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Kingwood Property Management

Are you searching for Kingwood Property Management? If so, you’ve come to the right place! At Vestpro Residential Services we specialize in residential property management for Kingwood, Humble, Atascocita and the surrounding area.

It doesn’t matter if you’ve been managing your rental properties yourself for a long time, or you’re just getting started with owning income properties, you need Kingwood Property Management because we will save you the time, money and hassle of managing rental properties yourself so you can focus on growing your portfolio of Real Estate investments.

Kingwood Property Management

Affordable Kingwood Property Management

Are you interested in Kingwood Property Management but aren’t sure that it’s worth the cost or investment? Our property management services cost a lot less than you think and once you start using our services you won’t want to start managing your rental properties yourself ever again.

Besides full property management, some of the services we can offer you include:

  • Tenant Screening – We will find the right tenants to live in your Kingwood Texas rental properties.
  • Tenant Placement – Once the right tenants are found, we will place those renters in your single family home, townhome or apartment rental property.
  • Rent Collection – Imagine no longer having to deal with tenants who don’t pay their rents on time. Thankfully, when you choose Vestpro you can count on us to collect rent on time each month and deposit it into your account.
  • Maintenance – When maintenance problems or issues arise at your rental property, you can count on our team to take care of those issues when they occur so you don’t have to spend your valuable time on maintenance yourself.

Get Kingwood Property Management

For the most affordable, professional and reliable Kingwood Property Management services, contact Vespro Residential Services today for a free consultation at (832) 971-1841 or click here to connect with us online.

 

Posted by on January 19, 2017 in Kingwood Property Management

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HUD Anti-Discrimination Laws You Didn’t Know You Were Breaking

HUD Anti-Discrimination Laws You Didn’t Know You Were Breaking

In 2015, the enforcement division of the Department of Housing and Urban Development announced 10 separate charges against landlords and property managers for various types of discrimination.

No ethical landlord wants to commit unlawful discrimination. But some honest employees or landlords run into trouble accidentally, despite the best of intentions, by making a mistake during the screening process, asking an innocent but misguided question or making an ill-considered remark that can form the basis of a discrimination complaint.

Let’s look at some of the mistakes made by landlords and property managers that led to discrimination charges.

Asking About Mental Health, Medical Status or Diagnoses

In one Minnesota case, a woman diagnosed with bipolar disorder attempted to rent a house with her partner. Shortly before move-in, the landlord’s agent became aware of the applicant’s history of mental health issues, and called the prospective tenant asking if there were any “issues” she wanted to disclose before moving in. The tenant disclosed her diagnosis of bipolar disorder. The agent asked for more information, but the renter told her it was “none of her business.” Subsequently, the landlord refused to rent the dwelling.

HUD Prosecutors deemed the mere inquiry into the mental health diagnosis to be a violation of 42 U.S.C. Section 361(g)(2)(A), and assessed a $16,000 civil penalty against the landlord, in addition to damages.

Discriminatory Advertising Language

In a Philadelphia case, HUD officials were alerted to a Craigslist rental advertisement containing these words: “Not good for young children.” HUD officials investigated and applied to rent the dwelling. Two HUD test coordinators called the lister, one claiming to have a 2-year old daughter, and the other posing as a single man.

The lister told the female caller that the dwelling was directly above a construction business with a lot of heavy truck traffic. The dwelling would be fine for adults, the lister explained, but dangerous to young children. The lister also told the male investigator that he wanted to rent to adults with no children because of the traffic.

HUD officials deemed the actions of the landlord’s representative to constitute illegal discrimination based on familial status. The advertisement was illegal under 42 U.S.C. Section 3604(c) and 24 C.F.R. Sections 100.75(a) and (c)1.

HUD Department officials asked courts to penalize the landlord for each violation, on top of compensatory damages.

Discrimination Based on Limited English Language Skills

An Asian-American man applied to rent a townhome in Champlin, Minn., together with his mother, who was from Thailand. They planned to reside on the property with two children. The property manager took their information and a credit background check. He also collected an application fee of $40 for each of the two adult applicants.

The son’s credit score came back at 725, and his mother’s was 761. Their income qualified the family to rent the apartment. But the manager sent the son an email stating that their rental application was declined. The reason: Both adults would have to sign the lease contract, but the mother had limited English skills. “As I’m told, legal precedent indicates the contract must be translated to her native language,” the manager wrote. “If not, she could easily break the lease.”

The manager also claimed that a certified translation would be required, costing about $500.

The son informed the manager that he had submitted an inquiry to the Department of Housing and Urban Development based on the manager’s statements about his mother’s English language skills.

HUD’s lawyers determined that denying a lease because of limited English skills, as well as the act of requiring a $500 translation fee, amounted to illegal discrimination under 42 U.S.C. Section 3604(a). The Department of Housing and Urban Development is pursuing the property manager for full compensatory damages, as well as a civil penalty of $16,000 per violation.

Get Property Management Here

For affordable and professional property management contact us today by calling (832) 971-1841 or click here to connect with us through our website.

 

Posted by on January 6, 2017 in Anti-Discrimination, HUD

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New Year Resolutions – Hire A Houston Texas Property Manager In 2017

New Year Resolutions – Hire A Houston Texas Property Manager In 2017

By Vestpro Residential Services

HOUSTON, TX. – With the 2016 holidays officially over many people will be coming up with their New Year’s Resolutions for 2017 and if you own rental properties in Houston one of the best resolutions you can make is to hire a Houston Texas Property Manager in 2017 especially for these reasons.

Saves You Time And Money

An experienced Houston Texas Property Manager will save you the time of managing your rental properties yourself especially when it comes to day-to-day tasks like rent collection, customer service, and maintenance because these are all tasks that you will no longer have to do yourself.

You will also save money when you hire a Houston Property Manager because you won’t have to chase down tenants when they don’t pay, or make repairs to your rental property yourself because our team of trained professionals will complete those property management tasks for you so you can focus on growing your portfolio of rental properties.

Property Management Makes Life Easier

Let’s face it, as you purchase more rental properties you can expect to have more responsibilities but with an experienced Houston Texas Property Manager you can focus on the things that matter for you like spending time with your family, enjoying life and growing your rental property portfolio knowing that the everyday tasks of property management are being handled for you on the back end.

To learn more about our property management services contact Vestpro Residential today by calling us at (832) 971-1841 or click here to connect with us through our website.

 

Posted by on December 27, 2016 in Property Management Tips

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5 Basic Tips for Investing in Real Estate

5 Basic Tips for Investing in Real Estate

Are you planning on getting started with Investing In Real Estate during 2017? If so, you’re not alone. Thanks to the excellent returns from Real Estate many investors have chosen to invest in rental properties in Houston, and across the United States.

Before getting started with investing in Real Estate you should follow these 5 basic tips for investing in Real Estate.

1. Location Matters

The old adage that “location matters” is most accurate when it comes to real estate investing. Before you fork over a down payment and put yourself in a significant amount of debt over a property, ensure that it’s in a good location.

Look for the worst house on the best street. That’s a principle you’ll come across quite a bit as you delve into further real estate investing advice.

You want to invest in the worst house on the best street because it gives you an opportunity to build equity. It’s a property in a great neighborhood (“the best street”) that needs some work (“the worst house”). You can invest some money to fix it up and sell it to someone else who wants a ready-to-move-in house in a fabulous location. Professional real estate investors call this “fixing and flipping.”

2. Look for Wholesale Properties

Investing in real estate is just like investing in the stock market in at least one way: you’re looking for the best deal. If you’re a savvy stock market investor, you probably won’t buy too many stocks at their high if you plan on holding them for a long time. Instead, you’ll follow the Warren Buffet principle of getting greedy when everyone else gets fearful. You’ll buy stocks that are beaten down and make a fortune when they turn around.
That’s what you want to do when it comes to real estate investing. Avoid paying “full price” for properties. Instead, look for so-called wholesale properties that are offered at a steep discount. Sure, they’ll probably need some work. Run the numbers and see if the investment in rehab is worth the ultimate selling price.

As noted at ThinkConveyance: “You can easily invest $20,000 in a property and add twice that much to the selling price. That’s why real estate investing is so attractive to investors who want to maximize their return on investment.”

3. Understand the Tax Benefits
The people who run our government want private investors to provide housing for people. That’s because they know that if private investors don’t provide housing, then the government will be responsible for it.

To that end, Uncle Sam offers significant tax benefits to real estate investors. The most significant benefit, arguably, is the depreciation write-off. When you buy an investment property that includes a building, you get to write off the depreciation of that building as a tax deduction. You’ll have to consult your tax advisor for specifics, but basically you can expect to depreciate a residential building over 27 years and a commercial building over 39 and a half years.

Keep in mind that the IRS views your real estate investment efforts as a business so you also get to claim the “necessary and ordinary“ deductions that business owners take, including mortgage interest, insurance, and maintenance expenses. Again, it’s a good idea to consult your tax advisor about specifics.

4. Check Your Credit Report

You’re more than likely going to need to borrow money to buy real estate. That’s why you should check your credit report before you begin investing in real estate.

If you have problems on your credit report that are mistakes, get those resolved as quickly as possible. If you have problems that are legitimate, then you’ll need to work to improve your credit.

Simply put, banks aren’t going to loan money to you for a property that’s not your primary residence as readily as they’ll loan it to you for your own home. That’s why your credit has to be spectacular.

5. Use the “1% Rule”

If you’re planning on buying a property that you’ll rent out one or more tenants, use the “1% Rule” when you decide whether or not the property is worth the price you’ll pay for it.

The 1% Rule simply states that an income producing property must produce 1% of the price you pay for it every month. For example, if you’re looking at buying a property for $150,000, then the monthly rental income should be 150,000 x 1% = $1,500.

Get Houston Texas Property Management

As you grow your portfolio of rental properties you’re going to need an experienced Houston Texas Property Management company because a property manager will save you the time, money and hassle of managing those rentals yourself. Learn more about the services we can offer you by contact us today at (832) 971-1841 or click here to connect with us online.

 

 

Posted by on December 23, 2016 in Real Estate Investing Tips

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New 1099 deadline change to impact businesses

New 1099 deadline change to impact businesses

Every year, tax season brings a variety of changes, from forms to regulations—and this year is no exception.

Beginning in 2017 (for the 2016 reporting year), many important deadlines will change. Filers will be required to send 1099-MISC recipient copies and submit the forms to the IRS by January 31, 2017, regardless of method (paper or e-file). This significant change to the deadline, which was previously February 28 for paper and March 31 for e-file, will undoubtedly dial up workloads and stress levels for companies.

To further complicate matters, the new filing deadline, as it relates to Form 1099-MISC, only impacts filers reporting non-employee compensation payments in Box 7. Although the overwhelming majority of 1099-MISC filers will report information in Box 7, there is bound to be some confusion.

As you are likely aware, many filers traditionally provide recipient copies first and wait for employees or vendors to review the forms prior to sending them to the IRS. This approach has allowed errors to be corrected and the fixed form to be filed to the federal government, along a new copy to the recipient, without creating a corrected 1099. The new reporting deadline all but eliminates this option, which we expect to result in more corrected forms being sent this year.

To avoid filing late and incurring penalties for noncompliance, it’s important to plan ahead for these new deadlines, form changes, and other deadlines. We also recommend reviewing the required data as soon as possible to allow extra time to edit errors or gather further information if needed. Click here to learn more!

Get Houston Texas Property Management Here

Do you need Houston Texas Property Management? If so, contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online.

As long time property management professionals we can save you the time, money and hassle of managing your own rental properties especially when it comes to things like rent collection, maintenance, customer service and all of the other property management tasks that you might currently be doing yourself.

Let us show you the difference our services can offer you and how we can simplify your business so you can focus on growing your portfolio of rental properties in Houston, Humble, Kingwood and the surrounding area.

 

Posted by on December 15, 2016 in Income Taxes

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Are You Planning On Selling Your Houston Rental Before The End Of The Year?

Are You Planning On Selling Your Houston Rental Before The End Of The Year?

Over the last five years many homeowners in Houston Texas have decided to rent their homes out rather than selling them, but times have changed, and now that home values have increased, homeowners who were previously underwater with their mortgages have equity again and may be planning on selling their Houston Rental Properties. 

Thanks to the IRS tax code we know that you can temporarily rent your primary residence without losing the all-important exclusion of capital gain but, this is also based on set five-year time limit.

About The Capital Gains Exclusion

During a 5 year period of time, you must have done the following:

  • Owned your home for 2 years.
  • Lived in your home, as your primary residence for two years.
  • Ownership must have been continuous during this period of time.

To successfully take advantage of the capital gains deduction your home must be ready for sale and should be priced correctly, sold then closed within a period of six months.

Although most homeowners want all capital gains to qualify for the exclusion, the reality is that some of the gains might not qualify if depreciation has occurred during the period of time that the home was rented, but the good news is that depreciation is recaptured at a tax rate of 25%.

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Timing Is Important

As with anything in life, timing is important, especially if your home is valued at $200,000 or more because it’s possible that you could have a tax liability up to $30,000 so like most people you will want to do everything possible to minimize or eliminate as many taxes as possible.

To learn more about taking advantage of the capital gains exclusion contact you tax professional today or to start the process of selling your Houston Rental before the end of the year click here.

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Get Property Management Here

For professional property management for your Houston Texas Rental Property contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online.

 

Posted by on December 9, 2016 in Real Estate Investing Tips

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Humble Texas Property Management – How to Avoid Losing Renters

Humble Texas Property Management – How to Avoid Losing Renters

By Vestpro Residential

Are you searching for Humble Texas Property Management information? If so, you’ve come to the right place! In this article we will share with you actionable tips you can use to avoid losing renters.

Avoid Constant Rent Increases

The first Humble Texas Property Management tips we can offer you is to not raise the rent with each lease renewal because, the reality is that it’s not always a wise decision to increase the rent especially if you have long term tenants since it does cost more money to find a reliable long term tenant than it does to keep a tenant.

Always Handle Noise Complaints

When it comes to your Humble Texas Rental Property you should always treat noise violations seriously because, just about every tenant has a very low tolerance for noise so you should address the noise problem if it’s coming from a neighbor on the street where your rental is located, or another tenant in your rental property.

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Follow The Law If you have to Enter Your Rental Property

As long time Humble Texas Property Management professionals we can tell you that unauthorized entry is illegal in Texas and you have to follow the law if you plan on entering your rental property to show your rental to a prospective renter or get work done.

Always give your renters at least 24 hour notice in writing before entering your rental property and if you need to enter your rental property due to an emergency you should ask your tenant to sign a notice allowing you to enter the rental on short notice.

Don’t Allow Poor Maintenance

Last of all, but most important, another Humble Texas Property Management tip we can offer you is to never allow inadequate maintenance at your rental property because you will only be able to keep your tenants for so long before they become tired of living in a rental property that’s not been properly maintained.

Get Humble Texas Property Management

For the best Humble Texas Property Management contact Vestpro Residential Services today by calling (832) 971-1841 or click here to connect with us through our website.

 

Posted by on November 30, 2016 in Property Management Tips

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Should you buy rentals in Houston? Even if you’re out of the area?

Should you buy rentals in Houston? Even if you’re out of the area?

Thanks to the booming real estate market in the last 12 months there are more condos, town homes and apartment buildings available for purchase and rent than ever before but the big question is should you buy rentals in Houston even if you’re out of the area? The answer to this question is yes!

Pros of Buying Long-Distance Real Estate

  • The ability to buy in more affordable markets. Property values in second- and third-tier markets don’t command the premium of real estate in primary markets and there’s lower competition. That said, depending on the market, rents can still be very strong. Buying in one of these markets is a way to get your foot in the door, realize positive cash flow and build equity.

  • Real estate as a long-term strategy. Some investors decide to buy real estate in an area that they don’t currently live in, but think they might want to someday. For instance, I’d consider buying a home closer to my parents if there’s a chance I’ll want to live closer to them someday. Many investors use a similar mindset when considering real estate in vacation and retirement markets, like the Carolinas and Florida. These houses can be rented now and held in case an investor wants to live there someday, too.

  • Tax benefits. Say what you want about Trump, but when the New York Times released a copy of his 1995 tax returns it shed light on a stark reality: real estate investors are able to use the tax code to their advantage. The ability to write off interest paid on a mortgage and depreciation makes buying investment property highly attractive. The provision Trump took advantage of is no different than the loopholes that everyday investors use, too.

Get Houston Texas Property Management Here!

For affordable Houston Texas Property Management contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online.

 

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Posted by on November 23, 2016 in Property Management Tips

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Tips for Dealing with Houston Roommates

Tips for Dealing with Houston Roommates

By Vestpro Residential

HOUSTON, TX. – If you’re a landlord, one thing you can expect to deal with at least once while owning rental property is Houston Roommates when two or more tenants choose to rent from you.

Although roommates are not uncommon, renting to them can become complicated if you’re not careful, that’s why we’ve created a process for you to follow when dealing with Houston Roommates.

#1 – All Roommates Must Be Jointly Liable

When dealing with Houston Roommates one of the first things you want to do is make sure that everyone who is living in your rental property is jointly and severally liable. This means that if any roommate violates your lease, or causes destruction to the rental property, the other roommates will be held responsible for paying for their roommate’s damage, bills or fees that they may have caused.

#2 – Think Twice Before Saying Yes To Subleasing

One common scenario that you may encounter with Houston roommates in the future is if you would be willing to let them sublease your rental property.

Any request for subleasing should be considered carefully because a tenant who is subleasing technically cannot be held jointly and severally liable if there’s damage to the rental property, so instead of saying yes to subleasing, you should create a new lease and ask all tenants to sign it.

#3 – Don’t Skimp On Verifying Tenants

As a landlord, there’s going to be times when you’re going to get busy and there’s going to be the temptation to “go with your gut” and skimp on your verifying of new tenants. This is often where landlords get into trouble because, when you don’t run a credit check, background check or take the time to fully verify someone, you don’t really know who you are renting to so it’s always best to follow the same process for all tenants.

#4 – Create a Tenant Representative

Another handy thing to do when renting to Houston Roommates is to choose one tenant in your rental property to be their tenant representative so that any time a problem or issue occurs you will have one person to speak with instead of speaking with multiple people each time.

Get Help with Renting To Houston Roommates

For help with renting to Houston Roommates contact our property management team today by calling us at (832) 971-1841 or click here to connect with us online.

 

Posted by on November 18, 2016 in Houston Roommates

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Houston Rental Property – Maintenance Checklist

Houston Rental Property – Maintenance Checklist

Fall is a great time of year because the holidays are around the corner and you may be enjoying more time with family but if you own Houston Rental Property it’s also a great time to take a step back and focus on maintenance, especially if you haven’t set foot in your rental properties within 6 months because focusing on maintenance now will help you to avoid problems later.

Maintenance Checklist

  • Paint common areas every five to seven years. Or, DiNatale says, “When they start to look worn and paint starts to chip or wear off, or has an uneven sheen, it’s time.”

  • Re-carpet hallways and other shared spaces every five years. This is about the time carpet will start to unravel and become a tripping hazard.

  • Replace lobby flooring, whether wood, stone, tile, or vinyl every 15 to 30 years. If maintained properly, stone, tile, and wood, can last as long as 30 years. Vinyl’s lifetime is shorter, usually around 15 years. But if a wood floor is cleaned weekly, it can last, then be rescreened or polyurethaned every two to three years. Stone can be buffed every two to three years to remain looking good. And remember to put down mats when it’s snowy or rainy, and have a front awning to protect residents’ and their shoes and boots.

  • Change light fixtures (not just bulbs) every 10 years or so. Quality fixtures can last for years, but many older ones aren’t compatible with new LED bulbs. Most buildings don’t tend to change the fixtures, however, until it’s time to repaint.

  • Clean and replace/upholster furnishings when they show wear.Good quality furnishings will last, but they should be kept clean on a regular basis.

  • Repaint or clean the exterior annually. Yearly inspections are important and have to be done in some cities and states. It’s wise to plan to repaint certain parts of the building every two to three years, tuckpoint every five years or so, and clean limestone, which can get very dirty every 10 to 15 years, depending on pollution and climate (salt air can be tough on materials).

  • Clean windows four times a year. At a minimum, twice a year, once in the spring and in the fall.Inspect terraces and balconies annually. Railings and balcony floors should be inspected to ensure they can support a set weight.

  • Clean and inspect downspouts, gutters, and other water-related features twice a year. Once in the fall when leaves are falling and again in the spring after trees flower to avoid debris getting clogged and causing backups.

  • Service and repair furnaces, air conditioning systems, and plumbing annually. In the Spring, check the AC and change fluids or filters, and in the Fall inspect the furnace and change filters.

  • Inspect and service elevators and sprinkler systems every year.Elevators and sprinkler systems should be inspected annually, usually by the fire department, but it may depend on your city code.

  • Landscape seasonally. Curb appeal is everything: invest in your outdoor plants every season to keep your building looking it’s best.

  • Upgrade gym equipment, computers, and laundry machines every few years. This will help keep your building efficient and your residents safe.

  • Replace roofs every 20 to 30 years. Good roofs will last decades, but should be inspected regularly, especially after bad weather.

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Get Houston Property Management

For affordable Houston Texas Property Management contact Vestpro Residential today by calling us at (832) 971-1841 or click here to connect with us online. 

 

Posted by on November 9, 2016 in Maintenance

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