There are a ton of reasons to be nervous about investing in income properties. After all, money sitting in the bank will not let you down (it won’t do much else for you either).
- You can’t afford to buy in LA because prices are so damn high: This might actually work in your favor. You can invest in properties in less expensive, less competitive markets with laws that favor landlords (California tends to lean more in favor of tenants). We have connections to agents and local experts in communities all over the United States. We can put you in touch with people that we trust to help you find an income property at a fraction of the cost of the homes in the Los Angeles area.
- You are worried you won’t be able to find a good tenant: Pre screening tenants with credit checks, background checks and contacting references will help you to find the best person for your unit. You can also choose to use a property management company to help with this task and other responsibilities that come with being a landlord. Our local experts can point you towards a support system within their communities including property management companies, contractors and even where to get a great cup of coffee when you are in town.
- You don’t want to do all of the work (repairs, showings, tenant screening) involved in being a landlord: If you don’t have the time or inclination to take care of the property yourself, you can hire a property management company to do this work for you. The cost varies from region to region, but they take care of the day to day management so you can focus on your life.
- You are afraid the market might take a dive and you will be stuck with a mortgage and no way out: This is scary stuff, we get it! Before you jump join head first, talk to your financial planner (we can suggest a couple of people if you need it) to talk about worst case scenarios and how much risk your personal situation will bear.
- You think you won’t be tough enough to be a landlord: The rental contract is there for a reason. It makes sure that everyone knows the rules and agrees to play by them. If your tenant is breaking one of the rules in the
Income properties are a great long term investment strategy. When you do your research, invest wisely and have reasonable expectations you can earn more returns in real estate than you would if your money sat in a bank. We are not promising that you will get rich overnight, but we are promising that there are opportunities out there that could work for you and get you to your goals. We would love to chat about how we can be of service to you and help you reach your goals.