Should you buy rentals in Houston? Even if you’re out of the area?

Thanks to the booming real estate market in the last 12 months there are more condos, town homes and apartment buildings available for purchase and rent than ever before but the big question is should you buy rentals in Houston even if you’re out of the area? The answer to this question is yes!

Pros of Buying Long-Distance Real Estate

  • The ability to buy in more affordable markets. Property values in second- and third-tier markets don’t command the premium of real estate in primary markets and there’s lower competition. That said, depending on the market, rents can still be very strong. Buying in one of these markets is a way to get your foot in the door, realize positive cash flow and build equity.

  • Real estate as a long-term strategy. Some investors decide to buy real estate in an area that they don’t currently live in, but think they might want to someday. For instance, I’d consider buying a home closer to my parents if there’s a chance I’ll want to live closer to them someday. Many investors use a similar mindset when considering real estate in vacation and retirement markets, like the Carolinas and Florida. These houses can be rented now and held in case an investor wants to live there someday, too.

  • Tax benefits. Say what you want about Trump, but when the New York Times released a copy of his 1995 tax returns it shed light on a stark reality: real estate investors are able to use the tax code to their advantage. The ability to write off interest paid on a mortgage and depreciation makes buying investment property highly attractive. The provision Trump took advantage of is no different than the loopholes that everyday investors use, too.

Get Houston Texas Property Management Here!

For affordable Houston Texas Property Management contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online.

 

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Homeowners Associations vs. Property Management – What’s the Difference?

Is there a difference between homeowners associations and property management? If you asked most renters the answer would be no, but the reality is that there is a big difference between the two.

Homeowners Associations vs. Property Management

It’s easy to confuse a homeowners association (HOA) with property managers. They are both involved in the management of housing communities. It could be helpful to view a brief description of both HOAs and property managers to see how the functions of each are different. In most cases, they work together, but sometimes they may come into conflict. This information should be useful to property owners, property management companies, and tenants who live in a community that is governed by an HOA.

 

What Are Homeowners Associations?

Neighborhoods, subdivisions, and condo complexes contain lots of housing units that are owned by many different owners. At the same time, homeowners may need to share the responsibility for certain things. They may also share expectations for the way that their neighbors will maintain their properties. Thus, these communities form HOAs to develop and enforce the rules (known as covenants, conditions, and restrictions, or CC&Rs for short) that all property owners need to abide by.

According to the Community Association Institute, over 63 million Americans reside in an estimated 320,000 association-governed communities.

The individuals who belong to these organizations also own property in that community. While all HOA members may propose and vote on rules, an elected HOA board usually has the final responsibility for ensuring that rules get kept and other responsibilities get met.

Besides making and enforcing rules, typical HOA responsibilities include:

  • Maintaining common areas, like playgrounds and swimming pools
  • Setting and collecting dues to pay for things like maintenance of common areas and security
  • Setting budgets for the items that HOA dues pay for
  • Obtaining insurance for common areas
  • Hiring staff and contractors

Obviously, the HOA doesn’t physically perform all of their responsibilities. For example, they may hire security people, secretaries, and maintenance crews. In some cases, overseeing all of the work requires a separate property manager to assist them. To help with all of the tasks involved, an HOA may also hire a property manager or property management company.

What Do Property Managers Do in a Homeowners Association?

There are two different situations when a community may have both property managers and homeowners associations. In the most commonly discussed case, the property management company works for the HOA. In another case, property owners may own some houses or condos in a community that also has owner-occupied units. In this second case, the property owners and their managers are just property owners with the same status as any other owners. If property owners occupy their own housing or lease it to tenants, they still have the same responsibilities to the HOA.

Property managers as employees of the HOA: HOA members may volunteer for their positions as an investment in their community. As volunteers, they may not have time to oversee all of the day-to-day obligations of the board. In this case, an HOA might hire a property manager or property management company to assist them.

The duties of property managers can vary, but they may include overseeing paid staff or contractors, communicating with residents, collecting dues, and handling emergencies. As employees of the HOA board, property managers report to them.

Property managers as owners within the community: In this case, property managers simply have to abide by the same rules that any owners who occupy their homes do. This situation is somewhat more complex because tenants actually occupy the property. The owners and tenants may have to cooperate to stay in compliance.

The property managers for leased housing units may make sure that HOA dues get paid if this cost is simply included in the rent. Still, they need to make certain their tenants don’t violate other rules. For example, there may be guidelines about maintaining lawns, how to handle garbage, behavior in common areas, and so on. It’s prudent to include a clause in the lease about adhering to HOA rules and to make sure that renters know the guidelines.

Get Houston Property Management Here

For affordable Houston Texas Property Management contact Vestpro Residential services today by calling us today at (832) 971-1841 or click here to connect with us online.

 

 

 

Simple Curb Appeal Tips For Your Houston Rental Property

Struggling with adding Curb Appeal to your Houston Rental Property? One of the great things about flower pots is that this is a simple curb appeal improvement that anyone can add themselves and what’s even better is that they are super affordable so if you’re on a budget and just starting out with your first rental property you can stretch your budget further with this curb appeal “hack”.

Get Houston Property Management

For the best property management in the Houston area contact Vestpro today by calling us at (832) 971-1841 or click here to connect with us online. 

For Rent in Houston – 3 Ways Property Managers Save You Time

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HOUSTON, TX. – Has your portfolio of properties For Rent In Houston been growing this year and you’re running out of time to enjoy the cash flow because you’re always busy managing your rentals?

If you found yourself answering yes to this question, but you still aren’t sure if it’s the decision for you to make or not for your business, this article will provide you with 3 ways a property manager will save you time.

Vacancy Prevention

This is top on the list of ways that property managers can save you time and money because when your property For Rent in Houston is sitting vacant you’re not making any money or receiving consistent cash flow.

For Rent in Houston: We Make Sure You Have Qualified Tenants

We will make sure that your rental property will be occupied by a qualified tenant and your rental property will be professionally managed so your rental property will not be vacant due to non-payment of rent or evictions.

Professional Rent Collection

As a landlord with a property For Rent in Houston, one of the biggest problems that you may have had in the past is rent collection. Thankfully, when you choose a Houston Property Manager you can have confidence that rent from your rental properties will be collected on time each month and you will also be paid on time, eliminating the need for you to contact tenants and collect rent when it’s due.

Cost-Conscious Rental Property Maintenance

Did you know that as Houston Landlord you can expect to pay the equivalent of about two months-worth of rent just on property maintenance alone each year? What’s awesome about working with a professional property management company is that you don’t have to sweat maintenance when marketing your single family home, town home or condo For Rent In Houston because we’re also budget-conscious and will use relationships that we have with local contractors to make sure that you pay the lowest maintenance or repair costs every time.

Get Property Management Here

For professional property management for your condo, town home or single family home For Rent in Houston contact Vestpro Residential Services at (832) 498-0016 or click here to connect with us online.

What Are Tenants Expecting When They Move Into A Houston Rental Property?

HOUSTON, TX. – If you are planning on buying Houston Texas Rental Property it’s important for you to know that every tenant has certain “expectations” before they move in and if you want to own rental property that produces significant return on investment for you for years to come it’s important for you to exceed those tenant expectations before every tenant moves in.

The Houston Texas Rental Property Must Be Clean

The first expectation that every renter has from the moment that they walk into a Houston Texas Rental Property is that it’s going to be clean and in habitable condition and this includes clean flooring, windows, window sills and blinds.

Besides basic cleaning in the rental property the kitchen and bathrooms must also be clean and in excellent condition as well since most people will either spend the most time in the kitchen or bathroom and expect both of these areas to be ready for use immediately and not require extra cleaning after they move in.

The Rental Property Must Be Well Managed

After a tenant moves in the next thing that they will expect is for the Houston Texas Rental Property to be well-managed and this means that someone will be available 24/7 if problems or issues arise at the rental property that need to be resolved.

Part of a well-managed Houston Rental also means that promises will be kept when it comes time to make repairs or improvements to the rental property because this will keep tenants happy and content in knowing that management cares about them plus values their business.

Get Houston Texas Property Management

If you need property management for your Houston Texas Rental property contact Vestpro Residential Services by calling us at (832) 498-0016 or click here to connect with us online

Rental Property Maintenance – Why It Really Matters

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Maintenance is one of the biggest things that most owners don’t budget for over the course of one year and sadly many people find themselves scrambling for money when their tenant calls to tell them that the water heater has gone out.

One maintenance call after another: when does it end? When you’re a property manager, maintenance costs can eat up a significant portion of your budget. However, you don’t need to get to a crisis point. If you’re wondering how to reduce your maintenance and repair costs, being proactive rather than reactive can yield the savings you need.

Avoid Extra Fees: Get There Before the Crisis Hits

We’ve all been there: the water heater cracks or the furnace quits in the middle of a winter’s night. These emergency repairs can be expensive. While these types of situations happen, being proactive with your repair and maintenance schedule can help you get there before the crisis hits and avoid huge emergency call-out fees. If larger troubles do arise, keep your warranties handy. Net Integrity recommends spending the extra money on warranties when purchasing large appliances, such as refrigerators or water heaters. The cost of expensive repairs or replacements will far outweigh the small expense you’ll pay upfront.

Ongoing Care Can Reduce Rental Property Maintenance Costs

Regular property maintenance includes everything from annual checkups for ACs and furnaces, assessing decks, railings and steps for repairs, and inspecting roofs for loose shingles. All of these services and more are items that you probably outsource, and all of them are activities that each of your properties will need one or more times a year. Being consistent about your rental property maintenance not only keeps you from being surprised by larger fees, it also allows you to set up a consistent fee schedule with your vendors. Standardizing your costs for specific repair and maintenance activities helps you manage your budget.

Source – Property Ware

Get Houston Property Management Here

For professional Houston Texas Property Management contact RPM Central Valley today by calling us at (832) 498-0016 or click here to connect with us online.

 

Simple Ways to Get Your Houston Tennant’s To Renew Their Leases

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By Vestpro Residential Services

Each year one of the most traditional things landlords face is lease renewals because many of their Houston Tenants have signed one year leases that are due for renewal in January or February.

For many landlords lease renewal time can be a headache but for others lease renewals is easy especially if they follow these simple tips.

Tip #1 – Start the Lease Renewal Process Now

If your tenants lease is up by January 29th don’t wait until the end of the month to see if they pan on renewing, start now by calling your tenant and scheduling a meeting with them at your office to renew their lease.

In the future your goal should be to contact your tenants at least 90 days in advance of their lease renewals so that you will have plenty of time to discuss this issue with them and plan for their departure if they don’t plan on continuing to rent from you.

Tip #2 – Renew the Tenants Lease Immediately When They Say Yes

Let’s say that you’ve scheduled a meeting with your Houston Tenant to discuss their lease renewal and they said yes they do plan on renewing their lease with you. In this case you should have a copy of their new lease available so you can have them renew their lease with you at that very moment instead of waiting for them to renew and facing the possibility that they might change their minds.

Tip #3 – Keep Lease Signings EASY

Last of all, but most important, keep lease signings easy for your Houston Tenant by reading the terms and conditions of your lease and confirming that your entire lease is easy to understand because if it’s not easy to read this may delay the lease renewal since the tenant many need to read the terms and conditions then get back with you.

Get Expert Houston Tenant Management

Save time and money with managing your Houston Tenant’s by contacting Vestpro Residential Services today at (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.

4 Tips for Successful Houston Texas Real Estate Investing

Are you thinking about getting started with investing in Houston Texas Real Estate?

Now is the right time to start investing in rental properties thanks to high demand for rentals and low mortgage interest rates nationwide.

Everyone from Robert Kiyosaki to Warren Buffet are advocates for Real Estate investing thanks to the steady cash flow you receive from your rental properties each month and the wide variety of other benefits which come from owning rentals like tax deductions and equity.

To get you started with Real Estate investing right here are our 4 tips for successful Houston Texas Real Estate investing.

Tip #1 – Continue Your Houston Texas Real Estate Education

This tip is vital to follow because once you stop learning about Real Estate investing you won’t continue to see the same success that you’re enjoying when you’re learning about Real Estate investing.

Establish a set daily time for studying and following what other Real Estate investors are doing so you can stay ahead of other investors and even find great deals no matter what shape the economy is in.

Tip #2 – Establish Goals For Acquiring Houston Texas Real Estate

Once you get started in Houston Texas Real Estate investing don’t get satisfied with just one property, set clear goals for yourself on how many properties you want to buy so your net worth will grow every year.

For example: one of your goals could be to save $20,000 and use that profit from your rental property to use as a down payment on one new Houston Texas Rental each year.

Tip #3 – Don’t Start Speculating

Although the market may be up, or down, NEVER speculate on where you think it’s going to go or speculate on what your short term gain will be if you purchase a new rental property in Houston Texas now.

Always use wisdom backed up by hard data when you’re investing because these are the two things which will ultimately contribute to your long term success as an investor.

Tip #4 – Make Cash Flow Your Primary Goal

When investing in a Houston Texas Rental property your primary question should be “what is the cash flow I will get from this property” because cash flow is king and also the key to your success if you’re trying to build cash flow for your retirement.

Get Houston Texas Property Management

For more information on how to get started with Houston Texas Real Estate Investing, or to get a property management quote, contact Vestpro Residential Services today by calling us at (832) 498-0016.

Is Buying Too Many Houston Texas Rental Properties A Bad Thing?

By Vestpro Residential Services, LLC

Thanks to historically low mortgage interest rates you may be buying Houston Texas Rental Properties at a fast rate but, is it a bad thing to buy too many rental properties?

The answer to this question is yes, if you don’t have Houston Texas Property Management. Here’s why:

Rent Collection

One of the biggest problems most property owners who own homes or multi-family properties have is collecting rent from their tenants each month especially when their tenants fall behind on paying.

Thankfully when you hire Vestpro Residential Services to manage your Houston Texas Rental Properties you can have confidence that your rentals will be professionally managed and rent will be collected from your tenants on time each month eliminating the need for you to contact tenants or start collections against them if they don’t pay.

Maintenance

Another big problem for some owners has been the issue of maintenance because, it’s not always easy to handle maintenance issues if you own multiple properties.

With Vestpro on your side you will have peace of mind in knowing that your tenants will call us when they have maintenance issues and this will also help you keep tenants as well because, your tenants will know that the can depend on the property management company to solve problems when they occur instead of hearing making empty promises.

Customer Service

Last of all, but most important is customer service.

Many property owners offer customer service and poor support so that whenever there is an issue at one or more of their properties it will go unresolved for weeks or months.

At Vestpro we take pride in offering great customer service so that if your tenants call in with an issue they will be served by true customer service professionals every time.

Get Houston Texas Property Management

To learn more about how Houston Texas Property Management will make your life easier contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to contact us online.