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TRUE PROPERTY MANAGEMENT

True Property Management Named Best Property Management Co. in Costa Mesa

Thanks to Quality Business Awards for awarding True Property Management as The Best Property Management in Costa Mesa for 2022! It is with great pride and honor that we accept this recognition as we strive each and every day to bring the best in customer service in an industry severely lacking it. Our aim is full transparency and, in doing so, keeping everything TRUE! We’re thrilled to be recognized for …

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3 Signs You’re Ready To Buy An Investment Property

Investment Property Definition An investment property is real estate purchased to generate income (i.e., earn a return on the investment) through rental income or appreciation. Investment properties are typically purchased by a single investor or a pair or group of investors together.  3 Signs You’re Ready To Buy An Investment Property First, know that the buying process is different for an investment property compared to a primary home. Before you invest in property, make sure you meet the following qualifications. 1. You’re Financially Stable Investment properties require a much higher financial stability level than primary homes, especially if you plan to rent the home to tenants. Most mortgage lenders require borrowers to have at least a 15% down payment for investment properties, which is usually not required when you buy your first home. In addition to a higher down payment, investment property owners who move tenants in must also have their homes cleared by inspectors in many states. Make sure you have enough money in your budget to cover the initial home purchase costs (like your down payment, inspection and closing costs) as well as ongoing maintenance and repairs. As a landlord or rental property owner, you must complete essential repairs in a timely manner, which can mean expensive emergency plumbing and HVAC repairs. Some states allow tenants to withhold their rent payments if you don’t fix broken home utilities on time. Make sure you budget more money than you think you need for regular and emergency home repairs. Investment property expenses don’t just begin when tenants move in. You also need to budget money for advertising and credit checks to make sure you take in the best tenants possible. A great set of tenants are an asset for your property, while bad tenants can increase your expenses dramatically. 2. The Return On Investment (ROI) Is There Real estate investors often see positive cash flow with their investment properties in today’s market, but the savviest investors calculate their approximate return on investment (ROI) rates before they purchase a property. To calculate your ROI on potential property investments, follow these steps.  Estimate your annual rental income. Search for similar properties that are currently up for rent. Find an average monthly rent for the type of property that you’re interested in and multiply that rent price by 12 for a year’s worth of income.  Calculate your net operating income. After you estimate your annual potential rental income, calculate your net operating income. Your net operating income is equal to your annual rental estimate minus your annual operating expenses. Your operating expenses are the total amount of money that it takes to maintain your property every year. Some expenses include insurance, property taxes, maintenance and homeowners association Do not include your mortgage or interest in your net operating expense calculation. Subtract your operating expenses from your annual rent estimation to find your net operating income.  Find your ROI. Next, divide your net operating income by the total value of your mortgage to find your total return on investment (ROI). For example, let’s say you buy a property worth $200,000 that you can rent out for $1,000 a month. Your total potential income is $1,000 × 12 months for a total of $12,000. Let’s also assume that the property costs about $500 a month in maintenance fees and taxes. $500 × 12 = estimated operating expenses of $6,000. Subtract your operating expenses from your total rent potential: $12,000 − $6,000 = $6,000 of net operating income. Divide your net operating income by the total value of your mortgage: $6,000 ÷ $200,000 = 0.03, which makes this property’s ROI 3%. If you buy a property in a solid area and you know that you can rent to reliable tenants, a 3% ROI is great. However, if the property is in an area known for short-term tenants, a 3% ROI may not be worth your time and effort. 3. You Have Time To Manage It Investment property management still takes a lot of time. You have to put up advertisements for your space, interview potential tenants, run background checks on tenants, make sure that tenants pay their rent on time, perform maintenance on your property and make timely repairs if something in the home breaks down. You also must do all of this while working around your tenant’s “right to privacy,” a legal standard that prevents you from dropping by unannounced without at least 24 hours of warning in most states. Before you decide to buy an investment property, make sure you have plenty of time to maintain and monitor your space.  Take the first step toward buying a house. Get preapproved to see what you qualify for.Start My Preapproval Things To Consider Before Buying An Investment Property Time, down payments and returns are just a few pieces of the investment property puzzle. Here are some other considerations to think about before you invest. What Are The Housing Market Trends? You want to choose a property that rises in value over time. But how can you tell which areas will become the next best places to invest in real estate? The only way is to watch an area’s housing market indicators and rental trends over time and compare the direction of previous property prices and taxes to where they are now. A home purchase is a major investment, so don’t be afraid to take plenty of time to do your research and to analyze market trends to find the perfect area before you dive into a loan. Should You Buy With A Partner? A partner might seem like a great idea – you can pool your money, split maintenance costs and requirements and combine your home repair skills to save money on professional contracting costs. However, buying with a partner also splits your potential profits in half and puts you in the position of sharing legal liability with another person. For example, if your tenants tell your partner about a pest problem and your partner doesn’t fix the issue in a timely manner, your tenants may sue both of you because you are both landlords and you are both equally responsible for providing a habitable environment. You should also remember that if something goes wrong with your partner and you split the cost of the home equally, you’re both equally legal owners of a single property. Make sure that the person you choose is trustworthy, responsible and proactive when it comes to maintenance if you decide to go in on a rental property with someone else. How Much Will Property Taxes Be? Property taxes are taxes that homeowners pay to support their community and local government. Property taxes fund fire departments, public schools, libraries and other local projects. The amount you pay in property taxes is directly related to the value of your home. If your home is worth more money, you pay more, and vice versa. Local governments set their own property tax rates, so the specific amount you pay in property taxes depends on your house’s location. Speak with a local real estate agent or mortgage lender to calculate how much a certain house will require in property taxes. No estimate is going to be perfect because every homeowner qualifies for different levels of exemption as well. Should You Hire A Property Management Company? You need to decide whether you want to handle property repairs, tenant management and maintenance yourself or if you’ll hire a property management company to manage the daily maintenance on your behalf. Property management companies take both scheduled and emergency repair calls and check up on your property with both drive-bys and scheduled visits to make sure that tenants respect your space. They can also collect rent on your behalf. Some property management companies also offer tenant placement services and eviction processing for an additional fee. In exchange, the property management company takes a percentage of your monthly rent. If you live far away from your property or you don’t have the home repair skills to fix your own property, hiring a property management company may be a great choice. Applying For Investment Property Loans: How To Prepare Mortgages and loans for investment properties – such as a non-owner-occupied mortgage – work a little differently than those for personal homes. Investment Property Loan Requirements If you have a mortgage for your primary residence, you probably know that most mortgage lenders no longer require a 20% down payment to get a loan. Lenders are stingier with loans for investment properties, however, because the risks of foreclosure and default are higher. Most fixed-rate mortgages require at least a 15% down payment with a 680 qualifying credit score for a one-unit investment property. Your credit score should be at or above 620 if you’re applying through Rocket Mortgage®. Lenders want you to put down 25% with a 620 or higher interest rate on two- to four-unit investment properties. Pre-Approval It’s a good idea to get preapproved for a mortgage before you start searching for homes so you know how much home you can afford. You can apply online with Rocket Mortgage to get a preapproval. A preapproval is different from a prequalification. A prequalification only tells you how much money you might be eligible for – it’s not as strong. A preapproval requires your financial information so the mortgage company can provide a solution that’s customized for you. While prequalification only looks at your credit and your inputted estimate for income and assets, preapproval involves a hard credit pull and proof of income and assets. …

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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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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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TRUE TRANSPARENCY IN PROPERTY MANAGEMENT

True Transparency. It’s the foundation of trust. It’s in everything we do. Landlords can easily verify with 24-hour access to your landlord portal. See your True Income and Expenses. Your True Reports and Statements are available with the click of a mouse because trust is earned through True Transparency. SEE TRUE PROPERTY MANAGEMENT @ TRUE True Orange County Property Management – We currently manage 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 yourself leaving your current management for someone you 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 access and understand your needs and guard you against what you don’t need. ORANGE COUNTY REAL ESTATE NEWS MORE True Property Management Rental Analysis Free.October 13, 2020True Property Management Rental Analysis Did you know 70% of landlords charge their tenants BELOW market value?! 9 times out of 10 we bring you a HIGHMORE TRUE PROPERTY MANAGEMENT MARKETING, TRULY AMAZING.October 13, 2020True Property Marketing. True Property Management is comprised of licensed luxury real estate agents with extensive luxury marketing experience who wiMORE When all you need is Trust…October 09, 2020True Transparency. It’s the foundation of trust. It’s in everything we do. Landlords can easily verify with 24-hour access to your landlord portal. SeMORE True Property Management BRE#01348644 866-957-6677 info@truepropertymanagers.com 2973 Harbor Blvd #532 Costa Mesa Ca. 92626 (Mail …

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TRUE PROPERTY MANAGEMENT MARKETING, TRULY AMAZING.

True Property Marketing. 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. It’s the foundation of everything we do prior to syndicating your property to over 200 rental sites like- Apartments.com, Hotpads, Lovely, Trulia, Trovit, RentalSource, and Zillow ultimately getting you the True Maximum Marketing Exposure and highest possible rent. True Orange County Property Management – We currently manage properties all across Orange County, California. From 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 yourself leaving your current management for someone you 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 landlord to access and understand your needs and guard you against what you don’t need. CALL THEM TODAY- 866-957-6677 DRE …

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