Technology has changed the game when it comes to real estate investing and property management. You can invest in California City rental real estate from anywhere in the world. You don’t have to live here to have a successful investment experience.
We work with a number of out-of-state investors. We also work with buyers who aren’t planning to visit California City or explore the market in-person. With the real estate landscape as competitive as it is right now, there’s no surprise that investors are eager to save time and money by investing virtually.
Here’s how to do it, and how we can help.
You Need to Know the Market
You don’t have to visit California City to invest here, but you do need to have a sense of the rental values, the available properties, and the tenant pool. This is part of the due diligence you would conduct on an investment property even in your own neighborhood. Spend some time researching the area and its economy. You’ll want to know if it’s a growing region for commercial activity and whether the population is expanding or shrinking.
Tenant turnover and rental property inventory are important metrics. You’ll want to know how often rents increase and what vacancy times look like. Talk to a California City property manager so you can leverage reliable and accurate data as well as local expertise.
Identifying Investment Opportunities
When you’re not geographically close, you can’t eyeball the potential properties that you’ll buy.
Finding investment opportunities will require some digging, as well as great relationships.
This can easily be done virtually, thanks to the online platforms and tools that are available now to out-of-state investors. Build a team of local experts so you have people you can rely on to talk through a potential acquisition. Someone will need to show you the property you may buy, even if it’s a virtual showing. You’ll want to see pictures and videos. You’ll want to review comps and demographics.
Property management will be incredibly important when you’re investing virtually. Contact a good management company before you buy. This will allow you to access rental values, tenant information, and everything you need to know about the local market and the people who rent there. Get to know the competition and what kind of expenses to expect.
California Rental Laws
Investing in California City real estate can be done virtually, but you have to understand that the laws here are different than in many other parts of the country. We have statewide rent control, just cause eviction requirements, and protections for Section 8 tenants during the screening and marketing process.
None of these rules and requirements make it difficult to own rental property here, but it does highlight the need for local property managers who understand the laws and can keep you in compliance.
