Houston Texas Property Management Tips – Four Things To Consider Before Increasing Rent

Houson Texas Property Management

In this issue of Houston Texas Property Management Tips we will cover the sometimes complicated issue of rent increases and we will offer you several tips you should consider before raising the rent at your rental property.

Tip #1 – Think About The Economy

Even though you’re ready to increase the rent because it’s a new year it’s important to keep in mind what’s happening with the overall economy in Houston because thanks to the recent drop in oil prices you could see more vacancies if you decide to raise the rent now at one or mor eof your rental properties so it’s best to use caution before moving forward with a rent increase.

Tip #2 – Analyze What’s Happening In The Neighborhood

Take a moment to analyze what’s happening in the neighborhood including if any new shops, stores, restaurants or amenities were built nearby in the last 12 months because added amenities or attractions can help to increase the demand for rentals. 

Tip #3 – Determine The Correct Rent Increase

Although some owners might advice a blanket rent increase across the board the reality is that what’s working for one property owner might not work for you at your Houston Texas Rental Property so it’s best to calculate your rent increase carefully while taking into account your increased expenses for city water, sewer costs and property taxes.

Tip #4 – Give Your Renters Plenty Of Notice

For best results with rent increases consider giving your tenants at least 115 days before their leases are due to expire and in your notice to them you should also include a breakdown of the moving costs they can expect to pay if they decide to move elsewhere because some tenants might not really be aware about the cost of moving vs. renewing their leases until they see the cost breakdown in front of them.

Get More Houston Texas Property Management Tips

For more Houston Texas Property Management Tips, or to speak with us about managing your rental property, contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online. 

 

 

 

 

 

3 Reasons to Consider Passive Houston Texas Real Estate Investing

So you’re thinking about getting involved in Houston Texas Real Estate Investing but will your Real Estate investment be a passive investment?

In this post we will share with you 3 tips you can use to insure that your Houston Texas Real Estate investment will be 100% passive so you can continue working in your current job while your rental property makes money for you, even while you sleep.

Passive Tip #1 – Purhase a Property with Existing Tenants

Instead of buying rental property that’s vacant or needs repairs you should search for rental properties with existing tenants because the cash flow for those properties is already established and your money can start working for you 24-7.

If you are short on funds to purcahse a propert consider crowdfunding.

Crowdfunding is opening up investing to anyone with a little extra cash these days as regulations change and entrepreneurs take advantage of the expanding marketplace.

Source – abc15.com

Passive Tip #2 – Hire a The Right Property Management Company 

One of the big mistakes most investors make when they are just getting started with buying rental property is thinking they can do everything themselves.

Don’t make this mistake! Hire a property management company in Houston Texas immediately when you buy your first rental property because this will save you the time, money and hassle of having to manage your property yourself and you will have more time to actually grow your portfolio.

As an investor and entrepreneur, you should always be on the lookout for ways outside the obvious to improve your return. When using personal funds to invest, the best way to do it is through a self-directed IRA. A self-directed IRA is the same as the usual IRA, however, it allows alternative investments for your retirement savings. By investing through an IRA, you can avoid using your taxed income. Most banks have this option, so it’s best to speak with a financial advisor before diving in head first with this kind of investment — and remember to leave yourself with something for retirement.

Source – entrepreneur.com 

Passive Tip #3 – Use The Tax Advantages Uncle Sam Offers You

Last of all, but most important, as you are buying Houston Texas Real Estate you should keep in mind that there’s a lot that Uncle Sam can do for you especially if you have an investment that’s equity structured because will be able to keep most of your income and have cash returns which are tax deferred.

As a rental property owner, you are able to deduct nearly all the expenses you’ll pay to manage your property. Everything from the mortgage interest you pay on the loan all the way down to the paper you buy for your printer (if you are using that printer primarily for real estate investing purposes, that is).

Source – Biggerpockets.com 

Get Houston Texas Property Management

To get Houston Texas property management contact Vestpro Residential Services, LLC today by clicking here to connect with us online or calling us at (832) 498-0016.

 

Should You Accept Cash From Your Houston Texas Renter?

 

So you’re just getting started with owning your first rental property and your Houston Texas Renter wants to pay their rent in cash. This is one of the most common Houston Texas Property Management questions property owners have and for good reasons because although accepting payment in cash may seem easier than other forms of payment it’s not always the best option for the property owner especially for these reasons.

You Won’t Really Know Who You Are Renting To

Although not everyone who refuses to pay via check has something to hide, you will always know who you are renting to when you require your tenants to pay via check, money order or cashier’s check because each form of payment has an actual record associated with it and you can always go back to the institution that issued the check or money order if problems arise with tat payment.

You’re Not Safe Storing Or Carrying Cash Rent Payments 

Another reason to have a no cash policy is because you will ultimately have to take that cash to the bank, or store it in your office temporarily, and there’s always the potential risk of keeping large amounts of cash lying around until you’re able to deposit it.

Cash Isn’t The Easiest Optin For Your Houston Texas Renter 

Last of all, but most important, another reason to not accept cash from your tenants is that those payments will always have to be logged and the tenant who pays in cash will have to receive a receipt.

Accepting cash can open the door to problems for your company because the tenant can always say that they didn’t receive a receipt from you so it’s best to state your preference for checks, cashier checks or money orders in the very beginning rather than accepting cash or make it easier for your tenants to pay their rent by setting up an online payment system so they can pay rent via their smart phones or mobile devices.

Contact Vestpro Residential Services, LLC

To learn more tips on dealing with Houston Texas Renters or to get more information about the property management services we can offer you contact us today by calling (832) 498-0016 or CLICK HERE to connect with us online.

 

How Much Money Should You Charge For Rent?

By Vestpro Residential Services

HOUSTON – As longtime Houston Texas property managers, one of the most common questions that we’ve seen every single owner have after they’ve purchased a rental property in the Houston area, or elsewhere across the United States is: what should I rent my property for?

The answer to this question depends on who you ask but, thankfully determining the right amount to rent for your Houston Texas rental property is a lot easier than you think especially if you follow these simple steps.

#1 – What Does Your Houston Texas Rental Property Offer?

The first thing that you need to do when determining what to charge for rent is to think about all of the features and amenities that your Houston Texas rental property has to offer a typical renter.

Some of the features and amenities that your rental property might offer a typical renter could include:

  1. Your rental is located in a quiet neighborhood.
  2. It’s close to the University.
  3. Offers more storage space because it has a garage, attic or basement.
  4. It’s located near the best restaurants, bars, shops or stores.
  5. Your rental property is close to public transportation like: trains and buses.
  6. Your Houston Texas rental property is located in a walkable neighborhood, meaning that anything that a typical renter could want is within easy walking distance.

#2 – What Is The “Ballpark” Rent In Houston Right Now?

Depending on when you’re reading this article, that Houston Texas rental market could either have gone way up, or it’s gone down, depending upon economic conditions, job gains or losses and the state of the global economy.

This is why it’s important to establish a ballpark rent for the Houston Texas rental market right now that includes the average high rent, and average low rent for single-family homes, condos and townhomes in the Houston area.

Now you’re probably asking “how in the world am I going to determine the ballpark rents for an average Houston Texas rental right now?” I’m not a property manager. The answer to this question is a lot easier than you thought, to determine the average ballpark rent for a property in Houston right now just go online and visit websites like Zillow or rent jungle.

What’s great about websites like Zillow is that they offer you plenty of historical data and also accurate information regarding the rental market so you know what your property may have rented for in the past and what it should be renting for right now because the goal is to always rent your property for what it’s worth right now.

#3 – What Do Comparable Properties Have To Offer?

Last of all, but most important, think like a renter and take at least one day to visit comparable rental properties in the area and find out what those properties offer.

Do they offer the same bedrooms, bathrooms and square footage that your property offers? Do they have plenty of amenities like a hot tub, on-site fitness center, dog run or laundry area?

After taking the time to come up with a ballpark rent for Houston Texas rental properties, analyzing all the features and benefits that your rental property has to offer and visiting comparable properties in the area you should have more than enough information at your fingertips to come up with an accurate rent to charge for your Houston Texas rental property.

Get Houston Texas Property Management

To save time and money with renting your Houston Texans rental property yourself, contact the team of property management experts at Vestpro Residential Services today by clicking here to contact us online or by calling us at (832) 498-0016.

Houston Texas Rental Property Management Tips

 

By Vestpro Residential Services, LLC

HOUSTON – Tenant retention is one of the keys to success when it comes to owning Houston Texas Rental Property because if you don’t build great relationships with your tenants they will look elsewhere for rental properties when their leases are up for renewal.

One of the best things you can do build great relationships with your renters is learn to not automatically say no to them anytime they come to you with a special request.

In today’s post we will offer you four solutions for dealing with tenant requests.

#1 – Offer Clear Solutions for Dealing with Conflict

Instead of just saying no to every tenant request its best to take the time to hear what the tenant has to say, ask for documentation supporting their request, then provide them with a timeframe for when they can expect an answer from you.

#2 – Don’t Over promise Then Under Deliver

Over the years one of the biggest problems we’ve seen people who own Houston Texas Rental Property make is over promising and under delivering on their responses.

For example: Let’s say that the roof needs to be replaced on your rental property and it was leaking during the last rain storm.

Instead of telling your tenant that you’re going to replace the roof fast you should give them a time frame for when they can expect it to be replaced so you can have more than enough time to contact roofing contractors and ask for bids.

#3 – Develop Standard Responses to Tenant Questions

As you purchase more Houston Texas Rental Property over the years it’s inevitable that you’re going to face the same questions from tenants on more than one occasion.

To save you the time and hassle of answering these questions you should develop standard responses then print a question and answer form for tenants when they move in or you should consider creating a website to point your tenants to for answers BEFORE they contact you.

Get Houston Texas Property Management

Save the time, money and hassle of managing your Houston Texas Rental Properties yourself, contact Vestpro Residential Services, LLC today by calling us at (832) 498-0016 or click here to connect with us through our website.

 

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4 Tips for Dealing with Houston Texas Renters

 

By Vestpro Residential Services, LLC

HOUSTON – You finally were able to purchase your first rental property and are getting ready to rent it out but the big question remains, are you ready to deal with Houston Texas Renters?

In this post we will share with you 4 tips you can use for dealing with Houston Texas Renters.

Tip 1 – Always Be Attentive

Anytime you speak with your tenants over the phone, email or in person, it’s always important to be attentive to what your tenants are really saying so you can do your part to resolve problems or provide them with assurance that you will deal with issues when they occur.

Tip 2 – Stay Positive

When you are in the presence of your tenants always stay positive and never let them know about other problems you may be dealing with in the moment because your attitude with them will also affect their desire to continue renting from you once their lease is due for renewal.

Tip 3 – Do Your Best to Be Personable

If your tenant calls you at 6:00 am in the morning or 6:00 pm at night it’s important for you to always be personable with them because one wrong word or action from you could motivate your tenant to move out and you could lose money because of your actions.

Tip 4 – Stay Calm

Regardless if you are dealing with problems big or small you should always stay calm when dealing with your tenants so they know that they can call you with any issue regarding your rental property rather than leave problems for months at a time or try to resolve issues themselves.

Contact Vestpro Residential Services, LLC

For more information on how to successfully deal with Houston Texas Renters, or to speak with us about our property management services, contact Vestpro Residential Services, LLC today by CLICKING HERE or calling us at (832) 498-0016.

CoreLogic Chief Economist Perspective- July 2015

A vibrant rental market has been an outgrowth of the Great Recession and housing market crash. Apartment vacancy rates are down to their lowest levels since the 1980’s, rental apartment construction is the most robust in more than 25 years, rents are up, and apartment building values are at or above their prior peaks. But the rental market is more than just apartments in high-rise buildings.

Apartments in buildings with five or more residences account for 42 percent of the U.S. rental stock. Additionally, two- to four-family housing units comprise an additional 18 percent of the rental stock, and one-family homes make up the remaining 40 percent.1

The foreclosure crisis resulted in a large number of homes being acquired by investors and turned into rentals. Between 2006 and 2013, three million single-family detached houses were added to the nation’s rental stock, an increase of 32 percent. The increase in the single-family rental stock has been geographically broad based, but has impacted some markets more than others.

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To get a property management quote for your rental property in Houston or the surrounding area contact us today by CLICKING HERE to schedule an appointment online or by calling (832) 498-0016.

4 Tip for New Houston Texas Real Estate Investors

Houston Home For Rent

By Vestpro Residential Services

Are you thinking about investing in Houston Texas Real Estate?

Now is a great time to invest in Houston Real Estate thanks to high demand for homes and excellent mortgage interest rates.

Before you start searching for rental properties make sure you follow these 4 tips for new Houston Texas Real Estate investors because, these tips can save you the time, money and traditional learning curve which every investor has to go through when they are just getting started with buying Real Estate.

#1 – Write a Business Plan

As with any business you may have started in the past it’s important to remember that investing in Real Estate is a business and you must have a plan for the 1 to 5 years of your business.

#2 – Pull Your Credit Report

Before applying for a loan to buy your first rental property you should pull your credit report and make sure that you have credit score of 700 or higher because, a high credit score will enable you to get the best mortgage loan possible.

#3 – Pay down Your Debt-To-Income Ratio

One of the biggest things which will make your life easier when getting started with Houston Real Estate investing is paying down your debt-to-income ratio and you will be able to do this by paying off your credit cards, auto loan and other debts.

A lower debt-to-income ratio will not only mean you will have fewer debts to pay each month but this will also make it easier for you to qualify for a great mortgage loan as well.

#4 – Connect With a Great Mortgage Lender or Broker

Another important element to buying a great rental property is hiring the right mortgage lender or broker.

You want to get the best mortgage interest rate possible and connecting with multiple brokers or lenders is a great way to get an awesome mortgage interest rate.

Get Started With Houston Real Estate

To get started with buying Houston Real Estate contact us today by calling (832) 498-0016 or CLICK HERE to connect with us online.

Houston Texas Rental Property – How to Know If Your Property Has A Mold Problem

Houston Texas Rental Property

By Vestpro Residential Services, LLC

One of the biggest problems from the recent rainfall across Houston and subsequent flooding is that there will be an increase in the reports of mold growth.

If you think your Houston Texas Rental Property may have a problem with mold right now, or in the coming weeks, here’s how to spot the signs of mold growth and what you can do about it.

Mold Warning Signs

Mold does have a strange “pungent” smell especially when it’s confined to one or more areas of your home.

Mold typically lives inside walls of older properties or behind wallpaper but it can also grow within showers bathtubs or behind the toilet in the bathroom of your Houston Texas Rental Property.

A general “rule of thumb” is to search for mold in any area which might be prone to moisture in your Houston Texas Rental Property.

How to Clean Mold

If you have found mold in your Houston Texas Rental Property you can easily clean away surface mold yourself simply by using bleach to surface clean the area.

Make sure you let the bleach set for at least 15 minutes because this kill off any spores or fungicides yourself.

It’s also important to use a breathing mask and plus latex gloves when cleaning mold.

You should also use a dehumidifier to remove the humidity from the air as well but do not use a fan because fans will only spread mold spores.

Get Houston Texas Property Management

For more information on how to deal with mold, or to get Houston Texas Property Management, contact Vestpro Residential Services, LLC today by calling us at (832) 498-0016 or CLICK HERE.

Have You Lost Control Of Your Houston Texas Rental Property?

Humble Texas Renter

By Vestpro Residential Services

Have you been working harder than ever before to manage your Houston Texas Rental Property and in spite of the demand for rentals, you still find yourself behind financially every month?

If so, this is a sign that you may have lost control of your Houston Texas Rental, but the good news is that you can turn things around financially by following these simple tips.

Create an Operating Budget and Commit To It

Your rental income, especially if you own a multi-family rental property, should always cover your expenses and leave you with profit at the end of the month.

The best way to stay on track financially is to create an operating budget and then stick with that budget each month.

When creating an operating budget you should also be prepared for payments like landlord insurance and property taxes so you’re never left unprepared when it comes to your ability to pay those bills on time when they are due.

Work On Your Leasing Strategy

Create a lease which has stronger language when it comes to late payments just so tenants know that they will receive an eviction notice and not be allowed to “slide” if they miss making their rent payments on time.

You should also improve your tenant screening process and take the time to choose the right tenants instead of “warm bodies” who can pay the rent each month.

Improve Your Marketing Strategy

Instead of hanging fliers in your local laundry mat, or posting ads on Craigslist, you should create a new marketing strategy which includes options like paid ads on websites like Zillow and local classified ad sites which are sure to be read by prospective tenants.

Let Us Help You Get Your Houston Texas Rental Property on Track

To save time, money and the hassle of managing your Houston Texas Rental Property yourself contact Vestpro Residential Services today by calling us at (832) 498-0016 or CLICK HERE.