James Baker

Hi Nicole! I'm assuming you are going to be a first time landlord. Being a landlord can be a daunting experience. First review your HOA documents and find out what restrictions you have agreed to in regard to renting your home.

Second, open a checking account for your new business. It is important that you treat your rental as a business and hopefully as a profitable one. The bank account will serve to document your expenses and income accurately. If you use the account only for business it makes your new status as an tax paying investor much easier.

Third, Figure out who will be most interested in renting from you. If your place is near Camp Pendelton for instance, a Marine family may be your client base and that is who will be attracted to your home.

Forth, place a nicely made sign in the most conspicuous place on the property. That may be a window on the busiest street or entrance to the garage area. Many renters will drive the neighborhood where they want to live. Signs on garage doors work well but may distress some of your neighbors. Call me if you want to know why.

If you get no response, you will need to cast a broader net, i.e. advertise in PennySaver or newspaper. This can get expensive but pay with your new account so you can receive credit on your taxes.

When you find a candidate, be sure that you control the situation. Don't let them sway you from your aggenda with their stories. Make them fill out a credit application which you can find a many office supply stores or online. Look at it and be sure they have included their Social Security Numer, California Driver's license and that they have signed the bottom near the statement that allows you to investigate their credit. Without that, you cannot have one of the Credit checking services run their credit check. This will cost you a few bucks, if possible eliminate the ones that you know will not be suitable, such as hunting dog owners since you only have a small patio, etc.

Be ready for your new tenants destroying parts of your home. You will probably need to paint the entire home after every tenant moves on. This shouldn't be a problem if you find tenents that will stay, and then take care of them. This is why you need to be selective. So, get a substancial non-refundable cleaning fee in addition to a refundable security deposit. Your agreement should include that they professionally clean the carpets prior to refund of the deposit, make them show the receipt because when the carpet is wet you cannot tell if they did a good job.

If you are moving from the area, hire a professional rental management company to watch over your investment. Call me for more ideas, (760) 445-1534. - Mon Sep 22 2008, 09:32

Hi Lisa! Asking for assistance for an item like a larger Electrical panel is not out of line. the Seller knows the size of the panel is substandard for todays homeowners. This especially true in this case since the $500 only represents about one third of the cost of this item. With the trend toward the installation of Solar Electric you will need this extra capacity someday. In any case, any Seller in todays market should be inclined to negotiate. - Mon Jul 21 2008, 20:58

$465k, .75 Acre horse property, w/ 2 BR, fully remodeled - Thu May 1 2008, 09:01

A single family residence would indicate that there is no fractional ownership of any part of that property what-so ever. A detached condominium would indicate that even though the home is totally detached from it's neighbors physically, there is some fractional ownership is involved. Maybe the front lawns are held in common and maintained by the HOA or more commonly there is fractional ownership of the community amenities such as the club house and swimming pool, etc.

If one home has a better site, view, proximity to ammenities or is nearer to the gate can all affect the value of the property to its benefit or detriment. The ease at which a sale may happen will be determined by one Buyer who is willing to pay more for what ever ammenities of which you speak and you have determined that should command a higher price.

You could argue that a SFH has the advantage of not having an HOA and its inherent restrictions on usage, parking, noise and payment for the amenities all of which are part of fractional ownership agreements. But some SFH are subject to payments for recreational districts, street lighting, and maintenence of green belt areas. So the division is not so clear in some cases.

I don't think the investment potential will be significantly different in either case. Only a ready and willing Buyer will determine which form of ownership is of more value and it will be determined by their own personal tastes. - Mon Apr 28 2008, 10:34

Hi Deb! You have already done some homework about these areas judging from your question. These two communities have the highest rated schools, are located near the best beaches and are family oriented with many parks and recreation facilities. They have all those features and homes in the price range you mentioned. Any neighborhood in those communities is worth considering.

What I think you are asking is more specific. I would like to send you some property profiles for specific homes you might like. I have lived and worked in these two communities for 18 years. Please call or email me today. - Mon Apr 21 2008, 11:26