Rising Rent Rates—Great for Fort Worth Property Management

It’s almost 2020, and more and more people are choosing to rent these days. With the rise of millennials wanting to settle down but most not being able to afford the current home prices, single family homes, in particular, are in high demand. According to MIllionacres, “Interest rates have fallen in the past year [and] mortgage rates are expected to remain at historic lows for a while…Even with rates below 4%, it can be tough for some buyers to purchase a home. Many first-time homebuyers are burdened by student loans and have had difficulty saving up for a down payment.” 

This is great news for rental property owners because it means that rent rates are rising and their income flow is steadier than ever. It’s also a good time to buy and take advantage of low interest rates. Fort Worth property management companies like Specialized Property Management can help you know where to invest, how much to charge for rent, and how to trust the experts with the management of your property. 

Rent in Fort Worth Compared to National Trends

Increases in rent means happy Fort Worth property management companies, because property owners are happy with their increase in income. The rise in rent rates also means landlords can be more selective about tenants, which means their property value increases, turnover rate and vacancies decrease, and the flow of income is more reliable from tenants who consistently pay their rent on time. Property management companies like Specialized Property Management make sure to be constantly up to date on current rent trends in the area and can help you choose the best rate to charge your tenants to stay competitive and avoid vacancies. According to RentJungle

“As of April 2019, the average rent for an apartment in Fort Worth, TX is $1043 which is a 0.96% increase from last year when the average rent was $1033, and a 0.77% increase from last month when the average rent was $1035. One-bedroom apartments in Fort Worth rent for $893 a month on average (a 0.56% increase from last year) and two-bedroom apartment rents average $1139 (a 1.76% increase from last year).” Our team at Specialized Rental Property Management Fort Worth is consistently up to date with the latest increases in rent in the Fort Worth area and can help you determine how much to charge for your property. 

2020 Real Estate Forecast

What you need to know about 2020 real estate trends, according to Dave Ramsey, is that for the majority of millennials who can’t afford to buy, renting is the answer, and single family homes are preferable over apartments. According to CoreLogic, the number of single-family rental homes increased 38% from 2010 to 2016 and demand is still soaring. However, because of supply and demand, renting a single-family house is expensive. Property owners who own more than one single family home are delighted with the recent shift and should take advantage of the services that Fort Worth property management companies like Specialized Fort Worth provide. 

“Low rental supply coupled with ongoing demand pushed up rents in September,” said Molly Boesel, principal economist at CoreLogic. Vacancy rates are also dropping all over the nation. As people begin to realize how popular renting is, even builders are starting to cater to investors, creating communities that are solely meant for renting, “For homebuilders worried that a slowing economy and tightening credit conditions will hit demand for starter homes, they should be able to rely on increasing demand from investors,” added Pointon.

Single Family Homes

Individuals and families who cannot afford to buy their own homes, or don’t want to commit to buying a home, desire the lifestyle of a single-family home. Amenities like a backyard, safe neighborhood, privacy, and more space overall are some reasons people choose a single-family home to rent. At Specialized Rental Property Management Fort Worth, we specialize in the single-family home rental market. This market has continued to grow over the years, with rents rising in most areas of DFW. 

According to Norada’s 2020 real estate forecast, “Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units…

Single family detached homes are the single most common housing type in Fort Worth, accounting for 67.37% of the city’s housing units…The most prevalent building size and type in Fort Worth are three and four bedroom dwellings, chiefly found in single family detached homes… Currently, there are 3,406 single family homes for sale in Fort Worth, TX on Zillow…Additionally, there are 814 single family homes for rent in Fort Worth, TX.” Specialized Fort Worth Property Management can help you decide where to invest out of all your options. 

Why You Should Invest in Fort Worth Real Estate

Fort Worth is an excellent city for your real estate investments. Rent rates are rising,  and homes are appreciating. The rise in rent allows property owners to increase their income, cover their expenses, be more selective about tenants, and market their property’s increased value. Home prices are expected to rise by 7.3% in 2020. This means that if you’re hoping to buy and rent, now is the time to buy something you can afford and then you can raise the rent as the home appreciates in value. If you’re hoping to buy and sell, now is the time to buy so you can make a profit when you sell. Some reasons why Specialized Rental Property Management Fort Worth believes you should invest in Fort Worth real estate are: 

  1. Overall value. The median home value in Fort Worth was around $240,000 in 2018 and because of the area’s perfect combination of slow population growth, income growth, and job growth, rents and home prices will continue to grow steadily. 
  2. Great deal. Affordable housing with practically guaranteed appreciation is a rare mix that can be hard to find anywhere else. Since Fort Worth homes are even cheaper than Dallas homes, people will rent in Fort Worth and commute to their job in Dallas to save money. 
  3. Job market. The jobs are growing in Fort Worth at more than double the national average. People want to move to Fort Worth and need a place to live. 
  4. Best time to buy. Because the housing market has slowed down a bit and is expected to grow next year, right now is the perfect time to invest. 
  5. Large military base. A big proportion of Fort Worth renters come from members of the military who need a place to live but want flexibility. 
  6. Close to the airport. Fort Worth also has the DFW airport that provides thousands of jobs and another reason for people to want to live in Fort Worth and rent single family homes there. 
  7. Fort Worth is property owner friendly. There are few restrictions on what property owners can put in their lease and Fort Worth single family homes with no code violations don’t have to be registered. 
  8. Diverse market. Fort Worth has everything from small downtown homes to rural and luxury properties. 

The Best Neighborhoods in Fort Worth For Real Estate Investment

If you’re a property owner and looking to invest, Specialized Fort Worth Property Management suggests that you stop waiting until the market crashes. Some people predict that the market is going to crash soon, but there are great deals out there right now and these 10 neighborhoods in Fort Worth have the highest real estate appreciation rates, according to Norada. 

  1. Hemphill St / W Berry St
  2. Hemphill St / W Allen Ave
  3. The College of Saint Thomas More / W Berry St
  4. 8th Ave / W Rosedale St
  5. N Forest Park Blvd / W 7th St
  6. Hemphill St / Pennsylvania Ave
  7. Montgomery St / Bryce Ave
  8. U of North Texas Health Science Center / White Settlement Rd
  9. White Settlement Rd / Foch St
  10. W Vickery Blvd / Clover Ln

Why Choose Specialized Rental Property Management Fort Worth 

At Specialized Property Management Fort Worth, our team of property management experts are the ones to trust. We advise property owners all over Fort Worth and help them manage their rental properties effectively and efficiently. With a 98% customer satisfaction rating, and a #1 listing out of 270 property managers, you can rest assured that your property and tenants will be well taken care of. Some of the services we offer are: 

  • No Hidden Fees
  • Faster Leasing 
  • Effective Tenant Screening
  • Financial Peace of Mind
  • Local Expertise
  • Straightforward Communication
  • Cost-Effective Maintenance

At Specialized Fort Worth Property Management, we live and work locally so we know the best places to invest, are up to date on local laws and regulations, and can help you set the perfect price for rent. Our technology-driven processes save you time, money, and stress. Let us help make your life easier. You invest and we will take care of the rest. Contact us today to learn more about how we can help you maintain your beautiful rental property.

Fort Worth Property Management Companies’ Investment Advice

If you’re ready to invest in a home and rent it out to make a profit, now is a great time to do it. The market is great and home values are going up. According to Norada Real Estate Investments, “If you are a homebuyer or real estate investor, Fort Worth definitely has a track record of being one of the best long term real estate investments in the country through the last ten years.” There are also more renters now than ever before as millennials begin to settle down while still wanting the freedom that comes from renting. Single family homes are becoming increasingly popular, and your decision to invest should be an easy one. Let Fort Worth property management companies be your guide as you do your research. Specialized Property Management has over 30 years of experience and an in-depth knowledge of the rental industry and how to make the wisest home purchases. There’s more to being a property owner than buying a home and recruiting tenants, and we’ll explain what. 

Location

“Location, location, location” is a famous saying for a reason. Location in real estate is so important because it affects the type of tenants you attract, how much you should charge for rent, and the local regulations you’ll need to adhere to. When you’re looking at locations, notice what is within 20 miles of your property, such as access to a main road or freeway, good schools, parks, local amenities, shopping malls, grocery stores, gas stations, restaurants, and public transportation. Every aspect of where your property is located will affect your return on investment. Check with current landlords in the area and get information on their situation. Do they have lower vacancies? How much do they charge for rent? Are homes appreciating in value so you can raise the price of rent year after year? Fort Worth property management companies like Specialized Fort Worth may have access to information about certain areas of Fort Worth that you don’t. Let us advise you on the best places to invest and why to help your bottom line even more. Once you’ve decided to purchase a home based on Specialized’s expert advice, we’ll help you market it, set the proper price for rent, and make the most out of the location you’ve chosen.

Family Lifestyle

Millennials are growing up and wanting to start a family, but prefer to rent than buy. They love the idea of a single family home they can rent because it means all the pros of having a home with less of a commitment than buying their own home. They may want to stay long term, meaning they’ll take good care of your property and you’ll have fewer vacancies to worry about. Use this knowledge to your advantage and make sure your property is family friendly. Those who are responsible enough to plan a family usually make great tenants. Look for qualities in properties such as a fenced yard, at least 3 bedrooms and 2 bathrooms, around 2,000 square feet, adequate storage space, and laundry hook-ups. Fort Worth property management companies will tell you to avoid homes with no master bathroom, located on a busy street, with unusual layouts, and built more than 25 years ago. Good schools are a great selling point as well. Try to look for schools that rank high on test scores and have a positive reputation. 

Local Regulations

Every city has their own set of rules and regulations to follow when it comes to housing. In some areas, you can be fined for not following certain ordinances. There are ordinances and construction codes surrounding everything from noise ordinances to electrical wire codes. One simple mistake could cost you a large sum of money if you aren’t paying attention, and rules are subject to change. Fort Worth property management companies like Specialized Property Management has a team of experts who already know the ins and outs of each city’s municipal regulations. Trust them to protect your investment by informing you of regulations to follow and then helping you continue to follow them year after year. When regulations change, we know about it and make sure that you’re following everything correctly. What you pay our property management team won’t compare to the money you’ll save by not paying fees issued to you from the local government. 

Homeowners’ Association

You may get excited if you discover a property for sale that has a Homeowners’ Association, and you should be. HOAs are excellent for keeping the neighborhood clean, creating a safe and friendly environment for families, and creating less maintenance work for you. However, if you aren’t familiar with the rules and codes for your HOA, you could lose time and money by violating the rules unknowingly. This article from MorrisInvest goes into detail about if you should buy a rental property with an HOA. When you hire experienced Fort Worth property management companies, they can help you decide if it’s worth it to pay the HOA fee in addition to property taxes and mortgage payments, and how much you should charge for rent in order to still make a profit. They’ll also be aware of the HOA’s policies and help your property stay in line. 

Age of the Property

It can be tempting to invest in an older home because the price is lower, but think about the long term costs. When you invest in a home that is less than 15 years old, you’ll automatically be paying less for renovation costs and maintenance costs in the future. You’ll also be able to charge more for rent just because it’s a newer home. Additionally, you’ll attract more potential tenants which means high quality tenants and fewer vacancies. Chances are newer homes are in good, safe, neighborhoods as well. If you find a newer home that could still use a little updating, ask the advice of Fort Worth property management companies. Specialized Property Management’s team of experts can advise you on how to update your home in quick and inexpensive ways to make the most impact and attract the best tenants. 

Single Home vs. Group of Homes

If you’re looking to invest in more than one home, it’s a good idea to purchase your homes in a group. When they’re all in the same neighborhood and you know that that neighborhood is family friendly, clean, safe, and close to attractive amenities, you’ll be able to make twice the money by investing in twice the properties. When you need to stop by and check on one home, you can use the same trip to check on others without driving all over town. You’ll also be familiar with the market in that area and have an influence on the going rate for rent. Fort Worth property management companies will also tell you to be efficient with your time. Not only should you invest in properties that are close to each other, but that are close to you. Buying properties on your way home from work, church, or anywhere else you frequently go to will save you time and money. 

Stay in Your State

Fort Worth is an excellent place to invest in a rental property but you may be thinking about looking outside of Texas to invest as well. Some reasons why people invest in property out-of-state is because they want to diversify their investment portfolio or properties are more affordable somewhere else. This can be a risky decision because it will be harder to check on your home and stay up to date on changing regulations for that city vs. Fort Worth. Consider these issues if you are thinking about investing in out-of-state property. It may be worth it, but the risks are high. If you do decide to invest out of state, seriously consider hiring a property management company that you trust to take proper care of your home and send you frequent reports. 

Fort Worth Property Management Companies

Investing in single family rental homes is a great way to make money and diversify your residential management property portfolio. Deciding what and where to buy is really important to your overall success and can be overwhelming. Take advantage of Specialized Fort Worth’s property management company services that include inspections, marketing, showing, setting the rent rate, collecting rent, maintenance, monthly reporting, and tenant screening and selection. Our team of professionals will help you find the best properties in the best areas and then manage them for you for as long as you need us to. In addition to taking great care of your property, we’ll also interact with tenants and address any tenant concerns during their stay at your property. Our goal is to reduce your risk while minimizing costs and maximizing cash flow on your rental property. With over 30 years of experience and a 98% customer satisfaction rate, you can be sure that your investment is safe with us. Contact us today to learn more about rental investments and our property management services. 

Single-Family Rental Investing vs. Multi-Family Rental Investing

When Specialized Fort Worth Property Management Company started out almost 30 years ago, the general public was mostly interested in investing in multi-family units or apartments. If people did invest in single-family homes, it was so they could fix up an older home and resell it for a higher value. Though this is a smart and quick strategy for making money, more and more investors are adopting a buy and hold strategy today. Just some of the reasons to invest in a single-family rental are: the investment stability, affordability, less tenant drama, an increase in demand, better available management, and a quick and easy exit strategy. Today, there are almost twice as many single family homes as there were 10 years ago during the housing crisis. In fact, according to the National Multifamily Housing Council, 43% of renters choose to reside in a single-family rental. Because of the increase in demand, property management techniques have changed. Learn the benefits of investing in single-family homes and how Specialized Fort Worth Property Management Company can help you maximize your profits. 

“We’re becoming a nation of renters — and not just apartment dwellers. Since the housing crisis, more renters are writing the monthly check for single-family homes. More of them are also writing checks to corporate landlords like Invitation Homes, Colony-Starwood, and American Homes 4 Rent. Back in 2005, ‘there were about 10.5 million single-family rental properties,’said Karan Kaul of the Urban Institute. ‘Today that number is north of 17 million. That’s almost a 70 percent increase. If you look at the other segments of the rental market,’ he said, ‘the growth in those units has not been close to what you’re seeing in the single-family market.’”- Marketplace

Investment Stability

People that want to live in a single-family rental are usually doing so because they like the stability and home life that a house provides but they also want the flexibility and mobility of renting. This means, as a property owner, that you’ll be able to rely on your good tenants who will take care of your property and most likely stay long term. With a long term tenant who pays their rent on time, you won’t need to worry about frequent turnover and vacancy costs that often play a big part in multi-family units, or apartments. You’ll also be able to form positive relationships with your tenants over time, decreasing the amount of tension around maintenance issues and neighbors. 

“From day one, you want to work on developing a positive yet professional relationship with your tenants. That means making them feel welcome and comfortable at the property, and providing them with all the information they need to start their tenancy off right. That includes contact numbers, details on your expectations, important dates and locations of the nearest grocery stores, schools, bus stops, etc. And, make sure they know where to locate emergency shut off valves for water and gas in case they need them.”- Zillow

Because single-family rentals usually increase in value over time, you’ll be earning passive income and can expect a very good return on investment. If you take a look at past real estate patterns, single family homes tend to appreciate much faster than multi family units. Since the value of single family homes is decided by supply and demand, and demand for places to rent is usually high, they appreciate quickly. On the other hand, multi family units are valued based on the rent being charged and the state of the home, meaning that value only goes up if all the rent prices increase in that certain location. 

More Affordable

In general, single-family rentals cost less than multi-family homes, such as duplexes and triplexes. The down payment required for a multi-family rental could be anywhere from 25-30%, while single-family home investors usually only have to pay around 10-15% down. Insurance rates are also cheaper for single-family rentals. In addition, there are many available options currently in the single family rental market, making it a buyer’s market. This means you’re more likely to find a better deal when investing in single-family rentals than anywhere else. Though paying for your property in cash would be ideal, it’s not always realistic. If your situation requires financing, single family homes often offer less expensive financing options that multi family homes do. You are more likely to be offered lower interest rates, longer terms, and higher loan-to-ratio values with single-family rental properties. 

No Tenant Drama

One of the worst parts about owning a multi-family rental is the tenant-to-tenant complications. Noise complaints, parking troubles, and plain old drama can make you feel like you’re parenting teenagers on a daily basis. Tenant drama like a divorce or a lost job can still happen, but are less common and usually more serious than complications in multi-family rentals. Though a property manager can help handle all of those things, it’s much better to invest in a single-family rental where those problems don’t exist. When there’s only one family in a home, there’s more privacy for them and less headache for you or your Fort Worth property management company. 

Demand Increase

As we mentioned earlier, people that are looking for a single-family rental enjoy the fact that they can live in a home with a yard and enjoy a great neighborhood with respectable schools. The growing number of millennials are looking to start families without having to buy a home. Wanting to keep their options open for spur of the moment travel plans or career changes, millennials appreciate the renting life. With a plan to stay long term, single-family tenants are more likely to take good care of the home and lawn while informing you of any maintenance problems in a timely manner. Because single-family homes are larger, contain land, and are located in higher-value areas, you have the potential as a property owner to charge more rent. Tenants are usually willing to pay more to be able to also enjoy the fact that they can leave easily, if need be, and aren’t 100% responsible for the property. Our Fort Worth property management company is still involved in single-family homes in regard to repairs, maintenance, rent collection, marketing, and much more. It’s up to you as the property owner, and the local housing laws, to decide how many expenses you would like to take on and what the tenant is responsible for. With the demand for single family rentals on the rise, they are the smart investment choice for property owners. 

Better Management

Specialized Fort Worth Property Management Company has processes and services in place that make owning a single family rental investment easier than ever. Rather than trust a property management company that uses multi-family business models to manage apartments as well as single-family homes, choose a property management team that has specialized in single-family rentals for nearly 30 years. Our technology-driven systems have proven the test of time and are still rated #1 in comparison to other property management companies. Specialized Fort Worth Property Management Company’s nationwide portfolio consists of over 70% single-family homes. 

Simple Exit Strategy

When you invest in a single family rental, the goal is to buy and hold the home, collecting the mortgage through rent. Once the house is paid off, you should sell the house and take home the profits from the increase in value. Fortunately, with the high demand for single family homes, you shouldn’t have a hard time with renting it out or selling it in the end. You can then use this money to invest in more properties or put it towards your retirement fund. If you’ve owned the property for a year or more, you may qualify for lower capital gains taxes when you sell. You’ll also be able to take advantage of tax breaks if the property depreciated in value. Investors also get an annual deduction that assesses the value of the home and how many valuable years it has left. To ensure that you make the most out of your single family rental investment, let Specialized Fort Worth Property Management Company help you along the way.

“SPM’s reporting and accountability is excellent. I have been impressed with the courteous, professional and efficient manner in which the affairs of my properties have been conducted. I recommend Specialized as an agent for handling rental properties.”- William M., Owner 

 Our team of experts will handle the everyday stresses of being a property owner and protect you against any mistakes made from not being aware of legal and local regulations. Our services include marketing, property showings, tenant screening, collecting rent, maintaining your property, providing you with detailed monthly reports and year-end tax statements, and much more. You can trust us fully to make your rental property the best it can be and help you increase your profits. Take advantage of our user-friendly online owner user portal, where you’ll have constant access to your rental property from any location. Contact us today to find out how Specialized Fort Worth Property Management Company can multiply and take care of your investment in today’s growing real estate market. 

6 Things To Know About Property Management DFW Before Buying Rental Property

If you’re considering renting out your home or buying a piece of rental property, there are some things you should know about property management. DFW and the surrounding areas can be great places to own rental property if you know what you’re doing. Below are six things every property owner should know before they make the dive into property management.

  1. Know Local, State, and Federal Laws. Picture this: You find the perfect rental property in a well-maintained neighborhood with all the amenities. You sign all the papers and the property is yours! You put up a For Rent sign and wait for the applicants to roll in. But instead of applicants, you get a letter from your new Home Owners Association. It turns out that packet of HOA rules you skimmed through and signed has a clause saying they will only permit ten rental homes in the neighborhood, and your property would be number 11. Many landlords are surprised when they find out that an HOA can limit the number of renters. Unfortunately, HOA rules are just the tip of the iceberg when it comes to need-to-know laws. Violating the Fair Housing Act, for example, can land you a lawsuit, hefty penalties, and attorney fees on top of that. Getting into Ft. Worth property management means knowing all the rules and laws that apply to you, your property, and your tenants. Breaking a rule because you’re unaware will leave you in a tight spot, and could jeopardize your investment and your reputation.
  2. Understand the TRUE Cost of Property Management DFW. As we mentioned above, owning rental property in DFW can be a great investment. In fact, Business Insider recently named Dallas as one of the top places to buy rental property in the US. But before you buy, make sure you know all the costs that surround your new investment and only buy a property that will give you positive cash flow. If you plan on financing your rental property, then the rent you bring in needs to cover your mortgage, taxes, insurance, and fees. However, if your rental income only covers these items, your cash flow will still be negative. Why is that? You need to plan for regular maintenance and emergency maintenance, as well as turnover between tenants. Depending on the age of your house you should put aside 1-2 months worth of rent for yearly maintenance costs. An experienced Fort Worth property manager should be able to help you come up with an estimate of the cash you should have on hand and the positive cash flow you will need each month to make your investment successful.
  3. Treat Tenants Kindly. Property management DFW is easier and more successful when you have a good relationship with your tenants. When tenants feel disrespected or unheard by their landlords, they are more likely to move when their lease is over. Tenant turnover is time consuming, expensive, and in many cases could have been avoided with a better landlord-tenant relationship. One way to help is to make sure all policies and procedures are laid out clearly in the lease and followed closely by you and your property management team. Your tenant should never feel like you tell them one thing then do another, and you should leave emotion out of your interactions. Many landlords feel professional property managers can help this relationship a great deal because of the experience, professionalism, and promptness they offer.
  4. Be Proactive About Maintenance. There is no avoiding maintenance around your rental property, whether it is simply replacing air conditioning filters or replacing your whole AC system. Professional Ft. Worth property management knows from years of experience that the more proactive you are about maintenance, the longer your home’s systems will last, and the happier your tenants will be. For example, a yearly tune-up of your AC system costs between $80-$100 and could add years to the life of your system. It can cost $4,000 or more to replace the whole system. You can see how small yearly costs can save you thousands of dollars over the life of your property. Regular property inspections are a good idea for many reasons, but especially to identify ways you can be proactive about maintenance. An inspection will help you catch small issues your tenant may not notice, like a leaky pipe before it becomes water damage and mold. Proactive maintenance has the added benefit of showing your tenants that you care about your property and by extension, you care for them.
  5. Screen Every Tenant. Applicant screening is an easy step you can take to avoid turnovers and evictions. Every applicant over 18 should be thoroughly screened including a background check, credit check, and rental history. You should verify your potential tenant’s job status and income to ensure they can pay rent. Most professionals recommend a tenant’s rent payment be no more than a quarter of their monthly income. That means if they make $4,000 a month they can afford $1,000 for rent. Never make the mistake of renting to a tenant who refuses to let you screen them, or is unwilling to give references or rental history. These tenants quickly lead to unpaid rent and evictions. In the long run, it is worth it to wait a few more weeks for a qualified tenant than bet on one who is unqualified.
  6. Know When to Ask for Help. When it comes to property management, DFW landlords need to know when to hire professionals. Being a DIY landlord can work out for some people, but often property owners make mistakes that can put their investment at risk. When hiring residential property management, Fort Worth landlords not only get someone who will handle the day-to-day activities of running a property, they get the years of experience and wisdom that entails. If property management is not your full-time job, you cannot be expected to know the ins-and-outs of Federal Housing laws, maintenance and inspection schedules, and what to do to avoid an eviction. Many property owners are surprised to learn that they profit more after they hire a full-service property management company, even after they pay management fees. Professional property managers know how to cut costs without cutting corners, making your investment into a success.

If you want to know more about hiring a full-service, professional property management company, call Specialized Property Management Fort Worth today.

Arlington Rental Property Management Helps Investors Find the Right Rental Home

Picking a great investment property is hard work, and there are many factors you need to consider. If you’re in the market for a single-family home to use as an investment, you can get help from a local Arlington property management company. The type of property you pick will affect how easy or difficult your Arlington rental property management is, so choose wisely! Below are our best home buying tips for investors.

Location, Location, Location

Try to think like a renter when you’re buying an investment property. Are there good schools nearby? Is there easily accessible public transportation? Is the home on a busy or quiet street? If you’re not an area expert, find an Arlington property management company who has local expertise and can advise you. Specialized Property Management Fort Worth has property managers with years of experience who can help you narrow down the perfect neighborhood to buy in.

Look at the Amenities

Typically a home with three bedrooms, a fenced-in yard, and laundry hookups will rent out faster than those without these features. Homes with an unusual layout, such as no master bathroom or with unusable space, should be avoided. Neighborhood amenities are important too, such as a community pool and park. Some HOAs have rules regarding rental homes, so check all HOA bylaws before purchasing a home.

Ask Your Arlington Property Management Company to Compare Similar Rentals

Look at other rental homes in the neighborhood so you can get a good picture of the kinds of homes available and the average price of rent. Your Arlington rental property management company has local market expertise and can guide you to a rental property that will perform well in the market.

Arlington Rental Property Management is Easier With Expert Help

If you’re finding it difficult to narrow down your buying choices, you can contact the local experts at the Arlington property management company, Specialized Property Management Fort Worth. If you are able to make a wise choice when you buy your investment property, that will make everything easier down the line. Desirable homes will attract quality tenants, giving you the cash flow you need to make your investment successful. So, when you are ready to buy an investment property, do your research and hire the local market experts at Specialized. Call today for a free rental consultation.

Fort Worth Property Managers Answer When to Sell vs Rent

When you need to move out of your home, should you sell it or rent it out? Keeping your home as a rental investment can be a great long-term investment plan, but you shouldn’t do it without knowing what you’re getting into. With help from a good property management company, Fort Worth landlords can decide if they want to sell or rent.

Fort Worth Property Managers Say Rent for These Reasons

    1. Equity: if you do not have much equity in your home it might be a good idea to rent it out while you build that equity. This is especially true if home values in your neighborhood are rising.
    2. Rent values: often the rent money you bring in will more than cover your mortgage and other rental-related costs! Look around the neighborhood at what comparable properties are renting out for.
    3. Investment diversity: Your investment portfolio should be diverse, and owning a rental property is one way to diversify. Rental property can be an excellent long-term investment.

Tips From Your Property Management Company, Fort Worth Experts

Even though owning rental property is a great investment, you shouldn’t jump in thinking it will be easy. Being a landlord takes a lot of work, knowledge, and capital. Take these tips from Specialized Property Management into consideration:

    1. Know your local, state, and federal housing laws. Even some HOAs have rules about renting out your home. Make sure you know if any of these rules will hinder your ability to rent out your home.
    2. Make sure you have enough cash. Vacancy days and maintenance are the biggest costs to landlords. Make sure you have enough cash reserved to cover the time it might take to get a tenant in your home. Set aside money each month to cover periodic maintenance issues.
    3. Hire the best Fort Worth property managers. A good property management team will help you make a better return on your investment.

Specialized is the property management company Fort Worth landlords have trusted for almost 30 years because we know the ins and outs of property management. When you are trying to decide if you want to sell or rent out your home, let us help you. To hear more about our services call our office today!

Fort Worth Property Management is Easy With Family and Friends

A growing trend in the real estate market is buying property with family and friends other than your romantic partner. Home prices in some areas make owning property on your own difficult, but with a trusted friend or family member, it is attainable.  Instead of spending your entire savings on the down payment for a small condo, you could afford a single family home which you can then rent out for a profit. Pooling resources with your sister, nephew, or coworker is a great way to start in the rental home market. Specialized Property Management, the property managers Ft Worth landlords trust, can help you decide what is right for you.

Making Good Fort Worth Property Management Decisions

Owning rental property is a long-term business investment. When buying a rental property with friends or family members make sure you keep this in mind. All decisions regarding your rental property should be treated in the same way you would treat any other business decision. Costs and workload should be split fairly and upfront. For example, who will your tenant call in the middle of the night for an emergency? Good Fort Worth property management decisions will ensure your partnership will be fruitful and last throughout the years.

Get Better Returns With the Property Managers Ft Worth Trusts

The best thing you can do for your rental property partnership is hire experienced, professional property managers. Ft Worth landlords have trusted Specialized Property Management for almost 30 years because we know how to make the most out of your investment. When you hire the property managers at Specialized, you know your property will be run like a business, and you no longer need to worry about screening tenants, seasonal maintenance, or those middle of the night emergency calls. Call Specialized today to hear about all our services!

Most Don’t Cover Actual Costs in the Short Term

Fort Worth residential property management

The Reality of Rental Rates: Most Don’t Cover Actual Costs in the Short Term

There are two sides to every coin. In Fort Worth residential property management, it’s typically a monthly negative cash flow but positive long-term tax strategy and equity investment. So, if you who haven’t yet realized the financial benefits of your investment and must come up with out of pocket cash each month to cover the difference in income and expenses, don’t worry. You’re among the majority who are waiting and preparing for the real benefit of rental investments. If you properly care for and maintain your property, ideally with the help of a Fort Worth property management company, you will realize the real benefit in time. Now, it’s enough to understand the correlation between these two concepts.

Negative Cash Flow

If your rental property is in good shape, even one of the nicest in the neighborhood, it still may not bring a higher rent rate than others due to competitive nature of rentals. Tenants often have a lot of choices, which forces many owners to reduce the monthly rates. Equally influential, however, is that the real estate market is indifferent to your expenses such as principal, interest, taxes, and insurance.

Positive Long-Term Tax Strategy and Equity Investment

Owners can use rental property as a tax strategy each year as all expenses for maintenance, upkeep, insurance, and improvements are tax deductible. Also, the change in value or depreciation based upon the original price purchase of the home is considered a loss or deduction when you file your taxes. Secondly, when you do sell the property, if it has gone up in value and if you have paid down the mortgage then you will earn more equity in the end.

As you hold both sides of the rental investment coin in your hands, remember that your property is an asset, but you must keep it that way. In this competitive market, renters want a property that is well cared for, clean, safe, and maintained with responsive management. You can provide this with a professional Fort Worth property management company such as Specialized. This will ensure your monthly rent, although it may come up short of your expenses, is consistent. Secondly, caring for your property now is your best chance at maintaining and hopefully increasing its value over time. Fort Worth residential property management is not easy, but it’s worth it in the end. Discuss your short- and long-term plan today with an expert at Specialized. We will make sure the coin eventually flips in your favor.