3 tips for getting your Houston Texas Rental Property Ready For Summer

 

Houston Texas Rental Properties

Summer is right around the corner and with the weather already in the 70’s and 80’s during the spring one can only imagine what the summer is going to be like that’s why it’s important for you to get your Houston Texas Rental Property ready for summer by following these simple tips.

Tip #1 – Inspect Your HVAC System

Since your tenants will be using their HVAC systems during the summer months you should get HVAC and air conditioning units inspected now to insure that they are all running smoothly during summer months once warmer weather arrives.

 

Tip #2 – Check Insulation and Weather Stripping

Last of all, but most important, you should check the weather and insulation in your Houston Texas Rental Properties because proper insulation and weather striping will help your tenants to lower their energy costs and insure that their homes stay cool during the summer months.

Tip #3 – Close Up Crawl Spaces Under Homes

If your Houston Rental has a crawl space underneath it you should close up that space or any access point to your basement or underneath your home immediately because snakes and critters will seek shelter in cool spaces during the warmer months in Houston.

Tip #4 – Clean Up Brush And Dead Vegetation Surrounding Your Property

Take the time to clean up brush and dead vegetation surrounding your property since this will also make your yard space less attractive to critters and also create a firebreak between your home and open spaces if a fire breaks out during the summer.

Tip #5 – Remove Wood From Your Home

Another fire hazard and inviting spot for critters like snakes are wood piles and if one of your Houston Rental Properties has a wood pile somewhere on the property you should move it immediately to insure that the best interests of your tenants are protected during the hot Houston summer.

Get Property Management For Your Houston Texas Rental Property 

To learn more about how you can get your Houston Texas Rental Property ready for summer, or to speak with us about our property management services, contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online.

Houston Texas Rents to Flatten in 2016

Humble Texas Renter

HOUSTON, TX. – After months of rent increases thanks to the booming economy many experts are predicting that rents will start to flatten out in 2016 and the rapid increases that we’ve seen over the last 12 months will soon become a thing of the past.

This is good news for the Houston Rental Market since the area has certainly been hit hard since the drop in oil prices but the question is will slower rental appreciation actually help renters since rents have been increasing faster than incomes over the last 24 months?

National median rent at the end of 2015 was $1,381, and is expected to increase slightly to $1,396 over the next 12 months.

The slowdown in rents means that, by the end of the year, they will be rising at a slower pace than incomes in many markets.

In December, home values rose 4 percent to a Zillow Home Value Index of $183,500.

Rent appreciation will level off over the next 12 months, slowing to an annual rate of 1.1 percent by December 2016, according to the new Zillow® Rent Forecasti. The national Zillow Rent Indexii at the end of 2016 is projected to be $1,396 — compared to $1,381 in December 2015.

Zillow is forecasting a decrease in the rate of rental appreciation amid a rental affordability crisis that has renters in some markets spending almost half of their income on rent.  Some of the fastest growing metros had double-digit annual rental appreciation at the end of 2015.

Zillow expects rental appreciation to slow down most significantly in Nashville, Tenn., San Francisco, Portland, Ore. and Denver. Rents in San Francisco saw 12.5 percent appreciation in 2015. Zillow forecasts rent in San Francisco will grow half as fast in 2016 — 5.9 percent.

Even with the slowdown, rents will remain unaffordable in many of the major markets across the U.S., especially on the West Coast. Renters in San Francisco and Los Angeles can expect to spend 40 percent of their income on a rental paymentiii.

“Hot markets are still going to be hot in 2016, but rents won’t rise as quickly as they have been,” said Zillow Chief Economist Dr. Svenja Gudell.

“The slowdown in rental appreciation will provide some relief for renters who’ve been seeing their rents rise dramatically every single year for the past few years. However, the situation remains tough on the ground: rents are still rising and renters are struggling to keep up.”

The slowdown in rental appreciation indicates that supply of new multi-family homes is catching up to demand. Substantial new housing supply is becoming available in Atlanta, Denver, Portland, Seattle, and other markets.

The Zillow Home Value Index rose 4 percent year-over-year in December 2015, to $183,500, according to the Zillow® December Real Estate Market Reports.

Source – rentalhousingjournal.com 

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For more information about the Houston Texas rental market or for Houston Texas Property Management contact Vestpro Residential Services today by calling us at (832) 498-0016 or CLICK HERE to connect with us online. 

Houston Texas Property Management – Learn More About 2016 Property Management Laws

Houston Texas Property Management

 

2016 is definately proving to be a year of many changes and with the start of the New Year there are some new laws on the books that you should be aware about if you own rental property in the Houston area or elsewhere across Texas.

Senate Bill 1367, authored by State Senator Royce West (D-Dallas) and co-sponsored in the House by Representatives Rafael Anchia (D-Dallas) and Rene Oliveria (D-Brownsville), makes five key changes to “AN ACT relating to certain obligations of and limitations on landlords,” aka the state’s landlord-tenant law—in an effort to better protect tenants’ rights. Those changes include

The repair provision has been amended to expand the way notices can be delivered, thereby triggering a landlord’s duty to repair. Previously, tenants were required to send either one request for repair by certified mail or two requests by any other method. When the statute was first written, trackable delivery services such as UPS and FedEx didn’t exist as they do today. Now, any trackable form of delivery by the U.S. Postal Service or private delivery service qualifies for the single notification provision.

Advocates of SB 1367 argued that time is critical for tenants dealing with health and/or safety problems, and that the requirement to send two separate notices created an undue lapse of time for those with urgent repair needs.

Landlords must now refund and notify tenants of damages and charges within 30 days if they are going to make a claim against the tenant’s security deposit, even if there is not a refundable deposit. This provision is to protect tenants from landlords who make claims against a tenant, but the tenant never become aware of such claims until finding a claim on their credit report down the road.

Source – Buildium.com 

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For affordable and effective Houston Texas Property management contact Vestpro Residential Services today by calling us at (832) 498-0016 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.

 

7 Things To Know Before Owning Houston Texas Income Property

HOUSTON – Your friends, family members and co-workers have all been suggesting that you invest in Houston Texas Income property because it’s a great way to build wealth especially in this day and age where there’s a HUGE demand for rental properties in Houston and across the United States.

Although you’re excited about the prospect of investing in Houston Texas Income Property there’s a problem, you don’t know what to expect with being a property owner.

In this post we will share with you 7 things to know before owning Houston Texas Income Property.

Tip #1 – Think About The Marketability Of The Rental Property

Before buying Houston Texas Income Property you should first think about the marketability of the rental property because even though the rental you’re interested is on sale for a great price, if that property is not in a prime location then it’s not going to be in demand.

Here are some questions to ask when buying a rental property:

  • Is it located near the highway?
  • Are there stores, shops and restaurants nearby?
  • How far is the rental from community colleges or major universities?
  • Is the location of the rental in a walkable neighborhood so that a renter can get to and from anywhere on foot if needed?
  • How many recreational amenities or attractions are nearby?

Tip #2 – Make Sure The Rental Property Is Ready To Be Rented

Now that you’ve found a great rental property in Houston the next step is to make sure that it’s actually ready to be rented and won’t require thousands of dollars in maintenance or repairs before you can start advertising it.

Tip #3 – Be Ready For Paying Higher Property Taxes

When buying Houston Texas Rental Property it’s important to remember that you may be required to pay a much higher property tax bill that what you are currently paying right now because you may be benefiting from an exemption on your primary residence and could be in for a shock when you realize that the property tax cap in your rental property could be at least one percentage point higher than what you’re accoustomed to paying right now.

Before buying a rental property in Houston it’s best to consult with an accountant to verify the property tax rate you could expect to pay so you can budget for paying that tax bill and determine the rent you will have to charge so you can turn a profit.

Tip #4 – Yes, There Are Some Bad Tenants Out There

One of the biggest things you have to be ready for when buying Houston Texas Income Property is that there’s going to be a few “bad tenants” that you will encounter but the good news is that by hiring an experienced Houston Texas Property management company like Vestpro Residential Services can save you a lot of time and money of advertising, screening and choosing the most well qualified tenants for your rental properties.

With great property management on your side you can enjoy the benefits of owning rental property while ultimately deciding to grow your portfolio of income properties as you move forward.

Tip #5 – Excellent Tenants Are Literally Worth Their Weight In Gold

Over the years that you own rental property in Houston you’re going to have at least one tenant who will take such great care of your property that you will hate to see them go.

In this situation it’s best to consider offering that tenant incentives to stay like not increasing their rent next year or waving any pet deposit fees so they can have a dog or cat in the rental property.

Tip #6 – Repairs Will Come And It’s Best To Be Ready For Them Now

Another important thing to remember when owning Houston Texas Income Property is that repairs will come and when they do you’re going to be often shocked with the amount you will be required to spend to make those repairs so it’s best to start budgeting for them now so that when the time does come to make repairs on your rental property you will be ready.

Tip #7 – Don’t Be Afraid To Set Rules And Then Stick With Them

Last of all, but most important, don’t be afraid to set rules and then stick with them because you’re going to find that some tenants will not respect you or your rental property unless you lay out the rules and then let that tenant know what the penalties are for breaking them.

For example: some property owners in Houston may be okay with their tenants paying the rent “when they can” and even give their tenants a 10 day window until their rent is actually due. This is always a bad idea because most tenants won’t hesitate to pay their rent by the tenth day of the month, every month, so you should always be strict when it comes to when you want to be paid rent and let tenants know that they will have to pay a late fee if they fail to pay on time.

Get Property Management For Your Houston Texas Income Property

To get property management for your Houston Texas Income Property contact Vestpro Residential Services today by calling us at (832) 498-0016 or CLICK HERE to connect with us online.

What Is A Surety Bond? Should You Consider This Alternative To Security Deposits?

 

By Vestpro Residential Services

As a landlord one of the most common problems that you may face is the possibility of renting to someone who may have great references, a full-time job and seem like an awesome person but, they don’t have the money you require for a deposit.

Although you may have had to walk away from potential renters like this in the past who didn’t have the money that you required for deposit, there is a solution to this problem in the form of a surety bond.

What Are Surety Bonds?

Surety bonds are the least understood alternative to the deposit, but it’s also one of the most viable, because, a surety bond is actually a contractual promise to you that if your tenant fails to comply with the terms of your lease the bond company will be ready to compensate you up to the limits of the surety bond.

How Do Surety Bonds Work?

If you’re familiar with how the justice system works at all, when somebody gets arrested their bail can sometimes be set at anywhere from $1000 or more and, the person who is detained only has to put up about $100 or higher depending on the bail amount and if they are able to make bail at all.

The only catch with bail is that if the formerly detained person decides to skip town, or skip the hearing, they will have forfeited the bond and the bail company now has the legal right to go after them.

A surety bond functions exactly the same way. The tenant who is unable to pay the deposit but decides to go with the surety bond will be responsible for paying a deposit to the bond company of up to 20% of the total sum of the deposit.

Let’s say that a tenant decides to break or violate some terms of their lease, the landlord has the legal right to file a claim against the tenant which the bond company will be responsible for paying for, and as with the example of somebody skipping bail, if the former tenant decides to skip town and not pay the percentage of the surety bond then the bond company will go after them as well.

Get Professional Property Management Here

For professional property management for your rental property contact Vestpro Residential Services today by clicking here to connect with us online or calling (832) 498-0016.

What to Look For In a Houston Property Manager

So you’re thinking about hiring a Houston Property Manager to manage your real estate

This is a smart move to make because as your portfolio grows so will all of your management responsibilities and this is why hiring a Houston Property Management company just makes sense.

Before choosing just anyone we will share with you several tips you can use for choosing the right Houston Property Manager.

What to Look For In a Houston Property Management Company:

Tip #1 – Look for a Team

When you choose a Houston Property Management company you should choose an organization that offers you a team instead of one individual because a team will be able to efficiently handle all of the duties required to efficiently manage a rental property including: customer service, maintenance and rent collection.

Tip #2 – Look for Experience

The Houston Property Manager you choose should be experienced in all forms of property management and provide you with verifiable references from satisfied owner clients and happy tenants they have managed over the years.

Tip #3 – Look for Growth

The right Houston Texas Property Management company you choose should also show signs of growth in their company by having acquired new clients over the last 24 months and they should also show signs of growth when it comes to the systems they use to manage their company.

Tip #4 – Look for Efficiency

Last of all, but most important, when you choose a Houston Property Manager you should choose a company that offers the most efficient online and offline tools possible for finding, qualifying and keeping tenants so you can continue to enjoy long term cash flow from your Houston Rental Property without having regular vacancies.

Get a Houston Property Manager Now

To get started with a Houston Property Manager contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online.

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