All Forum Posts by: Jacqueline Ray Soliz

Real estate investing can be a lucrative way to build wealth and generate passive income. However, one of the most important factors to consider when investing in real estate is location. Choosing the right neighborhood can make all the difference in the success of your investment property. In this blog, we'll explore why location matters and provide tips for choosing the right neighborhood for your investment property.

Market Trends

One of the most important factors to consider when choosing a neighborhood is market trends. This involves analyzing data to determine whether the neighborhood is experiencing growth or decline in terms of population, job opportunities, and other economic factors. This information can be obtained through market research and consultation with real estate professionals. An area experiencing positive market trends is more likely to attract tenants and increase the value of your investment over time.

Rental Rates

Another key factor to consider when choosing a neighborhood is rental rates. This involves researching the average rental rates in the area to determine whether they are competitive with other similar neighborhoods. Rental rates can vary greatly depending on the neighborhood, so it's important to compare rates to ensure you're getting a good return on your investment.

Accessibility

The accessibility of a neighborhood is also an important factor to consider. Tenants will be more attracted to properties that are conveniently located near public transportation, major highways, and popular destinations such as shopping centers, schools, and entertainment venues. Properties that are easily accessible are more likely to attract tenants and increase the value of your investment over time.

Future Development Plans

It's important to research any future development plans for the neighborhood you're considering. New developments such as shopping centers or public transportation can increase the value of your investment over time. However, it's also important to consider the potential negative impacts of new developments, such as increased traffic or noise levels.

Choosing the right neighborhood for your investment property is a critical step in the real estate investing process. By analyzing market trends, rental rates, neighborhood safety, accessibility, and future development plans, you can make an informed decision about where to invest your money. Remember, a well-informed decision can lead to a successful investment and long-term financial security.

Median House Price Decreased (.8% )  Average house price at approx $390,000

Active Listings Are up by 130%  16,467 Active Listings on the Market in March 2023 

Days on the market  59 days - Days to Close 32 days 

2.1 Months' worth of Inventory. Still low! 

Closed Sales are down 1.3% - 8,639 homes closed in March 2023

You have to separate the two, business and personal. People will take full advantage if you let them. It is unfortunate however the position they have put you in to evict and let the debt increase, shows they have no intention of paying. The eviction judgment should be on the credit report. Turning it over to collections is not going to hurt her credit more, as it should already be reported by the court judgment. It will only aid in possibly being able to collect some of your judgment. 

You might reach out to the PM company that leased the home for you and ask how much they would charge to create a renewal agreement. 

I would recommend calling your insurance company and asking them what your policy covers. There are sometimes extensions that can be added to a Landlord's policy to cover vandalism, theft, plumbing- pipe bursting, etc.  You may have to file the police report in order to file the claim with your insurance. Did they notice the appliances were missing during the setout? You can always have this charged back to their move-out, security deposit disposition. Then turn it over to a collection agency. It will go on their credit report however there's no guarantee you will collect. 

We use Appfolio. 

Depends on how below market they are. If the increase is over $150 + tell them as soon as possible. This way they can plan to find something more affordable and actually vacate rather than turning into a holdover or late pay no pay situation. I sometimes give them a copy of the rental comps so they are aware of how under-market they have been. I let them know we must increase to cover expenses such as property tax, insurance, repairs, etc. Once the notice of increase is submitted be prepared for a long list of things that need repair or updating. It is best to let them leave if they have been there a long time and are under the market. You will likely need to do some updating to get market rent. 

Absolutely! W-2s, bank statements, pay stubs, and employment verification. You want to ensure they can afford the monthly payment. We also look to see what their current rental rate is and to ensure they are not paying late. If they cant pay on time for $1200 they cant afford $1500. 

Roommates.com 

Have you heard of PaySlips?  The tenants can pay at CVS, 7-11, and Walgreens It is easy enough for older people to navigate. We have several that cant seem to get logged into their online portals or set up e-checks.