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Rent Climbs in SoCal

If your client is renting and they are thinking about “stepping up” to a better apartment; that may not be a good idea. This post below is bad news for renters relocating to new digs, as vacant units are in short supply. The only relief is that more vacant units become available after the eviction moratorium ends. SoCal Rents 17% Higher in 1st Quarter 2022 Landlords sought 17-18% increases for vacant units in O.C. and I.E. during the year’s first quarter.  New SoCal apartment figures show few “vacant” units available, and rent hikes for those units have skyrocketed into double digits across the region. During the first quarter of 2022, vacancy rates in the region lingered near two-decade lows, allowing landlords to boost their asking rents. Orange County’s average rent for a vacant unit jumped 18.2% from the year before, hitting a record-high average of $2,476 per month, The Southern California News Group composite of three leading apartment indexes shows: That’s up to $381 a month from the first three months of 2021 — and it’s $988 a month higher than in 2010. Inland Empire rents rose almost as fast, climbing 17.4% year over year from early 2021 to a record-high average of $1,941. After seeing rent drops during the pandemic, Los Angeles County landlords asked 12.8% more for a vacant unit in the first quarter, with a record-high average of $2,332. The reason is more tenants are moving out on their own. “It’s young adults moving out of a parent’s home or moving out of a roommate situation.” Meanwhile, vacancy rates averaged 2.4% in Orange County and the Inland Empire and 3.1% in L.A. County, the SCNG composite shows. “We’ve never seen occupancy this high,” said Chris Porter, chief Irvine-based John Burns Real Estate Consulting chief demographer. Porter noted rising employment, increased wages, and stimulus checks put money in people’s pockets, incentivizing them to move out. The composite figures are average first-quarter numbers from CoStar,Moody’s Analytics-Reis, and RealPage. Since their landlord surveys tend to focus on larger, professionally managed apartment complexes, their averages tend to be higher than smaller buildings operated by mom-and-pop landlords. SoCal isn’t alone in seeing such rent hikes amid a national housing shortage, a recent report by Yardi Matrix said. But the region’s pace of rent hikes is a tad faster than the national average of 14.3%, according to Yardi. Yardi’s data showed O.C.’s average rent was 19.7% in April, the sixth-highest percentage gain among the nation’s top 30 metro areas. The Inland Empire’s rent hikes ranked 13th in April at 16.8%, and L.A. County’s ranked 19th at 12.7%. “Explosive rent growth over the past year was driven by pent-up demand, growing household formations, and a large undersupply of new units,” Yardi’s April multifamily housing report said. Meanwhile, the demand for housing is evolving High-income and older households increasingly rent more compared to previous decades. Rising prices are squeezing out homebuyers, competition from investors for rentals, and people buying second homes.” ‘Increase Like No Other.’ Apartment tracker surveys tend to be higher than the overall market because they’re based on rents for newly available units and don’t include rent hikes for existing tenants who renew their leases. Porter said. Last quarter, SoCal rent hikes for new leases were two or three times greater than lease renewals. However, some existing tenants complained that they also see hefty rent hikes when renewing their leases. A new state law capping rent hikes at 5% plus inflation doesn’t apply to buildings built within the past 15 years. Smaller Hikes Ahead Porter said that the long-term outlook is for rent hikes to ease over the next few years, but rent drops aren’t expected. Yardi’s latest report forecasts O.C. rent hikes will moderate to 6.2% by next April, with hikes of 9.1% in the Inland Empire and 7% in L.A. County. During the pandemic, more people moved out of denser, urban areas of L.A. County to the Inland Empire, where they could rent larger homes for less while working remotely. Rents decreased year over year in L.A. County from the spring of 2020 through the winter of 2021. But they started rising last summer as the pandemic eased and more employees returned to their worksites. Rents were up 6.7% last summer, 10.2% last fall, and 12.9% this past winter. Meanwhile, rents are rising even faster in Orange County and the Inland Empire, with the biggest gains over the past year than in the previous 20 years, according to CoStar figures. Demographics may explain why rents are rising faster in the suburban counties rather than in L.A., with millennial tenants aging into their 30s and 40s, Porter said.  “Now, as they get into their 30s, they tend to go more suburban,” he said. I think Covid just accelerated that already occurring …

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6 Signs You’re Ready to Buy an Investment Property

Nowadays, investing in real estate to gain passive income piques the interest of many. And how would it not! With today’s competitive market and constantly rising prices, investors’ gain is indefinite. However, if you want to set yourself up for financial success, you have to make sure you’re ready to bite the bullet. You have to remember that buying an investment property is so much more than just having enough money to do it. You have to have proper knowledge about real estate, current market trends, and predictions for that market in the future. Only when you’re armed with both knowledge and money will you be able to do this investing the right way. Therefore, let’s talk about the six signs you’re ready to buy an investment property! You have clear investment goals There are several ways to invest in real estate: fix-and-flip, buy-and-hold, and wholesale. Therefore, investors should have a clear investment plan in mind before making a purchase. This means you need to do your research and pick the investment strategy that suits your budget and financial goals. So, let’s elaborate a little on the possibilities you have. A “fix-and-flip” method is purchasing a house, renovating it, and immediately selling it for a profit. A “buy-and-hold” approach would entail keeping the property in your portfolio for the long term and renting it out. In wholesaling, you would sign a contract with sellers to assist them in finding a buyer for their property. Finally, the investment plan you adopt will impact the type of investment property you intend to buy. This is why it’s critical to define your financial goals before you buy an investment property. You have equity  Homeowners can frequently leverage the equity in their primary property to acquire a loan or even cover the deposit. This implies you may not have to worry about a downpayment as you did for your primary home. Let’s elaborate, shall we? Suppose we know that the equity represents the value of your property minus the amount you own for it. In that case, we can easily find out how much of the equity we’ll be able to deposit towards the investment property. So, if your house is worth $700,000, for example, and you still have to pay $400,000, this means your equity is $300,000. When deciding whether to provide you access to your equity, your bank will consider several variables, including any other loans you may have, your age, income, and the number of children you may or may not have. If you’re approved, you will typically be able to borrow up to 80% of the value of your primary property, minus what you still owe. Therefore, using the preceding example, you will be able to deposit up to $160,000 of your entire equity towards an investment property you want to buy. Since you are effectively using your present property as security for your investment property, this can be risky. This implies that both houses will be on the line if things go wrong. Therefore, before making any decisions, make sure you are informed of the consequences and risks and thoroughly examine your alternatives with a professional. You have savings  Sadly, unlike with a primary house, there is no such thing as purchasing an investment property with little or no money down. This is because government-backed loan programs (such as FHA) aren’t often accessible for investment properties. Therefore, you’ll need to have some money saved up in your bank if you want to buy an investment property. In fact, experts recommend saving 30 to 35 percent of your anticipated buying price. Most banks need a 20% down payment and up to three months of spending in savings. You should also have enough money left for repairs to prepare the properties for occupancy. Whether you like it or not, lenders consider the number of liquid assets you’ll have after making your down payment and closing costs. They do this to ensure that you’ll be able to make your mortgage payments even if something unforeseen occurs to your regular salary. While lenders want their borrowers to have a particular number of months’ worth of reserves following each transaction, the criteria for investors are frequently harsher. Therefore, you need to be armed with serious money before buying anything. You know how to do the real estate math  Buying an investment property should be a mathematical calculation at its foundation. Therefore, before entering the market, prospective investors should get to know and understand the metrics they’ll need. Fortunately, there are many rules of thumb investors can rely on during the process of buying an investment property. So, here are some of the facts nobody will tell you about that will help you predict your profits: 50% of a single-family home’s total rental revenue is spent on running expenditures such as taxes, vacancy, insurance, turnover, and maintenance. You can get the time it takes to recuperate your investment if you divide 72 by a predetermined yearly rate of return. If you can rent out your home for 1% of the purchase price, you can meet your mortgage payments with the proceeds. You’re ready for extra responsibility  While equity is one of the best pros of investing in a rental property (or buy-and-hold investment property), added responsibility is definitely a big con of this type of investment. Being a landlord requires a significant time commitment. If you’re prepared to screen eligible renters and cope with the maintenance of your rental property, you’re ready to buy it. If not, then you should invest in something else. Of course, you can always contact a reliable property manager, but that doesn’t mean you don’t have to deal with your investment property. After all, it’s your property, not theirs.  Furthermore, even if your objective is to fix and flip a house, you’ll have additional duties. Your tasks will include budgeting, supervising contractors, and managing schedules in such a situation. However, in any case, it’s critical to realize that the passive income that comes with purchasing an investment property is accompanied by additional work. Therefore, before proceeding with your purchase, ensure that you are prepared to take on that work. You found a team of reliable professionals  As an investor, you must have a solid team that includes real estate, finance, maintenance, repair contractors, and property managers. In addition, you’ll need a team of experts to help you through the purchasing process. Buying an investment property is no joke. Therefore you need to secure yourself the best experts in town! As you start to put together your team, you’ll have to do your homework. Proper research will do the job. Thus, read online reviews, ask family and friends, meet three or more professionals in person, etc. Once you have gathered all the information you need, it’s time to hire all these experts! Conclusion Yes, if you want to buy an investment property, you’ll have to invest more than just your money. You’ll have to gain profound knowledge about real estate and finances, as well as invest your time and prepare for a lot of extra work. You need to understand one thing: buying an investment property isn’t the same as buying a primary home. The bank will treat you completely differently. Therefore, prepare for expensive costs and fewer benefits to make a passive income that can set you up for life. Photo: https://www.pexels.com/photo/a-person-holding-a-key-8292791/ Article Courtesy Of: Betty …

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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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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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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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Tips and Resources for Your Southern California Move

When it comes to scenery, weather, and a diverse population, Southern California is second to none in the United States. It’s truly a one-of-a-kind area that offers something for everyone, from scenic nature to thriving metropolises. And it’s also the state to be if you work in the healthcare, entertainment, or tech sector. However, if you’re moving to the Golden State, it’s essential to prepare and plan for your trip. Below, True Property Management is happy to provide some simple advice and resources to help your experience go as smoothly as possible. Prepare for Living Expenses California is not a cheap state to live in, so make sure you are ready for everyday expenses before you make the move. Between your sales tax, property tax, and income tax, you can expect your tax burden to be quite higher than you’re used to. The cost of living is also high in the Golden State, especially if you live near the beach. Since public transportation is not as accessible in California as it is in other areas of the country (especially the East Coast), you will need to plan on driving everywhere. Within 10 days of the move, you will need to obtain a California driver’s license. And you will also need to register your vehicle and get insurance within 20 days of moving. Plan for the Relocation For a smooth relocation, be sure to plan as thoroughly as you can. Ensure that you have a job lined up, whether it’s the full-time position you are moving for or a gig that you find from a temp agency. If you’re a business owner, register your venture with the state. This is easy! You can even establish a California LLC in a half dozen steps. Moreover, set up your utilities (e.g., water, gas, electric), internet, and other necessities before arriving at your new home. And set up long-distance movers to handle your belongings. Set Up for a Smooth Moving Day Even when everything goes your way, moving day can be stressful. So, make arrangements beforehand to keep your stress levels to a minimum. Prepare your children for the move by explaining to them ahead of time the reasons for moving, and reassure them that essential routines will stay in place. Get a pet sitter to watch over your pet while you’re packing, loading up the truck, and moving your belongings to your new home. Research restaurants and lodging on the way so that you can take breaks for rest and relaxation. Pack an essentials box (e.g., extra clothes, chargers, snacks) to make your trip more comfortable. Southern California is a great place to live. Nonetheless, you will want to prepare and plan to make your trip (and new life) go as well as possible. Be sure to get ready for the expenses that come with living in the Golden State, and carefully strategize your relocation, including moving day. In no time, you’ll be settling into your new home on the best coast! True Property Management is comprised of licensed luxury real estate agents with extensive luxury marketing experience who will market your property with the same magazine quality photography, virtual tours, videos, and professional copywriting you would see in a multimillion-dollar home. Call 866-957-6677. Article courtesy of: Amy Collett Image via …

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Storage Tips for Landlords

  Many people feel that being a landlord is an easy and quick way to earn money. However, they often forget about rental repairs, maintenance, and, in case of difficult tenants, having to constantly fulfill their demands. Another thing landlords have to think about is finding adequate space for keeping extra and backup items. For that reason, we’ve prepared storage tips for landlords. Not only will they help you learn how to keep your belongings in the safest way, but they will also make other tasks you face as a landlord much easier. Easy storage tips for landlords – ways to use the storage unit A storage unit is vital to your operations as a landlord. Therefore, the first thing to do is find a quality solution and pick a storage unit that suits all your needs best. An adequate storage unit will be helpful to ensure your property is in a top-notch state. Also, it will be quite useful when you are searching for new occupants or wanting to keep your current ones happy. Staging your rental to attract “the right” tenants When renting out a property, you want to stage it so that it looks appealing to the widest range of potential tenants. You want to show prospective tenants how your property can match their lifestyle, how you can fit in different furniture, maximize the space, and how to make their lives easier by creating a functional environment. The best way to achieve this is to stage your rental in a way that’s seen in show homes. That means going beyond what’s expected and showing your rental’s true potential. For instance, you should show off your kitchen equipment, add different ornaments and wall art to make the space feel more welcoming, and similar. By making your rental look desirable, you’ll increase your chances of finding good tenants. When trying to stage your rental in the most efficient way, you’ll need a range of furniture pieces and accessories. However, you won’t necessarily leave all of them inside after the contract is signed. You’ll need to keep them safe until it’s time to stage your rental again and search for new tenants. Renting a storage unit is an ideal solution for this. Providing space in case tenants want to bring their own furniture Some tenants, usually long-term ones, look for empty rentals and prefer moving in with their own belongings. Even though you have furniture and appliances to provide, they might feel more comfortable using their own things. In that case, you’ll need to put away your belongings until the next time you need to stage your rental, and renting a storage unit is your best option. Not only will your things be safe, but you can also extend the lifespan of your furniture. Your belongings will be stored in a climate-controlled environment so you’ll be able to prevent deterioration. Storing bulky items Sefl storage facilities encourage proper storage practices, so you can be sure your things are safe from damage and decay. But that doesn’t mean you shouldn’t take some precautions, especially if you plan on storing your belongings for longer than a month or two. Storage tips for landlords – keeping your furniture safe Here’s how to store your furniture in the best way. When storing wooden furniture, you really want to avoid damaging it. The best way to ensure this is to wax and polish your wooden pieces to protect their surfaces. Also, make sure to put blankets, scraps, or carpets between wooden surfaces, as it will help prevent potential scratches. You should also dismantle all possible items and put screws in a bag which you can tape to the item to avoid losing it. That way, you’ll save space. When it comes to sofas, you should store them standing upright on their arms. In case they are high-end or fragile, store them on their feet. Don’t forget to add folded blankets beneath the arms. That way, you’ll help them withstand the pressure of their weight and prevent potential damage. If you need to store mattresses, make sure to wrap them in plastic coverings. You can find ones specially designed for that purpose in various supermarkets or DIY stores. A good idea is to also check with the storage company you’re renting the unit from, as they can possibly help. By doing this, you’ll help mattresses keep their shape as well as keep them safe from dust or any potential damage. If you plan to store gardening equipment such as rakes or lawnmowers or other metal-based items like tools or bicycles, make sure to treat them with a rust inhibitor. A fine coating of oil could do the trick, too. This will help them stay in good condition. Meeting tenants’ needs quickly If you didn’t opt for the help of a property management company that will take care of your rental, you would need to be in charge of handling any maintenance issue that might occur. This can get especially difficult if you are renting out more than one property. From needing to change a busted lightbulb to a new TV, you need to be prepared for anything. The best way to go is to keep spares in your storage unit and have them ready whenever an issue comes up. It’s much easier than going to the store each time. Plus, you’ll surely get a discount when you buy in bulk. More importantly, you’ll be able to quickly react to your tenants’ requests and handle any issue in the shortest possible time. You will show how efficient you are, which will help you build a good and trusting relationship with your tenants. By knowing they can rely on you to solve their issues swiftly, your tenants will be more likely to stay at your place longer. The bottom line We hope our storage tips for landlords made your tasks that much simpler and quicker to handle. To make your life even easier, consider hiring a good property management company. That way, you can sit back, relax and collect your rent while they handle all aspects of your rental. Meta description: If you are looking to rent out your property but not sure where to keep your extra belongings, check out our storage tips for landlords. Article Courtesy Of: Betty White Photos used: https://unsplash.com/photos/ZVkDLrXGMdw https://unsplash.com/photos/GVa_DPiICfA https://www.pexels.com/photo/man-setting-up-a-dismantled-baby-crib-7491085/ …

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Paying your rent on time can help you buy a home

A couple of months ago, government-sponsored entity Fannie Mae allowed lenders to consider rental payment history in their decision to approve a loan. Now, Freddie Mac is joining their lead. The government agency is incentivizing landlords to report on-time rent payments to the three major credit bureaus—Equifax, Experian, and TransUnion. Why is this important? Through the new program, homebuyer credit scores can see a positive boost with up to 24 months of on-time rental payments. Now, True Property Management will be offering this as a service through their new Resident Benefit Package. As a part of the package, True will do positive credit reporting on behalf of their tenants to help boost their credit so, when the time comes, they may qualify to buy a home with a good interest rate. Roughly 17% of rejected mortgage applicants could have been approved if their rental payment history was considered. But so far, less than 10% of renters see their rental history reflected in their credit report. Moves like this can help make homeownership more accessible, especially to first-time buyers. To learn more about the Resident Benefit Package and how renting through True Property Management can help you with your financial and homeownership goals, check out the program …

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