Talking to a property manager before you invest in Oakland rental properties is a great way to ensure you’re making smart decisions. Today, we are sharing three investment tips that Oakland investors will find useful.
Follow Neighborhood Trends
It’s important to be aware of what’s happening in Oakland and the surrounding areas. Make sure you understand the neighborhood trends. There is a lot of development and many new businesses coming to town right now, so you want to know where those are, what’s happening with them, and how they will impact the rental market. If you notice that there’s an upward spike in sales, look at investment opportunities in those neighborhoods. Following property and real estate trends will help you be a more prepared and better-educated investor.
There are several resources you can use to ensure you’re staying up to date with these trends. Make sure you read the business section of the local newspapers and websites. Inman News is another excellent resource, and you can follow Zillow.com. It’s also a good idea to talk with local Realtors about community trends. They can be great sources of information.
Understand Rent Control
A number of rent control apartments can be found in Oakland. So as an investor, you want to make sure there’s enough of an upside in those apartments to make them profitable. Look for places with several vacancies or at least 60 percent of the tenant population paying market rent.
Finding Room for Growth
Another excellent investment option is to look for places with room to build or develop. Buy an empty lot and put up some properties there, for example. Or, if you have a nice sized property on a big lot, you can add another unit or do a garage conversion. Smart investors will always find ways to make more income.