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April 7, 2019

7 Things to Consider When Buying an Investment Property in Thousand Oaks

Are you Considering Buying an Investment Property in Thousand Oaks?

The Real estate market in Thousand Oaks and Ventura County in general shows a robust improvement in the last several years.  Looking at the steady growth, most people are of the belief that investing in real estate in Thousand Oaks can be quite a profitable business.  As a result, there are lots of people from all over investing in Thousand Oaks properties.

The increasing quantity of companies performing Property Management in Thousand Oaks, CA is another sign that business is growing.  If you are looking to purchase an investment property in Thousand Oaks, whether it's a commercial property, multi-unit property or a single family home, there are a few methods for doing this.  Some of the traditional ways include searching online or driving around looking for "For Sale" signs.  The most efficient way, is to use the expertise of Huggins Homes to locate your investment property.  Not only can a we help you find the right property, but we can assist you in determining the net operating costs and what the ROI ("Return On Investment") is.  In addition to helping you find the right investment property, Huggins Homes is here to help you navigate the sometimes confusing and difficult escrow process.  After the purchase is completed, we are also able to help you manage the day to day operations of the rental property as well as helping you rent out the property.

Some things to consider when purchasing an investment property in Ventura County:

  1. Budget- You must set a budget before you begin searching for a property.  An ideal budget is one which will not significantly disturb your existing financial liabilities.  If you are planning to buy the property outright, that is without a loan, then you should plan to have some money set aside in your bank account as a contingency fund should the property need any work prior to renting or should anything unexpected come up.  If you are planning to take out a loan to purchase the home, then make sure your monthly payments are affordable and that you make enough of a profit to justify the financial outlay.
  2. Type of property - You must have an obvious understanding of what you are looking for.  The first question you need to ask yourself is are you looking for in general?  Is it land, a commercial property, an industrial complex or a place for people to live?  Next, you need to drill down to the specific type of property.  If it's a place for people to live, are you looking for a single family home, a 2-4 unit building, a building with less than 15 units or 16 units or more?  Why the 15/16 unit breakdown, you ask?  Because in California, the laws significantly change once you hit 5 units and again when you hit 16 units.  At Huggins Homes, we can help you navigate all of that.
  3. Facilities - You must also take into account the facilities available close to the property like transportation, hospitals, malls, etc.  In addition to what is around the facility, if you are considering a multi-unit property, what facilities does the unit offer?  Laundry?  Garage parking?  Guest parking?  Common areas?  Pool?  Fitness?
  4. Property research and inspection - Most people don't just go out and buy the first car they see, they read reviews and look at a variety of cars first.  So should you do when shopping for a home, whether it's investment property or for you to live in.  You should research several properties, make sure the ROI is there and do a thorough due diligence on the property's physical condition.  In the event that you are looking at purchasing land, make sure that it is zoned for what you wish to build.
  5. Legal Advice - While the experts at Huggins Homes can answer many of your questions, we are not able to give you legal advice.  Should you wish to consult with a lawyer, we have a close partnership with one of the top real estate law firms in the state and would be happy to make an introduction.
  6. Availability of Loan - If you will be purchasing the property using a loan, then you will need to speak with a lender and get a pre-approval letter prior to beginning your property search.  Like with traditional residential homes, this will not only help to set an upper bound for what you can afford to look for, but will also make your offer reviewable as no seller will review a financed offer where the potential buyer hasn't even talked with a lender.
  7. Your future plans... aka "Your Exit Strategy" - The last thing to consider is what is your exit strategy?  Do you plan to keep the property for five to ten years, then resell it?  Do you plan to use it as leverage to purchase other properties?  Do you plan on keeping it and eventually willing it to your heirs?  All of these will help determine how much to finance (if anything) and how much of an ROI you need.

Buying your first investment property or even your thirty-first can sometimes feel like your trying to drink from a fire hose.  That's why the experts at Huggins Homes are here to help make things more manageable.  Whether you are looking in Thousand Oaks, Newbury Park, Simi Valley, Moorpark, Oxnard, Ventura, Camarillo, Westlake Village, Agoura Hills or anywhere else in Ventura or Los Angeles Counties, we're here to help!  Contact us today at 805.905.4000 for a free consultation.

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