Cash Flow

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PHOENIX, AZ. – Are you searching for ways to increase cash flow at your Phoenix Rental Property? If so, you’re not alone. Cash flow is on the mind of every property owner sooner rather than later and what they don’t know is that increasing cash flow can be easy especially if these 5 tips are followed.

Tip #1 – Make Interior Changes to Your Phoenix Rental Property

Although your rental home, condo, town home or apartment may have been a great Phoenix Rental Property in the past the reality is that if you haven’t taken the time to update the interior of your rental you could be turning renters away because your property just looks old and run down.

Some of the interior changes you should consider making include:

  • Replace interior doors.
  • Change interior light fixtures.
  • Refinish or repaint kitchen cabinets.
  • Replace or repaint the mailbox.
  • Install a new toilet.
  • Service or replace the A/C.
  • Paint the front door.
  • Improve curb appeal.
  • Add a new vanity to the master bathroom.

Phoenix Rental Property

Tip #2 – Reduce Vacancy

Reduce vacancy by starting with a more conservative price. Once you have solid renters in place, then stick with 1-year rentals and make rental increases each year using minimum 5% increments.

Vacancy KILLS ROI and cash flow. It’s not worth it to try and squeeze an extra $100 out of a Tenant if that means another month of mortgage payments with NO rent. Do the math, most of the time $100 extra but vacant an extra month, actually loses you money.

 Tip #3 – Increase the Fees You Are Charging

Another way to increase cash flow at your Phoenix Rental Property is to require prospective renters to pay an application fee because this eliminates the cost that you might currently be paying for credit reports or background checks and can boost your ROI by $300 over a 4 year period.

You should also consider increasing your late fee as well while giving a longer grace period at the same time. People always complain about late fees, but one thing we have found is that if we extend the grace period to 7 days, but increase the late fee from standard 10% charges to maybe 15% or 20% (check with local’s laws for maximum charge allowances) then it cuts down on the “excuse” factor with a Tenant.

You get your rent on time, and if the Tenants don’t pay within the grace period, then they agree to pay a hefty fine. It’s hard to argue with a landlord about a late fee when you have a full week to actually turn it in…lost in the mail or I don’t get paid until the 5th become obsolete.

Tip #4 – Streamline Costs by Doing Business Electronically

There are few things nowadays that need to be “mailed” or paper printed. Rent can be paid online; notices can be completed online (with few exceptions). Some companies even charge a service fee for those Tenants who pay online or don’t use emails (meaning everything needs to be physically mailed or posted). $8 check fees and forwarding all postage charges to a Tenant are some ways benefit online payment.

Tip #5 – Hire an Experienced Phoenix Property Manager

Besides the recommendations mentioned in this article one of the very best things you can do to increase cash flow at your Phoenix Rental Property is to hire an experienced Phoenix Property Manager because we will save you the time, money and hassle of managing your rental properties yourself, make sure that your property is rented to the most qualified tenant, and guarantee that you’re paid on time.

To learn more about our property management services contact us today by calling us at (602) 765-4750 or click here to connect with us online.

 

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LAS VEGAS, NV – There’s no denying that property owners have had a lot of great opportunities to buy rental properties over the last two years, especially in Nevada, where prices for single-family homes, town homes, condos, and apartments have continued to stay low compared to other West Coast Rentals while demand for rental properties has remained high.

What are properties renting for in Nevada right now? Last month in Las Vegas Nevada the average rent for a one-bedroom apartment was $779 per month while the average rent for a two-bedroom apartment was $943 per month.

Rental Market Trends

This year we’ve seen the average rent for a typical one bedroom apartment increase by $20 per month while the average rent for a two-bedroom apartment rose by $37 per month.

Many economists and property management professionals agree that the demand for rentals across Nevada, especially in Las Vegas, is only going to continue increasing through 2017 especially in construction and tourism plus other private industries like mining and financial services are also hiring too.

Rental Market Opportunity in Nevada

It doesn’t matter if you plan on buying a rental property in The Lakes, Summerlin North, Downtown, Pioneer Park or elsewhere across Nevada, there are still plenty of great opportunities left to find the perfect rental property especially if you’re looking for a single family home, condo, town home or apartment.

Learn More

To learn more about the Nevada rental market, or to speak with us about our property management services, contact Goldenwest Management today by calling us at (702) 685-7696 or click here.

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West Coast Rental Market

PHOENIX, AZ – 2016 is proving to be another strong year for the West Coast Rental Market, especially in Phoenix Arizona where in July of this year the average rent was $1,051. The average rent for a one-bedroom apartment was $920 per month, while the average rent for a two-bedroom apartment in Phoenix was $1,122 per month (source – Rent Jungle).

Phoenix Rental Market Trends

Like many cities in the West Coast Rental Market we’ve seen nice an increase in rent in Phoenix over the last 6 months as the average rent for a one bedroom apartment has increased by close to $50 while the average rent for a two-bedroom apartment has increased by $64.

The top neighborhoods in Phoenix that have seen the highest rent increases over the last 6 months include Laveen, Desert View, Central City, North Gateway, Camelback East, Paradise Valley, Encanto, Deer Valley, South Mountain, Estrella, North Mountain, Maryvale, and Alhambra,

Why Own Rental Properties In Phoenix?

Besides excellent restaurants, great coffee, plenty of things to do, and awesome water parks, Phoenix also has a growing jobs market and many people are migrating from states like California to escape high taxes and enjoy the quality of life that Phoenix has to offer them.

What’s also great about Phoenix is that people who will move to the area this year will rent for their first year as they get to know the area and that means good news for property owners since a steady demand for rental properties also means consistent cash flow.

Right now you can find many affordably priced rental properties in Phoenix and when you hire Goldenwest for your property management you can sit back and enjoy the added profits from your Phoenix rental properties.

Learn More about the West Coast Rental Market

To learn more about the West Coast Rental Market, or to speak with us about our property management services, call (602) 765-4750 or click here to connect with us through our website.

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Since it was approved in June 2016, BREXIT has been a major news item after the votes were cast for the U.K. to leave the E.U. and following the vote most analysts speculated that what was happening in Britain would affect the United States, but in the month since BREXIT how has it really affected the rental market here?

30 Days after BREXIT

In the days following BREXIT we saw a decline in mortgage interest rates and a plunge in stock markets around the world but since then both the stock market and mortgage interest rates have remained steady.

Right after BREXIT some investors did shift their capital to assets in the United States since properties here are still a bargain when compared to what you can find in Britain but following BREXIT the Britain property market has remained stable and rents haven’t changed that much when compared to where they were before the historic BREXIT vote.

Moving Forward

Over the next 12 months we could see more activity from investors in China and Britain who are seeking the stability of real estate investments in the United States when compared to what’s happening in the UK, especially since it could take 2 years or longer until the U.K. officially leaves the E.U. and becomes independent for the first time in close to 50 years.

Get Property Management Here

For professional property management contact Goldenwest Management today by calling us at (866) 545-5303 or click here to connect with us online.

We specialize in managing rental properties in Las Vegas, San Diego, and Phoenix Arizona and can help you with our professional property management services.

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Are you thinking about investing in new rental properties but can’t decide if you should invest in rentals on the East Coast or West Coast? The rental property market is booming across the United States but thanks to the 2015 Rental Ranking Report we know that markets along the West Coast continue to outperform other cities across the United States.

Why Buy A Rental In The West Coast?

Besides the sunshine that can be found on the West Coast another great reason to buy a rental property in a location like San Diego is that we have one of the lowest vacancy rates in the United States which is currently at 3.43%, when a typical vacancy rate is normally considered to be “healthy” when it’s at 7%.

Although the vacancy rate in San Diego’s Rental Market is low, this has produced an excellent ROI for landlords and property owners who are searching for great real estate investment opportunities here.

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Job Growth

Sunshine can’t be the only thing that brings people to the West Coast, another big reason why people are moving here is job growth and in San Diego, we’ve seen 12.20% job growth in the last year, and SD is attracting well-educated renters and entrepreneurs to the area since our city is a gateway to Latin America and Pacific Trade.

Buy West Coast Rentals

Investors who already own rental properties in San Diego and elsewhere on the West Coast are doing great and seeing a nice return on their investments but the good news is there is still plenty of opportunities left for you to jump in and buy a West Coast rental property for your portfolio especially thanks to low mortgage interest rates and high demand for rentals.

Get Property Management Here

To get property management for your San Diego rental property contact Goldenwest Management by calling us at (858) 792-3442 or click here to connect with us online.

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helpful-tips

Have you struggled with lease renewals in the past at your Las Vegas Rental Property? If so, you’re not alone. Lease renewals can be a big headache for some owners but thankfully it doesn’t have to be if you follow the simple tips in this article.

#1 – Offer a Discount off One Month’s rent

One of the best ways to capture the attention of tenants at your Las Vegas Rental Property is to offer them a rent discount for one month if you own a single family home.

If you own an apartment building that also has parking or an on-site gym you should also consider offering your tenants a discount on fees that you charge to use those facilities as well.

#2 – Upgrade Appliances in the Rental

Another great way to guarantee lease renewals at your Las Vegas Rental Property is to upgrade the appliances because this will show your tenants that you care about them and every renter loves having new appliances in their rental property.

Las Vegas Rental Property

#3 – Redo the Paint and Flooring in the Rental

Besides upgrading the appliances in the rental property you should also consider upgrading the painting and flooring as well since these areas can wear down easily over time and offering to repaint the walls inside your rental property or installing new flooring will really help your tenants feel more at home than ever before.

#4 – Offer Them Gift Cards from Local Businesses

Since every tenant loves to signs of appreciation from their landlord you should also consider offering your tenants gift cards from local businesses and grocery stores because in this economy a gift card can save anyone a nice chunk of money and make their lifes a little easier too.

Get Property Management for your Las Vegas Rental Property

To get property management for your Las Vegas Rental Property contact Goldenwest Management today at (702) 685-7696 or click here to connect with us online.

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Over the years one thing that we’ve learned when leasing a Property is that Tenants have wide ranging expectations before they move into a rental. Regardless of whether it’s a single family home, townhome, condo or apartment, you just never know how a Tenant is going to respond to a property that is not BRAND NEW. In this article we will cover some of the most common issues at move-in and try to temper expectations to help those who are getting ready to rent (or rent out) a home.

Cleaning

Professional cleaning the rental property before tenants move-in is an absolute necessity. And when we say professional, we mean, not the landlord, a friend or a random person from craigslist, we mean a true professional detailed clean. There is nothing worse than moving into a home that hasn’t been cleaned, and there is nothing more embarrassing than having Tenants show up to a home that has trash everywhere, dirty toilets, insects in the window sills, and blinds that look like they have been sitting in the desert for a year.

Unfortunately, some Tenants believe that “Professional Clean” means the home should pass a military white glove inspection…and that is just unrealistic. If you think that clean means eating off the floor, then as a Tenant, you should take it upon yourself to reach those goals…but don’t hold a manager or landlord to that standard.

What’s worse, this is where the most issues take place. It’s never over whether the home was actually cleaned or not, it’s always about the level of clean. Tenants and Landlords have to middle ground on reasonable standards of cleaning, and more importantly, all parties have to remember that if the basics are done well (appliances, toilets, sinks, fans, vacuum) then there is enough middle ground for everyone to satisfied and avoid going “nuclear.”

Carpeting

Before handing over the keys to a tenant you should walk through your rental and document the shape and condition the carpet is in, including traffic/wear areas just so they know that what they see is what they get. Because the carpet is not brand new doesn’t mean that you should be jumping up and down saying “I am breaking my lease.”

Professional carpet cleaning is not required before every move-in, but we absolute believe it is a must for every new Tenant.  Carpets wear, and it doesn’t make sense to replace them every year, but a professional company should be out at the property (not you renting a steam vac from home depot) to properly shampoo and steam clean the flooring.

A common misconception is that carpet is supposed to be replaced every year, or after every Tenant…and who knows where that folk tale started. But unless the carpet is significantly torn or ripped, creating an actual hazard or liability, there is no law that requires it be changed.  Tenants, you have to know that as a prospect, unless you are told in writing that the carpet will be replaced, it is as it is when you signed the rental. But Landlords, you should be budgeting to change your flooring every 3-6 years. Clean carpet or fresh tile (our favorite because it wears less and generally last longer) helps raise the curb appeal of your home and shows the Tenants that you actually take care of your property.

Paint

Painting is very similar to carpet…there is no law that says a unit has to be painted before a tenant moves in, unless habitability is effected, which is rare, because it would have to be old paint (pre-1978) that is peeling off the wall.

So Tenants, before you press the “nuclear” button, know that minor nail holes, stains, marks and scratches may not be touched up. The entire home may not be freshly painted… and here is why. Number one, touch up paint makes your walls look like a “checker” board. Even if you have the original paint, after a year, the sheen fades and the “touch up” doesn’t match the rest of the wall. It actually looks worse sometimes than the minor nail hole or scuff. And professionally painting a whole house, even a small condo is very expensive and it’s often difficult to be done in a timely manner (1-2 days). Reality is most of the nail holes and scuffs disappear when you hang your own pictures, and move-in your furniture. If you feel like it’s not good enough, go ahead and conduct a touch up on your own. You may not be reimbursed but you at least you are getting something done.

Landlords, please, use the wisdom to budget and properly repaint your unit as often as necessary. A lot depends on the former Tenants…if they were pigs, guess what, you might not get the 3-4 years you were hoping out of the last paint job. In addition, when possible, use better quality paint, and a higher sheen, which leaves less marks and scuffs (think handprints) and will last longer. Sometimes, you as a landlord may have a willing Tenant, split the cost of a repaint…maybe they handle the labor and you pay for the materials.  

Either way, both parties should continue to document the condition of interior walls so there are no he-said she said arguments at move-out. Landlords, unless a Tenant trashes your home, the courts rarely allow you to charge their security deposit to “repaint your entire home.”

General maintenance

Tenants, the landlord will do everything to fix minor issues like bulbs, air filters, blinds, and leaks…but sometimes things get missed. It happens for a plethora of issues ranging from the item not being seen in the walk thru to a contractor just “forgetting” to make the repair. This doesn’t make the home a disaster, in fact the home is probably not much different than when you toured it before signing a lease. Running toilets, sinks and tubs that drain slowly, these are rarely found during inspection and are easy fixes…you don’t even have to bother the landlord and wait for a handyman to replace a bulb, a smoke detector battery or pour some draino down the line.

Landlords, things are going to get missed sometimes, but do everything you can to be reasonable in taking care of your new Tenants. Are you going to fix every little cosmetic item…each case is different. But make a good faith effort to be fast and efficient with repairs. Doing those little extras like caulking the shower, fixing screens, and ensuring all the doors and sliders work well is important to making things go smoothly at moving.

Score Some Points with each other.

Last of all, but most important, if your tenant reports to you that they found missing or broken items in your rental property that should be replaced, and they ask if they can replace those items then deduct the cost from their rent, you should say yes and be willing to let them do this within reason because, tenants who are willing to show that they care about a rental property are the “perfect tenants” (assuming they pay their rent on time) and you should always encourage their initiative when it comes to replacing smaller items themselves because this will also save you the time, money and hassle of having to do that work yourself. Does that mean everything is a negotiation when it comes to repairs…of course not, but when Tenants fix little items that save time and energy, working together to keep the home in good condition is a win-win for all. No matter what, avoid the “nuclear” response when moving into a new property…take a few breaths, prioritize what is a habitability issue (as defined by the law not your opinion) and work together to get things done.

Get Property Management

GoldenWest Management is a residential property management company with offices in San Diego, CA Phoenix, AZ; and Las Vegas, NV. We have spent almost 15 years and conducted several thousand “move-ins” with Tenants and Landlords. If you want experience to make sure that things are done right,  contact Goldenwest Management today by calling us toll free at 866-545-5303 or click here to connect with us online.

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Learn More About Landlord Tenant Laws In California Here!

One of the most contentious topics when it comes to Landlord Tenant Law in California is when a landlord accesses their rental properties.

Sadly, many landlords feel that they have the right to access their rental properties whenever they want but the reality is that every landlord is required to follow the law when it comes to accessing their rental property and they must give their tenant a 24 hour notice before entering the property.

Landlords Right to Enter

In California a landlord has the right to enter a rental property to make alterations, improvements or supply necessary services to the rental property, including making repairs, that they agreed with the tenant would be made, via provisions in the lease.

If both parties agree that the home can be listed for rent/for sale, then showings can be conducted with property 24 hr written notice (usually during business hours).

If a landlord plans on selling their rental property they must provide their tenant with an oral or written notice at least 120 days in advance, then another notice within 24 hours of them showing up to inspect the rental property.

Landlords in California also have the right to enter their rental properties if they have a court order or if their tenant has surrendered / abandoned the rental property.

Landlords Must Not Harass Their Tenants

Another important reason for the 24 hour notice is that it gives tenants plenty of time to prepare for the landlords arrival and eliminates the prospect of the landlord showing up to harass their tenants.

Even though the Landlord Tenant Law in California is clear on this issue some landlords may choose to disregard the 24 hour written notice and enter their rental properties at will. In these cases the tenant may submit a written notice to the landlord requesting that these illegal entries are stopped immediately and that future visits be made Monday through Friday from 9:00 am to 5:00 pm PST or normal business hours when they submit a written notice.

Tenants who have landlords entering their rental property illegally may take the landlord to small claims court and file a Breach of the Warranty of Quiet Possession (California Civil Code 1927) since this is implied with their lease.

Learn More about Landlord Tenant Law California

Learn more Landlord Tenant Law in California, or speak with us about our property management services by calling (858) 792-3442 or click here to connect with us online.

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Learn More About The Latest Laws Landlords Must Follow

If you own rental property in Las Vegas or elsewhere in Nevada you are a landlord and have the responsibility of following Nevada state law or else you risk the possibility of facing a lawsuit and fines.

In this article we will share with you the top landlord laws that you must follow in the state of Nevada just so you can have confidence that you’re managing your rental properties legally and following the letter of the law.

#1 – Anti-Discrimination Laws

As a landlord in Nevada some of the most important laws that you must follow are anti-discrimination laws. For example: under the Fair Housing Act you do not have the right to discriminate against anyone in a “protected category” and Nevada state laws prohibit you from discriminating against anyone based on their gender identity or sexual orientation.

Under the Fair Housing Act landlords must also not discriminate against tenants if they have a criminal record and served time in the past.

Thanks to a recent interview with HUD Secretary Julian Castro we know that a prospective tenant can sue a landlord if they feel that they’ve been discriminated against due to their criminal record.

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#2 – State Rent Rules

Before evicting a tenant who lives in your Nevada rental property you must follow state rent laws and give them a 5 day notice that they must either pay the rent or face eviction.

Many courts are also throwing out junk fines such as 5 day and attorney fees, excessive late fees

#3 – Security Deposit Return

Here in Nevada you must also follow security deposit rules and return their deposit to them within 30 days after they move out.

Under Nevada landlord-tenant laws, a landlord may charge a tenant the equivalent of three months' rent for the security deposit. And also in Nevada, if both the landlord and the tenant agree, the tenant can use a surety bond for all or part of the deposit.

Source - Nolo.com 

To make things easier you should also include an itemized checklist of all items that had to be fixed in your rental property, or cleaned, after your tenant moved out just so they know why you only returned a portion of their cleaning deposit.

#4 – Habitable Housing

You must provide your tenants with habitable housing and a working HVAC system. Since the implied warranty of habitability gives tenants the legal right to withhold rent if your rental property is not considered to be habitable and has issues like broken windows or a busted water heater.

Learn More About Landlord Laws

Not knowing the specifics mentioned in this article will hurt you when negotiating with a tenant, or when trying to take litigate an issue against a tenant. If you aren’t 100% sure what you as a landlord are responsible, the court won’t forgive you. Hire a professional

To learn more about what are the top laws that every Nevada Landlord must follow contact Goldenwest Management, Inc by calling us at (702) 685-7696 or click here to connect with us online.

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There's no denying that summer is the hottest time of year if you live in Phoenix or Las Vegas but this summer is going to be especially hot this is why it's important for everyone reading this to use extra precaution if you have to spend time outside this weather can be deadly. 

PHOENIX (AP) -- People across the Southwest were preparing Monday for more of the unrelenting heat that left two dead over the weekend.

The mercury hit 118 on Sunday, breaking a record of 115 set nearly 50 years ago, according to the National Weather Service. Portions of Arizona and southeast California were expected to keep getting scorched Monday with a high pressure ridge lifting out of Mexico.

National Weather Service meteorologist Bianca Hernandez anticipated more triple-digit temperatures.

"We're expecting something similar with highs around 115 to 120, with the warmest areas in Southern California," she said.

Going out early in the morning Sunday didn't save a 28-year-old woman who became unresponsive while mountain biking with friends in north Phoenix. She had set out with two friends around 6 a.m., carrying water, but became exhausted about three hours later, then could not breathe.

Firefighters rescued the unidentified woman, who was an avid hiker and a personal trainer, and she later died at a hospital, fire Capt. Larry Subervi said. She had no known medical issues, and her condition appeared to be heat-related, authorities said.

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To get property management for your Phoenix or Las Vegas rental properties contact Goldenwest Management, Inc by contacting us today at (866) 545-5303 or click here to connect with us online.