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What Makes A Great Tenant?
Are you planning on buying rental properties in Houston or elsewhere in the United States? If so, like most owners you probably have asked the same question that been asked by owners over the years: “what makes a great tenant?”. In this article, we will answer this question and provide you with tips on how to choose the right tenant for your rental property. Review Their Financial Qualifications The first thing that makes a great tenant is their financial qualifications. Specifically, you should look at their credit report, bank statements, and contact their current employer to verify employment and income. When viewing an applicant’s credit report, although the actual credit…
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How To Buy Rental Property In A New Market
Are you planning on buying rental property in the Houston Texas area for the first time but you’ve never purchased property or lived here before? If so, you’ve come to the right place! The Houston TX area is a great place to buy rental properties because there’s been tremendous growth here over the last six months that’s why in this article we will share with you the things that you should be searching for in an investment property in a new market. Here’s What You Should Look For Job Growth Compared To Vacancy We look deeply at the job growth of an area and compare those figures to the local…
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Have You Lost Control Of Your Rental Property? Here’s How To Get It Back On Track
By Vestpro Residential Services Are you working harder than ever before to manage your rental property? If your answer is yes then the reality is that you may have lost control of your rental. Thankfully, getting your rental property back on track is easy and can be done by following these simple tips Create аn Oреrаtіng Budget Yоur rеntаl іnсоmе, еѕресіаllу іf уоu own a multі-fаmіlу rеntаl рrореrtу, ѕhоuld аlwауѕ соvеr уоur expenses and lеаvе уоu with profit аt thе еnd of the month. The bеѕt wау to ѕtау оn track fіnаnсіаllу іѕ tо сrеаtе аn operating budgеt and then ѕtісk wіth that budgеt еасh mоnth. Whеn creating an ореrаtіng…
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What are your rental property’s best features?
It doesn’t matter how long you’ve owned rental properties in Houston TX, or the surrounding area, you’re going to one day face the prospect of your rentals competing with other rentals in the area that may have better features and or amenities. The key to success when this happens is for you to highlight your rental properties best features by doing the following. Photograph the right features The first step in highlighting your property’s most sellable features is to share photos of the right features—a.k.a. the features your potential tenants will care most about. These features can be both design-focused and functional; a mix of the two may appeal to the…
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Common Questions Asked By New Tenants
Are you just getting started with owning rental properties? If so, you’re not alone. Many people have purchased their first investment properties in the last year only to find out that there are common questions that every tenant asks when they express an interest in renting a new property that’s why in this article we’ve compiled a list of common questions asked by new tenants. 1. How much are rent and deposits, and how do I pay rent? Prospects occasionally see outdated listings with old price points. Make sure you know current amounts for rent and deposits when you engage with prospects. You must also keep a standardized policy for…
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Tenant Screening – Changes You Need To Know
There’s no doubt that tenant screening can be one of the most complicated aspects of owning rental properties because you have to follow the requirements of the Fair Housing Act and not offend anyone. In 2017 tenant screening has gotten a little more complicated for owners thanks to recent policy updates from the Department of Housing And Urban Development. HUD rolled out a 10-page policy update last year advising all landlords and property managers that using criminal history for the purpose of tenant screening may actually be discriminatory. HUD notes that nearly one-third of the U.S. population (or 100 million U.S. adults) have a criminal record of some sort, and…
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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…
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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.…
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What To Know When Searching For Houston Texas Property Management Companies
Are you searching for Houston Texas Property Management Companies online? If so, you’ve come to the right place. Here’s what you should know when searching for a property management company. Choose An Experienced Property Manager Although most Houston Texas Property Management Companies claim that they are experienced when it comes to customer service, tenant retention, rent collection, maintenance and all of the day-to-day responsibilities that come with property management, you should take the time to review a company online to verify their experience. You can do this online by searching the Better Business Bureau’s website or on social media websites like Facebook and Google my Business. About Houston Texas Property…
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Is It Time For You To Consider Houston Property Management?
There’s no denying that now is a great time to invest in local real estate thanks to great prices and low mortgage interest rates but as you grow your portfolio or rental properties you will also face more responsibility if you are managing those properties yourself and this is why you should consider Houston Property Management. If you’ve been debating hiring a Houston Property Manager here’s how we can save you the time, money and hassle of managing rental properties yourself. On Time Rent Collection When you hire a Houston Property Manager you can rely on them for collecting your rent on time every month and either depositing the rent…
