Maximizing My Property Rental Investment
When we invest, we all expect a good outcome. But we need to be extra careful when it comes to our property. How do we make the most of our investment? It only takes extra learning and a little help to know your way into it. To maximize our property rental investment, we must learn a few things first.
West Point Property Management Inc. is a company that will protect your investment. Our professional service includes minimizing your costs while maximizing your income. Everybody wants hassle-free service. Our team ensures you do not have to worry when you let us help you manage your properties. You may call us at (714) 501-3783 to learn more about our service. Our company also offers free quotations for the services we offer.
Factors To Consider In Maximizing My Property Investment
My Distance From My Property
Distance is one of the factors we must always consider when buying a property. Imagine doing all the work on your own. It would be tiring and consume too much of your time. Managing your rental and doing the lease-up work all at once may be too much for you to handle all at once. This is why distance matters. If you are a busy person, consider hiring a professional service instead. They will assist you in properly managing your property and may even recommend you. By doing so, you can save more time and energy.
Choosing Your Professional Property Manager
Hiring a professional property manager is the way to go if you want to maximize your costs and investment. They are usually paid for putting up the lease on your property. Their management services are also included in the fees you will pay.
When we put your property up for lease, they usually spend thousands of dollars advertising it. You may even find your it on social networking sites. This is the reason they ask for a fee for this service. Well, advertising is not free at all. It is their job as a company to ensure that your property rental is well advertised. There will be management fees that you need to pay monthly. The rate would be a percentage of your monthly rental amount. There is a 10-12% range for their management fees if you have a long-term lease. Always remember that the prices may vary and that some factors affect their rates. It may be due to the location of your area or the type of property you have.
How Can I Get The Most Out Of My Property Rental Investment?
1. Do It Yourself
The majority of property investors do not live near the properties they buy. Think of yourself as the property owner and a real estate investor. If you want your property to maximize its value, consider hiring investment property services. It would be exhausting for you alone to do all the work. Hiring one could provide more benefits and lessen your burden as a property owner.
New real estate owners usually need help with their first property. If you are far from your property, it is better to hire a professional. West Point Property Management, Inc. is here to help you manage and make a good investment.
2. Combo Platter 1
This first transaction is about paying someone else to lease up your property. However, you will be the one in charge. When hiring a manager, make sure that you are hiring a licensed professional. They can even be lease-up specialists, so they could go out and advertise your properties well. Property managers will not only help you with your investment. They can also help you find a tenant and even do a tenant screening.
Sadly, not all property managers do this. The front-end tasks are usually left to the owners. If you can find a rental manager willing to do this, there may be extra time for lease-up. This is a procedure they need to follow, and you must consider it. Companies that handle many properties can also increase your waiting time. They may be managing properties where they get the same amount every month.
3. Combo Platter 2
This second type of platter is where property owners market and find a tenant. This option may save you more money. But you must always consider the other existing factors. You may also add the conflicts that may arise in urgent situations. Your presence will be optional when showing the property. As the owner, you must also be present when the tenant signs the contract. You are going to meet potential tenants for screening as well. This will also consume your time, especially if there are new requests every day. Having a service, you can rely on to do this for you on a daily basis
4. Pay Somebody Else
Busy people usually go for something more convenient. They would rather pay extra than have more of their time taken. A property manager is an excellent example of that. West Point Property is here if you want someone to manage your real estate well.
If you are an investor outside of the state, hiring a professional is the best idea for you. Most owners want full involvement in the process. Our company is willing to work with you on that. Property managers prepare a screening area. They will take care of the screening process. Their responsibility includes approving your tenants. A final screening happens when the tenant does not meet your screening criteria.
When hiring one, remember that you must agree with them. Their contract may last for at least 12 months. This includes their terms, fees, schedule, and services. The rent collection and transfer of funds should be in the contract too.
5. Getting A Leaseback With A Corresponding Builder
As a property owner, we want our property rented as soon as possible. A sure tenant will also secure our monthly income. This option may not be related to property management in a traditional sense. This solves the issue of rent-up times.
Some builders have a long-term leaseback. It makes the deal engaging when you think of it. For consumers, this is more tempting. You should ask yourself, “How will the property rent without the leaseback?” People have different factors to consider when renting a home. The top two we are aware of are location and price. Some builders offer leasebacks, but they are rarely rented. Consider this as a property owner and investor. You may not be spending any money on management fees, but how sure are you that your investment will grow?
We would always expect a return on investment for the rental property we do. Make sure you are making the right decision when you invest. You may visit property managers like West Point Property to lessen your worries.
Why Should You Choose West Point Property?
1. We Screen Tenants For You
Our service includes screening prospective tenants for your property. We do background checks to ensure your property remains safe once they move in. We want to give our clients peace of mind when they pay for our service. Our team will help you lower your overall operating costs. We can also keep your rental fees in line with the market and increase tenant retention. You can rely on our team if you’re interested in making a rental property investment.
2. Fast Rent Payments
We collect payments for you. We can deposit the monthly rent for your tenants. They can go straight into your bank account. You may also receive it by mail the same day the tenant gives the payment.
3. Legal Issues
When COVID-19 arrived, there were health protocols in place. Our team makes sure to take care of these procedures. We can also appear in court on your behalf. We will not ask for extra charges as this is part of the service you are paying for. We also ensure tenants sign the California Consumer Privacy Act to avoid legal issues.
4. Affordable Home Repairs
West Point Property coordinates your interior and exterior maintenance and repairs. We make plans for capital improvements to your property. Our service also includes gardening maintenance and utilities.
5. Management Compensation
You will pay nothing upfront. We only charge our service fees once the rent and deposit are available. We will immediately transfer the rent to your bank account once we receive it. You do not need to pay any fees if your property is still vacant. Our team never asks for any extra maintenance fees. In addition, we offer significant discounts to owners who own multiple properties.
If your rental needs a significant repair, we will ask for your approval before doing the job. Our contractors have licenses and are bonded for your protection. We make sure to provide quality output at an affordable price. With our company, you can get contractors for a reduced rate.
7. Extra Services
We offer many options to our clients, but that continues beyond there. We can also evaluate your rental before the tenant moves in and once they move out. Tenants occasionally breach the lease agreement, and you do not require the initial leasing fee. We will be the ones to market your property again.
Our team can give free advice on maintenance issues. We can also supervise critical situations. We can connect you with different rental agencies right away. They will help find you a potential tenant. As our client, you will get an update on the current value of your property from time to time.
Get your property occupied with a hassle-free service. With our service, you do not need to worry about looking for tenants or marketing your property. We will do all the work for you, and you can even get our service for a reasonable price. You may request a quote or call us at (714) 501-3783 to learn more about the company and our services. You may also reach out to us via email.
You can find us at 16872 Bolsa Chica St., #100, Huntington Beach, CA 92649. Our hours of operation are from 7 a.m. to 9 p.m., Mondays through Fridays. We are open from 9 a.m. to 5 p.m. on Saturdays and Sundays. Our frequently asked questions are also available to help you with your concerns. We offer our service in different locations too.
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Frequently Asked Questions
Tips for Increasing the Value of Your Rental Property:
- Replace the flooring. The first step is to replace the flooring on a regular basis.
- Paint. According to studies, new exterior paint can increase the value of a home by 5% on average.
- Social spaces.
- Garage doors.
Obtaining the best investment property returns is important for more than just seasoned investors. There are also opportunities available to you. Reconsider your investment strategy. Consider getting a makeover. Reduce your costs by becoming more aware.
The 1% rule of real estate investing compares the price of an investment property to the gross income it will generate. To pass the 1% rule, a potential investment’s monthly rent must be equal to or greater than 1% of the purchase price.
A good return on investment for a rental property is typically greater than 10%, but 5%–10% is also acceptable. However, the ROI may be lower in the first year due to the upfront costs of purchasing a home. Because their average list price is 25% lower than turnkey homes, fixer-uppers may offer more upfront savings.
According to the rule, the rental amount should equal 2% of the property’s purchase price. As per calculation, if you buy a house for $100,000, your monthly rent should be $2,000.
The purpose of this rule is to keep you from paying the full price. Instead, aim to pay at least 10% less than the listed price. In real estate, it is said that the majority of the profit is made at the time of purchase. This means that most money is made on the purchase rather than the rental income.
A “good” ROI is highly subjective because an investor’s risk tolerance largely determines it. However, most real estate investors aim for at least 10% ROIs.