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Atascocita property management

Atascocita property management

Searching for Atascocita property management? If so, contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online.

At Vestpro Residential Services we specialize in full-service property management and can offer you the following services:

  • Tenant Selection – Our Atascocita property management will choose the most qualified tenants to live in your rental property.
  • Customer Service – Our property management team will be available to handle calls from your tenants and manage all issues related to your rental property.
  • Rent Collection – When it comes time to collect the rent you can count on Vestpro to collect the rent from your tenant on time and deposit it into your bank account.
  • And more!

Atascocita Property Management Will Save You Time and Money

There’s no denying that owning rental properties is a great way to build wealth but life can get complicated when you manage your rental properties yourself. Thankfully, with professional atascocita property management, you can count on us to save you the time, money and hassle of managing your rental properties yourself.

We Make Your Life Easy

This is why we offer a full suite of services to relieve property owner stress, such as tenant placement, credit screening, maintenance, property inspections, collections, evictions, and monthly financial reporting. 

When you choose Vestpro to handle your properties, a dedicated property manager will be assigned to your property.

Let Us Help You Build Your Portfolio of Rental Properties

Once you hire our atascocita property management team to serve you, you’ll see how easy it is to grow your portfolio of rental properties since you won’t have to concern yourself with the day-to-day tasks that come with owning a rental property.

Learn more about the services we can offer you by calling us at (832) 971-1841 or click here to connect with us online.

Atascocita property management

 

Posted by on February 14, 2017 in Property Management Tips

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Are turnkey rental properties a smart investment for you to make?

Are turnkey rental properties a smart investment for you to make?

On television, turnkey rental properties are highly touted because, many people like the idea of purchasing a rental property without having to do any work to get it ready for rent but the BIG question is are these rental properties a smart investment to make? 

About Turnkey Rental Properties

When we use the term “turnkey rental properties,” we are referring to the loosely defined investment strategy of buying, rehabbing, and managing a property through a third party. The process of working with a turnkey real estate provider typically looks something like this:

  1. Finding a property: Based on your personal investment goals, the company will help you to identify and build a portfolio of properties. Most claim to have a pre-vetted database of turnkey investment properties for you to consider. Some also have proprietary software to evaluate which properties are likely to produce the greatest returns.
  2. Funding the investment: Unlike experienced investors, most turnkey buyers are unfamiliar with the various ways to finance rental properties (e.g. various loan products, 401K, 1031 exchange). The turnkey provider will help you to evaluate a range of financing alternatives depending on your individual circumstances and goals.
  3. Acquiring the property: Once you’ve identified the property you’d like to purchase, the turnkey provider will assist you with all of the paperwork, home inspections, appraisals, loan documents, and more. They provide end-to-end service, much like a real estate agent would, but they specialize in working with long-distance buyers who want to take a hands-off approach.
  4. Renovating the property: Depending on the situation, some turnkey rental properties will be in need of major renovations, while others may simply need minor repairs to bring the property up to code. The turnkey provider will manage all renovations and maintenance for you.
  5. Managing the property: The primary reason that people buy turnkey rental properties is because someone else pledges to manage the property on a day-to-day basis. This includes finding tenants as well as responding to any tenant needs (e.g. fixing a leaky sink). It ostensibly creates a stress-free investment opportunity—all that’s left for the buyer to do is deposit those rent checks!

Generally speaking, most turnkey firms will charge around a 3% fee for property acquisition, and then anywhere from 7 to 10% for ongoing management of turnkey rental properties.

That said, it’s important to know that there are hundreds of turnkey firms across the U.S., and no two are exactly alike. Some will buy, rehab, rent, and THEN sell a property to you (the investor). Others specialize in helping you to find cheap properties (for as little as $20,000!) that need major renovations—and the turnkey company will take on all of those renovations for you. The range of services can vary greatly, so be sure to thoroughly research several turnkey providers before you commit to anything.

The Growing Popularity of Turnkey Rental Properties

Turnkey rental properties have proven a great fit for people like Yang Guo, a 30-year-old data scientist who lives and works for a tech company in San Francisco. Even though he earns a good salary, he’s been priced out of the Bay Area. Nonetheless, Guo still wanted to add real estate to his investment portfolio.

Guo ultimately purchased two properties: A small home in the suburbs of Birmingham, AL and another outside of Columbia, SC. He worked with HomeUnion, a turnkey real estate provider based in Irvine, CA. HomeUnion helped Guo to purchase the two properties for a total of $60,000—quite the bargain in comparison with the Bay Area, where the median home price is over $675,000. HomeUnion, a 3-year-old startup, handled all of the necessary renovations, and they now manage the property for Guo. He’s never actually seen the properties or met the tenants—but he collects a rent check each month from 2000 miles away.

“There’s too much risk with buying property in the Bay Area,” Guo says. “As long as the cash flow is coming and hitting my bank account, I basically don’t care about seeing them in person.”

Novice real estate investors like Guo are attracted to turnkey rental properties because they’re lower-cost and less time-intensive to manage. The average turnkey investment property sells for between $50,000 and $150,000. Most are located in markets that were hit hard by the housing crisis. For example, Florida, North Carolina, Tennessee, Georgia, and Ohio have experienced an explosion of turnkey rental properties. In Florida, for instance, an estimated 12% of landlords are from out-of-state. Turnkey investors tend to come from high-priced markets and want to buy in states with low home prices and relatively strong rents.

However, long-distance real estate investors tend to lack local market knowledge. “You see these people coming from California and what I like to call ‘yuppie-ing up a place,’ but they don’t realize it’s not in the best area because they didn’t do their homework,” says Tony Kazanas, a Cleveland area real estate agent. There are all sorts of miscellaneous things that novice real estate investors don’t consider, like local vacancy rates or the need to obtain hurricane or other specialty insurance. Turnkey companies fill these important gaps by providing local market expertise.

The Dangers of Turnkey Rental Properties

Based on our overview so far, turnkey real estate investment might seem like a no-brainer! Not so fast: Turnkey providers often target uneducated buyers and sell the promise of a stress-free, cash flow-generating investment opportunity. Unfortunately, too many buyers forget to do their due diligence. They fall for a compelling pitch and slick marketing materials, only to regret the investment down the road.

See, there has been an explosion of turnkey providers since the downturn of the housing market. Many of these companies are run by young adults in their early 20s who have little experience in real estate. They bank on the fact that most out-of-state buyers won’t come to see the properties they’re selling in person, which often haven’t been upgraded to turnkey standards. Some are pitching portfolios of turnkey rental properties that look like they’re straight out of the foreclosure process, where upgrades haven’t even begun. This isn’t a red flag for someone who intends to spend money on renovating the homes; but many turnkey investment providers sell people on the fact that the homes have already been renovated when that isn’t actually the case.

As it turns out, many of these turnkey providers are expert internet marketers, not expert real estate professionals. Many are less than capable of managing the properties that they’re selling to you.

Here are some key warning signs that a turnkey real estate company may not be as legitimate as they seem on the surface:

  • Inexperienced operators: Find out how long the company has been in business, where they’ve invested in real estate, and how many buyers they’ve worked with. Don’t be shy about calling references. If you’re going to be getting into business with someone, you have the right to do your due diligence before signing on the dotted line.

  • Lack of direct investments: Has the company invested in its own portfolio of turnkey rental properties? If so, what types of returns are they getting? It’s a major red flag if the company doesn’t own and manage its own properties—how else will they know how to look after yours?

  • Weak support structure: Is the person who’s selling you on the investment the same person responsible for property acquisition, renovation, tenanting, and maintenance? If so, that’s an indication that there’s a weak support structure in place. Legitimate turnkey firms typically have a deep bench with professionals of varying expertise. If someone promises you that they can do it all alone, how much individual attention will your properties really be getting?

  • Shoddy renovations: Before going into business with a turnkey company, take the time to tour a few of the other properties that they manage. What condition is the property in, and have the renovations been done properly? If the company claims that thorough renovations have already been completed on the property you’re considering, an inspection is worth every penny. Otherwise, you could get stuck with costly repairs down the road.

  • Rental guarantees: Experienced real estate investors know that there is no such thing as a “rental guarantee.” A property may be more or less likely to rent quickly, but there’s no guarantee that it will be rented at the price the turnkey operator has stated. Spend some time doing your own market research to understand what rent prices are like in the area where you’re looking to purchase.

  • Overpriced properties: Similarly, spend some time researching the local market. Turnkey providers are notorious for selling overpriced homes to out-of-state investors who are used to expensive real estate markets. A home that sells for $200,000 might seem like a bargain compared to where you live—but if local comps are selling for half that, then there’s a good chance you’re being duped.

Get Property Management Help Here

For affordable and professional property management contact Vestpro Residential Services today by calling us at (832) 971-1841 or CLICK HERE to connect with us online.

 

 

Posted by on February 8, 2017 in Property Management Tips

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7 Tips for Getting Your Humble Texas Rental Property Ready for Rent

7 Tips for Getting Your Humble Texas Rental Property Ready for Rent

By Vestpro Residential Services

Are you planning on getting your Humble Texas Rental Property ready for rent? If so, make sure that your rental is ready to be toured by prospective renters by following these 7 tips

Tip #1 – Re-Key Your Locks and Change Alarm Codes – This is by far one of them most important things to do before renting your Humble Texas Rental Property because, you want to make sure that your old tenants cannot have access to your rental property, including the gate or mailbox after they move out.

Tip #2 – Professionally Clean All Carpets and Floors – One of the top things prospective tenants do not like is dirty floors and dirty carpeting so you should have them both professionally cleaned before showing your rental property.

Tip #3 – Clean Up Your Yard Space – If your Humble Texas Rental property has a yard space, you should clean it up (regardless of the size) because, you want prospective tenants to see it as a usable space that they can be excited about instead of seeing dead flowers, dying shrubs or an overgrown yard that may turn them away.

Tip #4 – Change Air Filters – Does you’re the HVAC or air conditioner at your Humble Texas Rental Property have filters? If so, you should replace them because, this will help your tenants to breathe easier, especially if they have allergies.

Tip #5 – Clean Your Rental from Top-To-Bottom – Another important thing that you can do to get your Humble Texas Home ready for rent is to thoroughly clean it from top to bottom because a dusty or dirty rental property may lead some renters to wonder what else may be wrong with the rental property.

Tip #6 – Inspect / Clean Ceiling Fans – Although ceiling fans can help to cool a home or keep it warm, they can also accumulate dust during the year and spread that dust around the home when they are turned on, this is why you should have those ceiling cans cleaned and serviced before tenants move in so you can have confidence that they are working properly.

Tip #7 – Let in The Light – Last of all, but most important, you should get your Humble Texas Rental Property ready for rent by letting in the light. To do this you should clean all windows in the home and replace light bulbs because more light can create a positive mental picture in the minds of potential tenants so they can see themselves living in your rental property.

Get Property Management for Your Humble Texas Rental Property

For professional property management for your Humble 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 January 31, 2017 in Property Management Tips

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5 Tips for Filling Vacancies at Your Houston Texas Rental Property

5 Tips for Filling Vacancies at Your Houston Texas Rental Property

By VestPro Residential Services

HOUSTON, TX. – Do you own a Houston Texas Rental Property that’s not attracting the attention of renters and you can’t figure out why? Although this is frustrating when it happens the reality is that there could be one or more reasons why renters are showing a lack of interest in your rental property and the following steps will help you to get to the bottom of the problem and fix it.

Step #1 – Check Your Rent

Although every landlord wants to rent their Houston Texas Rental Property for the most money possible the reality is that some people may be listing their rentals for more than they should.

To figure out what you should be renting your property for you should do a comparable analysis of similar rentals in your area to determine if you should consider lowering your rent a little in order to attract more tenants.

Step #2 – Improve Your Rental Ads

Let’s face it, advertising is the lifeblood of our business because it’s what helps renters find our Houston Texas Rental Properties.

Sadly, many landlords are running poor advertisements that are turning away potential renters rather than attracting them.

Before running another rental ad you should first take better pictures and video of your rental property then take a look at your ad copy, rewrite the headline, and revise the body copy so that your advertisement talks about all of the benefits, features, and amenities that your rental offers prospective tenants.

Houston Texas Rental Property

Step #3 – Bring Your Houston Texas Rental Property Up To Date

If the last time you updated your Houston Texas Rental Property was before the start of the millennium, you should start making some updates now because new flooring, window coverings, appliances and fixtures in a rental property can go the extra mile with making a rental feel fresh, new, and updated.

Step #4 – Think About Allowing Pets

In 2017 there are more renters out there than ever before who are searching for rental properties that will allow pets. If you don’t allow pets at your Houston Texas Rental Property you should consider changing your pet policy because you will open up your rental to a larger pool of prospective tenants, just make sure to update your lease agreement before renting to someone with a pet.

Step #5 – Ask Your Current Tenants for Referrals

Last of all, but most important, if you have tenants living in your other rental properties you should consider asking them for referrals because the chances are that they might know someone who is looking for a rental and this will save you the time/money and hassle of having to advertise your Houston Rental Property.

Get Houston Texas Property Management

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

 

Posted by on January 27, 2017 in Property Management Tips

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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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