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.

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.