Orange County Property Management – 3 Tips for Getting Started with Investing in Rentals

By Utopia Property Management
Are you planning on getting started with investing in rental properties?
In this issue of our professional property management tips, we will provide you with 3 tips you can use to get started with investing in rentals.
Tip #1 – Know Your Local Market
The most important tip that every Orange County Property Management company will agree on is that you have to know your local market when you first get started with investing in rental properties.
Why is this important?
The rental property you plan on buying may seem very affordable, at first, but it could be in an area where there’s little demand so it’s best to always research an area first before investing in a rental there.
· Is the rental close to schools?
· Are well-known shops and stores nearby?
· What recreation options are in the area?
· How close is the rental to the bus line?
· Is the area a “walkable” location?
· What companies are hiring in the area?
· Are there comparable rentals listed online?
Tip #2 – You Have to Manage Your Capital
There’s nothing more exciting than renting your Orange county rental property out for the first time. But as a new owner, you should also be mindful about the income you have coming in and take steps right away to properly manage your capital.
What does this mean?
You should start out by setting up a second checking account for your rental income and you should also set up a secondary savings account too that you can use to start building up a “rainy day fund” to pay your mortgage during those months when your property isn’t rented or to cover expenses when needed.
Tip #3 – Hire an Orange County Property Management Company
Another thing that you should do right away after purchasing your first rental property is to hire an Orange County Property Management company.
This step is important because having a professional property manager working to manage your rental property will make owning a rental property in Orange County so much easier.
After hiring a property manager, you will never have to deal with tenants who don’t pay their rents on time, take phone calls from tenants at night, or handle repair requests yourself because all management of your rental property will be done for you.
Contact Utopia Property Management
For more Orange County Property Management tips, or to learn more about the services we can offer you, contact Utopia Property Management today by calling us at (858) 598-1111 or connect with us online.