With its incredible weather, excellent schools, and numerous outdoor and wellness opportunities, it's no wonder Niche.com ranked Seal Beach as one of the best places to live in California and gave it an A+ grade. So, despite its median rent being higher ($2,308) than the national median ($1,268), the city continues to attract residents, including renters.
For the same reasons, even accidental landlords in Seal Beach, such as yourself, can still generate good income. However, you must take time to learn the ropes of renting out property here.
Our team at PMI Patron has shared property management tips and rental income strategies for first-time landlords, so read on.
Get Your Legal Facts Straight
One of the most crucial pieces of landlord advice is to ensure you understand the laws surrounding tenancy in Seal Beach, CA. Whether renting out an inherited house to tourists or leasing out a long-term rental property investment, be aware of the laws applicable to your case.
For example, if you plan to offer your house to vacationers, the City of Seal Beach Government requires you to obtain a short-term rental (STR) permit and a business license. STR permits are for properties rented out for under 30 consecutive days.
If you want to rent to long-term tenants, you must comply with the following:
- Federal Fair Housing Act (FHA)
- California's Fair Employment and Housing Act (FEHA)
- California's Tenant Protection Act
- California Landlord-Tenant Law
To help you get started, check out the Fair Housing Council of Orange County's nifty landlord-tenant FAQs and guide.
Price Your Rental Right
Since Seal Beach's median rent is considerably higher than the national median, you must be extra careful when pricing your rental property. Otherwise, you might make the mistake of charging an exorbitant rate, which may be against the state's Tenant Protection Act. Even if it's not, overcharging will likely make tenants leave your property for a more affordable one.
You must also avoid underpricing your rental, which can lead to little or no profit. You might not even have enough to pay yourself.
Fortunately, a reliable property management firm like PMI Patron can help by providing a free valuation so you can price your rental right.
Seek Professional Help
Being a landlord in Seal Beach, CA, can be an excellent income maker, but it's also a 24/7 job with many legal implications. It can be particularly complex for accidental and first-time landlords.
If you'd like to generate rental income as passively as possible, consider working with a full-service property manager. They can handle all the admin tasks necessary to secure and maximize your profits, including marketing, tenant placement, and rent collection, to name a few.
PMI Patron: Simplifying the Life of Accidental Landlords
Accidental landlords in Seal Beach, CA, don't have it easy because they unintentionally acquired this "job title" without prior preparation. However, that doesn't mean they no longer have any chance of success. They do, especially with the help of a highly experienced property management firm.
So, if you've recently become an accidental landlord, it's time to consider getting PMI Patron on board. As your full-time property manager, we'll keep your property well-maintained and occupied with quality tenants. Rely on our team of real estate and management experts with decades of combined industry experience.
Reach out today to request your free property consultation!
