Converting your primary residence into an investment property is an excellent way to earn more money on your investment. You can sell it at any time; why not rent it out now to earn some consistent income and build up your equity for better returns in the long term?
RentSimpli is a full-service San Diego property management company specializing in single family homes, townhouses, condos, mobile homes, small commercial buildings and small apartments. Whether you’re buying something new or moving out of the area, we have some helpful tips that will allow you to successfully move from an owner/occupant to a landlord and real estate investor.
Treat Your San Diego Rental Property Like a Business
It’s natural and normal to feel emotionally attached to the home. You’ve lived in this property yourself, and you’ve created a lot of memories there. Maybe you have a favorite room for reading or you love your outdoor space and want to see it well-maintained for as long as you own the property.
Detaching from your emotional connection to the property is essential when you decide to rent it out. Yes, you still own the property, but someone else will be making it their home. You need to come to terms with this before you begin looking for a tenant and collecting rent.
As soon as you turn your property into a rental, it becomes a business. Treat it like a business in order to have a successful and profitable investment experience. If you find yourself tempted to pick a tenant you feel good about or you want to stop in and take a look at the property every few weeks, you’re not going to do a good job as a landlord.
Hire a San Diego Property Management Company
A good way to detach emotionally from your property and look at it as a business is to work with a professional San Diego property management company. Your property managers will make every decision with your best interests in mind. They’ll treat your property like a business from the minute they begin managing it, and you won’t have to worry about becoming emotionally involved with tenants or rental payments that may be late or landscaping that may not be up to your standards.
Property managers make excellent buffers between you and your tenant and you and your property. We’ll also help you earn more money, deal with fewer hassles, and enjoy a successful and stress-free rental experience.
Consider the California Rental Laws
Many new landlords and rental property owners fail to consider the legal implications to renting out a property. There’s a lot you need to know about rent control, eviction, security deposit limits, wear and tear versus tenant damage, and pets versus service and support animals. It’s very easy to make a mistake, especially when you’re advertising and screening, and those mistakes are often expensive.
This is another reason to work with San Diego property managers when you decide to rent out your property. We stay up to date on the laws and fair housing regulations, and we belong to professional associations where ongoing classes, seminars, and conferences keep us current.
Contact us at RentSimpli for more information on how to turn the home you’re currently living in into a profitable piece of rental real estate. We serve homeowners in San Diego, La Mesa, El Cajon, Chula Vista, Santee, Rancho Bernardo, Escondido, Fallbrook, Temecula, and Murrieta. We’d love to be your San Diego property management resource.