3 Tips on Buying Rental Property in San Diego

If you plan to buy rental properties one of the most important considerations is location. You want something that is affordable, but you also want a property that's desirable and will be easy to rent. San Diego might just fit the bill, especially if you want to use the weather and all the things you can do in the area as draws to bring renters in. If you're considering buying rental property in the San Diego area, here are three tips that can help you find the right fit!

1. Focus on Overall Quality of Life

The value of San Diego isn't just in its rental properties themselves. It's also in everything residents and visitors can do in the area. Whether you like shopping, dining, exploring, or just hanging out at the beach there are plenty of great ways you can get involved in activities throughout the area. That's great for renters, because it gives them the opportunity to get to know their new area, meet people, and get involved in things that interest them. When you buy a rental property, think about what its close to and how you'll market it to make it as attractive as possible.

2. Be Prepared With Good Financing

Unless you're paying cash for your investment property, and most people aren't, it's important to get your financing in order before you start shopping. By doing that you'll be better prepared to quickly place a bid on any properties that interest you. That can help you get in on a property before someone else does, especially if it's highly desirable. You also want to understand your budget, so you don't end up in a bidding war that causes financial hardship.

3. Choose the Right Kinds of Properties

The best properties are the ones that are in good condition, with no major issues. However, if you're willing to do a little bit of work to the property after purchase you can generally find good deals. Just remember that what seems like a simple fix could be a bigger problem, so get an inspection before closing the deal. You want to be sure the property you choose for your next investment is worth the price.

Not all rental property owners want or may need full residential property management services. However finding and qualifying a tenant for a house, condo, or apartment building can be a tedious task.  If you have any questions we’d love to answer them! Schedule your free consultation here.