Do you own a Humble Texas Rental Property that’s consistently been a problem for you? The problems can be anything from repairs, tenant complaints or problems with tenants who consistently pay their rent late.
Regardless of the reason, these are problems that make owning rental property a headache for anyone but the good news is that you can turn around that problem rental by following these simple tips.
Tip 1 – Check the Property for Needed Repairs
Does the property need repairs inside or outside?
Start with improving the curb appeal of your Humble Texas Rental Property then move to the inside of the home and focus on improving areas of your rental property like flooring, cabinetry, and lighting.
It may be that your rental property needs a good renovation and can be improved in one weekend by painting, refinishing the cabinetry and replacing an old tile or vinyl flooring to update its look.
Tip 2 – Review Your Reputation Online
Another effective solution for dealing with a problem property is to check your reputation online to see exactly what tenants may be saying about you or your rental property.
Tip 3 – Deal with Your Bug Problem NOW
Have your tenants complained about a bug problem at your Humble Texas Rental Property? If so, you should deal with this bug problem today because bugs can pose a health risk to tenants and a bug problem could also cause a tenant to move because they classify your rental as not being habitable.
Tip 4 – Improve Your Tenant Screening
Last of all, but most important, you should improve your tenant screening process including reviewing a tenant: credit history, work history, background and personal references.
A recent study by TransUnion shows us that residential evictions have reached a 5-year low point and this is thanks in large part to tenants having better control over their finances compared to years ago so there’s no reason to not have financially stable tenants for 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 by calling us at (832) 498-0016 or click here to connect with us online.
Fire season is officially here and for the coming months we will be in a potentially dangerous time of year when a fire can be started almost instantly thanks to hot weather and dry vegetation.
If you’re concerned about protecting you property follow these simple fire prevention tips to keep your property safe during fire season.
1. Design smart landscaping, using gravel walkways between sections of vegetation to create firebreaks. Choose plants that are high in moisture (like aloe) or fire-resistant (like French lavender); and avoid flammable trees like conifers. Keep grass short; trim dead branches; and remove unnecessary shrubs and thin trees.
2. Restrict open burning when it’s windy, dry, and hot.
3. Choose fire-resistant materials when it’s time for a new roof, deck, fence, or siding. For existing structures, apply a fire-retardant coating.
4. Clear debris from roofs & gutters, since dry leaves and branches are ready fuel for windblown embers.
5. Consider roof-mounted sprinkler systems, which may qualify for FEMA grants in your state.
6. Store combustible materials safely. Don’t keep items like gas containers where they could heat up or tip over. A cool, dark, ventilated storage area away from residential structures is ideal.
7. Establish communication procedures between staff and residents for imminent threats, and hold safety drills periodically.
8. Make sure you’re covered. If a home is at an elevated level of risk, property insurance companies may help with risk assessment and wildfire prevention efforts. Make sure that tenants have renters insurance for what’s inside their homes, too.
Get Property Management Here
For professional property management in the Houston Texas area contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online.
Are you planning on buying your first rental property? If so, you’re not alone. Now is a great time to buy a rental property because mortgage interest rates are still low and demand for rentals remains high especially in cities like Houston.
In this article, we will share with you several tips you can use to successfully purchase your first rental property.
Determine the Specifics of The Rental You Are Searching For
Before choosing a rental property it’s important to first determine the specific of what you’re searching for in a rental property including the location that you want to own a rental, because in most cities rental properties that are located close to downtown or close to colleges will rent for more money than rentals in suburban areas.
Set Your Budget
Since prices for Real Estate in many cities have reached all-time highs you should set your budget before you start searching for rentals because in this real estate climate it’s very easy for any buyer or first-time investor to overspend.
Create A List of Properties to View in Your Target Areas
Once you know the specifics of the property you’re searching for, and you’ve set your budget, you should next create a list of properties that match your criteria because this will help you to simplify your search especially when you use online tools to find suitable rental properties.
Some criteria that you should consider applying to your search for rental properties include:
Bedrooms – The single-family home, condo or duplex should have at least 3 bedrooms.
Bathrooms – 2 bathrooms are recommended.
Square Feet – Home should have no less than 1,200 square feet.
Age – The property shouldn’t be older than 60 years old since renovation or demo may be required due to removing things like radon and asbestos from the home
Rent – Property should rent for a minimum of $1,200 per month
Garage – 1-car garage is preferred
Save Time and Money with Experienced Property Management
Once you find the right rental property don’t attempt to manage it yourself, save the time, money and hassle of managing rental properties by hiring our experienced and professional property management team.
Contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online.
Planning on investing in rental properties? If so, before investing in your first rental there are a variety of things you should consider which include the following:
First, on the tax front, not only are all your cash expenses – including broker fees and management fees – deductible for your federal taxes, so is the depreciation of your property. Calculated over 27.5 years on a straight-line basis, depreciation protects the first 3.6% of your annual return from taxes. With returns around 5 or 6 percent right now (2017), that’s a big deal. Calculation below.
Second, leverage. If you can borrow money at a lower interest rate than the return you otherwise get from the property, the return on the portion you provide is higher. Calculation below.
Third, what about rents? Do they swing like home prices? How much can you raise them? And what’s the right rent to be charging in the first place? Each property is different and so is each location, so it depends. You should go online and see what other landlords are asking for a similar property in the area. You can ask local brokers, but take their answer with a grain of salt – they’d rather get the commission at any rent rather than have you hold out for a higher one.
You can and should raise your rent every year. Inflation eats into your real revenue if you don’t keep pace. Rents don’t swing like home prices can; they rarely go down and usually rise a bit faster than inflation. If the neighborhood around your property changes, you can see rents rise even faster – and sometimes fall. This is one of the opportunities you have and one of the risks you take.
Get Professional Property Management Here
For professional property management contact Vestpro Residential Services by calling us at (832) 498-0016 or click here to connect with us online.
Are you planning on investing in rental properties for the first time but you don’t what to look for in a rental property? If so, you’ve come to the right place!
In this article we will break down what you should look at before investing in a rental property.
Neighborhood: The quality of the neighborhood in which you buy will influence both the types of tenants you attract and how often you face vacancies. For example, if you buy in a neighborhood near a university, the chances are that your pool of potential tenants will be mainly made up of students and that you will face vacancies on a fairly regular basis (during summer, when students tend to return back home).
Property Taxes: Property taxes are not standard across the board and, as an investor planning to make money from rent, you want to be aware of how much you will be losing to taxes. High property taxes may not always be a bad thing if the neighborhood is an excellent place for long-term tenants, but the two do not necessarily go hand in hand. The town’s assessment office will have all the tax information on file or you can talk to homeowners within the community.
Schools: Your tenants may have or be planning to have children, so they will need a place near a decent school. When you have found a good property near a school, you will want to check the quality of the school as this can affect the value of your investment. If the school has a poor reputation, prices will reflect your property’s value poorly. Although you will be mostly concerned about the monthly cash flow, the overall value of your rental property comes in to play when you eventually sell it.
Crime: No one wants to live next door to a hot spot for criminal activity. Go to the police or the public library for accurate crime statistics for various neighborhoods, rather than asking the homeowner who is hoping to sell the house to you. Items to look for are vandalism rates, serious crimes, petty crimes and recent activity (growth or slow down). You might also want to ask about the frequency of police presence in your neighborhood.
Job Market: Locations with growing employment opportunities tend to attract more people – meaning more tenants. To find out how a particular area rates, go directly to the U.S. Bureau of Labor Statistics or to your local library. If you notice an announcement for a new major company moving to the area, you can rest assured that workers will flock to the area. However, this may cause house prices to react (either negatively or positively) depending on the corporation moving in. The fallback point here is that if you would like the new corporation in your backyard, your renters probably will too.
Amenities: Check the potential neighborhood for current or projected parks, malls, gyms, movie theaters, public transport hubs and all the other perks that attract renters. Cities, and sometimes even particular areas of a city, have loads of promotional literature that will give you an idea of where the best blend of public amenities and private property can be found.
Building Permits and Future Development: The municipal planning department will have information on all the new development that is coming or has been zoned into the area. If there are many new condos, business parks or malls going up in your area, it is probably a good growth area. However, watch out for new developments that could hurt the price of surrounding properties by, for example, causing the loss of an activity-friendly green space. The additional condos and/or new housing could also provide competition for your renters, so be aware of that possibility.
Number of Listings and Vacancies: If there is an unusually high number of listings for one particular neighborhood, this can either signal a seasonal cycle or a neighborhood that has “gone bad.” Make sure you figure out which it is before you buy in. You should also determine whether you can cover for any seasonal fluctuations in vacancies. Similar to listings, the vacancy rates will give you an idea of how successful you will be at attracting tenants. High vacancy rates force landlords to lower rents in order to snap up tenants. Low vacancy rates allow landlords to raise rental rates.
Rents: Rental income will be the bread and butter of your rental property, so you need to know what the average rent in the area is. If charging the average rent is not going to be enough to cover your mortgage payment, taxes and other expenses, then you have to keep looking. Be sure to research the area well enough to gauge where the area will be headed in the next five years. If you can afford the area now, but major improvements are in store and property taxes are expected to increase, then what could be affordable now may mean bankruptcy later.
Natural Disasters: Insurance is another expense that you will have to subtract from your returns, so it is good to know just how much you will need to carry. If an area is prone to earthquakes or flooding, paying for the extra insurance can eat away at your rental income.
Get Property Management Here
For professional property management contact Vestpro Residential by calling Vestpro Residential Services at (832) 498-0016 or click here to connect with us online.
Summer is here and with the warm weather now is a great time for you to focus on improving the landscaping at your rental property but the big question is what type of landscaping are you going to choose?
In this article we will reveal to you the most popular landscaping trends of 2017.
Popular landscaping trends of summer 2017
Programmable Green Space
This landscaping trend has been popular for a few years, but we’re starting to see it grow in popularity now that more Millennials are forgoing homeownership in favor of renting. Programmable green space can be used for a range of activities, from cookouts to flag football, a Frisbee tournament or a family picnic. Programmable green space is particularly important for city dwellers, as it evokes the sense of a yard for renters living in a concrete jungle.
We like this landscaping trend because it’s relatively low-cost and can be repurposed in creative way. Not every building owner has a large courtyard to repurpose as programmable green space—and that’s okay. Even the smallest plot of land can be enhanced with open green space. Just make sure that it’s designed to be inviting to residents, and that they know that it’s intended for their enjoyment.
As an added benefit, programmable green space can serve as a buffer between buildings, increasing the perception of privacy and combatting the feeling of claustrophobia that’s common in dense urban areas.
Boulders, stones, sculptures, and pavers can be more expensive on the front end than other landscaping materials, but we love these features because they are low-maintenance and long-lasting. Hardscape elements tend to look attractive regardless of the season or their age.
The same is true of an outdoor patio. Whether it’s made from concrete or individually placed pavers, a well-designed patio can draw residents to an underutilized space. Create a warm, welcoming environment by adding outdoor furniture and grills. This will help to create a sense of community, no matter the size of your residential property.
Just be sure to care for outdoor furniture properly! Replace fabric on cushions, throw pillows, and umbrellas to make the area feel fresh, inviting, and clean at a low cost. Adding a colorful outdoor rug is another easy, inexpensive way to make the space feel comfortable. Thanks to advancements in technology, there are plenty of outdoor fabrics to choose from that are both fade-resistant and waterproof.
Get Property Management Here
Save time and money managing your rental properties this summer by calling Vestpro Residential Services at (832) 498-0016 or click here to connect with us online.
One of the keys to success with owning rental properties in 2017 is offering a rental property that’s also energy efficient because, these types of rentals will be more attractive to millennials and other renters who want rental properties that won’t come with expensive energy costs each month.
In this article we’re going to provide you with easy tips you can use to create an energy efficient rental property.
How to Make Your Home More Energy-Efficient: Tip #1
One of the easiest ways to make your property more energy-efficient is to reduce the amount of air that comes in or out of the home unintentionally. Drafts force tenants to turn up the heat; and at the end of the month, they’re the ones who pay for it.
Reduce drafts and energy bills with the following fixes:
Exterior doors: There are a number of ways to stop drafts from sneaking under the bottom of the door. We recommend sealing doorways with inexpensive solutions like draft stoppers, foam tape, or door sweeps.
Windows: Old windows are especially prone to letting drafts in. If you’re not ready to replace them just yet, check out this weather stripping tutorial for an affordable solution.
Fireplace door: If your unit has fireplaces, whether or not they’re actively used, fireplace doors block drafts from entering your home. Sam Wilhoit of Brick-Anew explains, “[Fireplace doors] were originally designed so that a person could let the fire die down and then close the doors before they went to bed. That way the room would not be freezing cold the next morning from the cold air that came into the room.”Choose clear or tinted glass to accent your space.
For both doors and windows, your best bet could be to replace them, as we suggested in last week’s post on energy-efficient updates. This reduces drafts while also boosting the property’s security and aesthetics. You can also mention that your unit has brand new doors and windows in your rental listings.
How to Make Your Home More Energy-Efficient: Tip #2
Install Energy-Efficient Bulbs
Lighting is an important area to focus your attention because “an average household dedicates about 5 percent of its energy budget to lighting,” according to Energy.gov. As a result, they explain, “Switching to energy-efficient lighting is one of the fastest ways to cut your energy bills.”
Start by replacing bulbs in the 5 most frequently used light fixtures in your home. In doing so, Energy.gov says, you could save $75 each year. Consider which rooms are used most–likely the bathroom, kitchen, and living room are at the top of the list–so you can make the most of this investment. In addition to indoor lamps, consider replacing bulbs in outdoor lighting that might be left on for a long time.
Compact fluorescent lamps (CFLs) and light-emitting diodes (LEDs) are two of the most popular options, with LEDs using just 20-25% of the energy used by traditional incandescent lightbulbs. “For high-quality products with the greatest energy savings, choose bulbs that have earned the ENERGY STAR,” suggests Energy.gov. New bulbs will last longer and improve energy efficiency–a win-win.
How to Make Your Home More Energy-Efficient: Tip #3
Choose One Big Upgrade
Upgrading to energy-efficient appliances is expensive. It’s a hard investment to justify as a landlord who’s worried about how potential renters will treat these valuable items. Instead of investing in all new appliances at once, start with one big upgrade. Which one should you start with? According to Direct Energy, these 4 appliances pack the biggest savings punch:
Washer: $40/year and $415/lifespan
Air purifier: $27/year and $215/lifespan
Clothes dryer: $16/year and $160/lifespan
Air conditioners: $11/year and $99/lifespan
If you don’t have the extra cash to replace old appliances just yet, focus on downgrading wherever possible. “Make an effort to buy appliances that suit your needs–no bigger and no smaller. Oversized air conditioners, water heaters and refrigerators waste both energy and money,” explains Mary Boone on Zillow.
When all is said and done, don’t forget to update rental listings to feature any upgrades you’ve made. Use buzzwords like “eco-friendly,” “environmentally friendly,” “green,” “sustainable,” and “energy savings” to pique the interest of tenants that care most about these features–and highlight the money it’ll save.
Get Property Management Here
For professional property management for your rental properties contact Vestpro Residential Services today by calling (832) 498-0016 or click here to connect with us online.
There’s no doubt that summers in the Houston area can be HOT and having an in ground pool is a major plus if you’re a homeowner because this means you can enjoy your pool anytime during the summer months without having to deal with the hassles of an above ground pool.
Even though you may use your in ground pool a lot during the summer, there may be times when you are tempted to not keep your pool filled or to drain your pool during the winter months when it’s not in use but the BIG question is what actually happens to an in ground pool when you don’t keep water in it?
Why You Should Keep Water in Your Pool
Not keeping water in your pool can damage the structural integrity of the pools shell, especially if we have another wet winter because all of the rainwater has to go somewhere and that ground water can also cause your pools shell to heave, pushing it upward out of the ground.
To avoid damaging the structural integrity of your inground pool you should keep some water in it all year long, even if that water begins to look “swampy” because, any repairs to the pool, or cleaning, can still be done to the pool when there’s water in it.
Consider Hiring a Professional Pool Company
Instead of looking at your pool as a liability you should view it as an asset that will only help to increase the value of your home when it comes time for you to sell.
If you don’t have the time to maintain your pool you should consider hiring a professional pool maintenance company because a pro can easily clean the dirtiest pool and make repairs (if needed) without you having to do those tasks yourself.
Get Property Management Here
Tired of managing your rental properties yourself? Contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online.
One of your rental properties just came up for rent and after inspecting it you’ve found that more than one room in the property has stains in the carpeting.
What do you do?
Hire a professional carpet cleaner to clean the carpet?
The good news is that you can easily remove stains from any carpet yourself simply by following the tips in this video.
Get Property Management Here
No time to manage your rental properties yourself? No problem! Get professional property management by calling Vestpro Residential Services by calling us at (832) 498-0016 or click here to connect with us online.