What to Replace in Your Rental Property After You Purchase It

Are you planning on buying a new rental property in the Houston area?

Like many landlords, you’re excited about getting that property ready for rent but the reality is that there are a variety of things that you must replace in your property before renting it including the following:

Toilets

Although some landlords often replace the toilets in a rental property last, you should replace these first because a leaky toilet can cause thousands of dollars in water damages and higher than normal water bills for your tenant or you, if you’re paying the water bill for the property yourself.

Light Bulbs

Changing light bulbs is also a “must do” because this will eliminate your tenants calling you to come out to change the light bulbs and also ensure that they will not injure themselves when attempting to change the light bulbs in the rental property on their own.

Locks

Even though the locks in your new Houston TX rental property may look new, you should still replace them anyway because there’s no knowing who may have had access to that property in the past and you want to move forward with confidence in knowing that all keys are accounted for.

Fire Extinguishers and Smoke Alarms

Last of all, don’t forget to change the fire extinguishers and smoke alarms for the rental property especially since there’s no knowing how old those safety devices really are and you want to move forward as an owner with confidence in knowing that your tenants will be protected from fire should one break out at your property.

Contact VestPro Residential Services

Tired of managing your rental property yourself or are you not satisfied with the service that you’re receiving from your current manager? Contact us at (832) 498-0016 or click here to contact us through our website.

Tips For Buying Rental Properties In Houston TX

Are you planning on buying rental properties in Houston TX? If so, you’ve come to the right place! The Houston Texas area is without a doubt one of the very best locations in the United States for buying investment properties. Why? The answer is simple. Demand for rentals has only continued to grow here in recent years and this continues to make the Houston area ideal for every real estate investor.

In this article, we will share with you several tips that will help you to choose the right investment property in Houston or elsewhere in the United States.

Tip #1 –  Where Is The Property Located?

Before purchasing an investment property in Houston, you should always find out exactly where the property is located. This step is vital because, knowing the location of the property may save you from buying a property that’s in a bad neighborhood or in a location that’s not close to restaurants, stores or the businesses that your renters may want to use on a regular basis.

Tip #2 – Always Get Title Insurance

Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. … Typically the real property interests insured are fee simple ownership or a mortgage. – Wikipedia

Even though the current owner may tell you that the property has a clean title, you always want to get title insurance because you don’t want to find out about those title issues after you’ve invested in the property.

Tip #3 – Get The Rental Inspected

A good inspection of the Houston TX rental property could save you thousands of dollars because, the owner may tell you that the property was recently renovated but you’re never going to really know what’s going on with the investment property until you have it inspected.

Tip #4 – Get Houston Texas Property Management

Last of all, but most important, you should always hire a property manager to professional manage your rental property after you invest in it because, a professional property management company will save you the time, money and hassle of managing that rental yourself so you can focus on growing your portfolio of rental properties.

To learn more about the property management services we can offer you contact us today by calling (832) 971-1841 or click here to connect with us online.

Late Payments – How to Avoid Them and Get Your Tenants to Pay on Time

Ask any owner and they will tell you that late payments are literally killing their cash flow because, when the mortgage payment on their rental property is due, they will have to cover that cost themselves until their tenant pays their rent.

Thankfully, avoid late payments is possible if you use the following strategy that will help you to get your tenants to pay their rents on time so you can start avoiding late payments all together.

Enable Electronic Payments

We’re a big fan of software that allows residents to make payments online, such as many property management software solutions. In this day and age, we’re all busy. Having to physically write a check, track down a stamp, and trek to the post office to mail a payment is a hassle. Some will certainly prefer to make payments that way; but if you want to collect payments on time, leveraging electronic payments will make it easier for you to do so.

Improve Your Resident Screening Process

There will always be one-off cases of residents paying late. However, if you find that multiple residents are making late payments more often than not, it could mean that your tenant screening process is in need of a few tweaks. Be sure that you’re calling landlord references, confirming proof of employment, setting guidelines for minimum income required to lease, etc. This should help to ensure that you’re choosing high-quality residents who can afford to make their payments each month.

Hire a Property Manager

If you’re struggling to collect rent payments and dues, or you simply don’t have the time or energy to track down late payments, consider hiring a property manager. Hiring an experienced property manager can help you to implement a stronger payment system to ensure consistent cash flow moving forward, and can provide valuable expertise on these kinds of situations in the future.

Get Property Management in The Houston TX Area

For property management in the Houston Texas area contact VetPro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

Tenant Background Checks – Learn More About the Best Online Resources

If you’re just getting started with owning your first rental properties in the Houston area you may be tempted to go with your gut and rent to someone because you have a good feeling about them.

This is a mistake that many landlords and owners make because they want to rent their properties quickly and not do their due diligence with doing a thorough background check on a prospective tenant.

Thankfully, there are a variety of online resources you can use for tenant background checks that will make your life easier and provide you with an accurate background check on your prospective tenant.

Where to Get A Background Check Online

  • RentPrep
  • SmartMove
  • Experian Connect
  • Lease Runner
  • Cozy
  • Screening Works
  • Tenant Alert
  • Buildium
  • E-renter
  • tenatify
  • MyRental

How Much Do Background Checks Cost?

A typical background check will cost about $19.95 and it’s going to provide you with a breakdown of your potential tenant’s life/history including their FICO score, address history and more!

You never want to neglect a background check because you could be found liable if a crime was committed by your tenant at your rental property.

You should also think about the neighbors in the area and have a background check done solely to ensure their safety and security since you don’t want to bring in someone who could potentially be a danger to other people living nearby.

Get Property Management Here

Don’t want to conduct background checks yourself? No problem!

Contact Vestpro Residential Services today. We’re the most experienced property management team in the Houston area and you can count on us to manage your rental property with the most care.

To get started with property management contact us at (832) 971-1841 or click here to connect with us online.