high inflation that has become one of the nation’s top economic problems. Labor Department data, which cover existing rents and new listings, show much smaller increases, but these are also picking up. Rental costs rose 0.5% in January from December; the Labor Department said last week. It was the most significant increase in 20 years and probably will accelerate. Economists worry about the effect of rent increases on inflation because the big jumps in new leases feed into the U.S. consumer price index, which is used to measure inflation. Inflation jumped 7.5% in January from a year earlier, the most significant increase in four decades. Although many economists expect that to decrease, rising rents could keep inflation high through the end of the year because housing costs make up one-third of the consumer price index. Experts say many factors are responsible for astronomical rents, including a nationwide housing shortage, extremely low rental vacancies, and unrelenting demand as young adults continue to enter the crowded market. Whitney Airgood-Obrycki, the lead author of a recent report from Harvard University’s Joint Center for Housing Studies, said there was a lot of “pent-up demand” after the initial months of the pandemic when many young people moved back home with their parents.  Starting last year, as the economy opened up and young people moved out, “rents really took off,” she said. , According to the U.S. Census Bureau, rental vacancy rates during the fourth quarter of 2021 fell to 5.6%, the lowest since 1984. Meanwhile, the number of homes for sale has been at a record low,contributing to ballooning home prices that have caused many higher-income households to remain renters, further increasing demand. Construction crews are also trying to bounce back from material and labor shortages that made a preexisting shortage of new homes even worse at the start of the pandemic, leaving an estimated shortfall of 5.8 million single-family homes, a 51% leap from the end of 2019, Realtor.com said. And compounding all of this is the increasing presence of investors. A record 18.2% of U.S home purchases in the third quarter of 2021 were made by businesses or institutions, according to Redfin, as investors targeted Atlanta; Phoenix; Miami; Charlotte, N.C.; and Jacksonville, Fla. — popular destinations for people relocating from pricier cities. Let us help you find the perfect rental property in your budget.For more information on real estate investment; or to see what your rental may be worth with a rental rate calculator, contact True Property Management today – …

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Predicting Profits From Your Investment Property

An investment is a risk; there’s no guarantee of profit. Some investments are riskier than others. For better or worse, profits from your investment property are one of the more difficult ones to predict. While predicting the market is incredibly difficult, there are a few things you can do to manage better and predict profits from your investment property. 3 actions you can take to manage better and secure profits from your investment property Research Your Neighborhood Even if two neighborhoods are right next to each other, it’s important to know that each neighborhood has its own real estate market – its own values, its own turnover rates, its own desirability. If you’re looking to invest in property in your current neighborhood, you might be at a slight advantage for predicting the real estate market. At the very least, you should have at least general understanding of the market you’re looking to invest in. Make sure you take the time to calculate rent prices, use neighborhood search tools, analyze property reports, visit online listing sites, and talk to a local real estate agent. Know Your Property Knowing your neighborhood is important, but knowing as much as you can about your investment property maybe even more so. Knowing as much as possible about your property makes it easier to calculate rent prices that will maximize your earning potential.  Rental properties in different neighborhoods will command different rent rates, even if the units are the same size. Take your amenities into consideration, along with property updates. The more amenities a property has and the more remodeled it is, the more you can charge for rent.  Estimate Potential Earnings Finally, once you have as much information as possible about your property, you can start estimating your potential earnings. Calculate rent prices at current market rent and figure out how much your rental property would be able to bring you in a given month. Don’t forget to subtract expenses, like maintenance and taxes. You’ll also want to account for times when your property may be vacant between tenants. Estimated earnings can also help you understand if updating the property is worth the cost. Knowing just how much you can earn through your rental property can be complicated. These three steps can help you start. For more information on real estate investment; or to see what your rental may be worth with a rental rate calculator, contact True Property Management today – 866-957-6677. Source: …

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