Have you recently invested in San Mateo CA real estate? If so, we couldn't be more excited for you. Purchasing an investment property is the first step toward building wealth and retiring early.
However, it's important to understand that owning investment properties and being a successful property investor don't necessarily go hand in hand. If you don't properly manage your assets, they could become liabilities.
The question then is how to take care of your investment properties to make sure they continue to bring in money. The last thing you want is a property that's costing you money.
We're here to help. Keep reading for everything you need to know about San Mateo real estate investing.
1. Find Reliable Tenants
One of the first rules in property investing is securing a stream of recurring income. For this, you need renters.
However, you need to be careful when approving tenants for your properties. It isn't a race. Getting someone into your investment property as soon as possible can backfire.
Take your time to screen your applicants carefully. Conduct a background check, verify their income, get character references, learn about their rental history, check their credit score, and more.
2. Keep Up With Maintenance and Repairs
Your investment property will only bring in money if it's well maintained. First, conducting regular maintenance and repairs will stabilize your property's value. Over time, it will naturally increase in value with the rest of the real estate market.
Secondly, your tenants deserve to have a landlord who's proactive about taking care of the property. If they report damages or issues, you need to act quickly to maintain your status as a reputable and reliable landlord.
If you allow your investment properties to fall apart, no one's going to want to live there. Furthermore, you will be able to charge more for rent on well-maintained properties worth more money.
We recommend conducting regular inspections of your investment properties to keep an eye on things. If any of your tenants are causing damages, bringing in unallowed pets, or failing to report necessary repairs, you'll know about it.
3. Work With a Property Management Company
Finally, we understand that maintaining your investment property and managing tenants is a full-time job. But what if you already have a full-time job or have too many properties to manage on your own?
In this case, we suggest hiring a property management company. At Five Star Property Management, we handle every aspect of being a landlord so you don't have to lift a finger, even to collect rent. Our services include:
- Tenant screening
- Financial reporting
- Rent collection
- Property listing and marketing
- Sending eviction notices
- Property maintenance and repairs
- Property inspections
- And more
In some cases, it's better to pay property managers to help you become a better landlord. They can help you improve your reputation while simultaneously ensuring your investment property increases in value.
Do You Need Help Managing Your Investment Property?
As you can see, it takes a lot to become a successful property investor in San Mateo. Fortunately, you aren't without options.
If you need help taking care of your investment property or managing your tenants, we're here for you. Contact Five Star Property Management today to talk to someone about property management services. We can also help you find investment properties for sale in the San Mateo area.