Over the last two weeks of our three part series we’ve provided you with valuable information that you can use to start investing in Southern California Real Estate:
- Part 1 – A Foundation/plan that you can use to start finding the perfect properties especially if you want to manage those properties yourself or not.
- Part 2 – How you will get those properties sent to you, and the rate of return you should expect realistically.
In part 3 we will cover the purchase process you can expect to go through once you’ve found rental properties after applying the tips that you learned in parts one and two.
Understanding the Purchase Process
If you’ve purchased a home before for your primary residence you can expect to go through a similar process at least initially.
- Offer – You will put in an offer for the property with Fred Sed Realty.
- Escrow period, appraisal, and normal home/termite inspections (if you plan on financing).
This process will be followed regardless if you’re purchasing a single-family home, condo, townhome, duplex or triplex.
What’s different though when it comes to buying rental property vs. your primary residence is if the rental property is currently occupied with tenants we will need to know what the tenant is currently paying for rent, we will also have to review their contract to see if it’s time for renewal or not.
Once we’ve completed negotiations, normal investigations, and communicated with the tenants, you will then need to tell us if you plan on managing the rental property yourself or if you would like us to hire a property management company to professionally manage the property for you.
Hiring a property management company is one of the best ways to manage a rental property because this means that you won’t be spending your time or money managing the rental yourself and you can spend more time growing your portfolio of rental properties.
Start Building Wealth with Real Estate
Historically, one of the best ways to build wealth in the United States has come from owning Real Estate and rental properties. This hasn’t changed. In 2017-2018 Real Estate continues to be a key opportunity for wealth creation, especially in Southern California where demand for rentals has continued to increase in recent years.
If you plan on investing in Real Estate we encourage you to work with a team of experienced Real Estate Agents who know the SoCal Real Estate market and can help you to find the best rental properties for your portfolio possible.
Learn more about the services we can offer you by calling us at (800) 921-9231 or connect with us online via this website or social media.