If you have money to spare, as many people do here in Texas, one of the best things that you can do with it is to invest it in a rental property. This gives you rental income every month, while at the same time the value of your property is growing. So, if you want to sell the property at some point in the future, you will have made a profit on the home as well. What’s not to like?
Well, buying a property in somewhere like Addison, TX, is the easy bit. Or maybe you have inherited a property and don’t need to sell it but would like a steady income from a rental check every month. And who could blame you?
It’s the other bit which is the hard work: Addison, TX, rental property management.
Just to begin with, if you have never owned a rental property before, you would not believe the number of rules and regulations that you have to follow before you can let it out. Just to start with, you have to ensure the property meets the Texas Rental Property Codes as well as being clean, presentable, and habitable. Then there are things such as homeowner association and city concerns, notices, violations, including city registration of rental properties, and scheduling of city inspections, prior to occupancy. And that is before you can start to advertise your property.
How Much Rent Should You Charge?
Addison, TX, rental property management also means that you have to advertise for a renter (obviously) but where should you advertise? How much rent should you charge? Obviously, you want as much rent as possible, but then again you don’t want your property standing empty for months because you are asking too much.
So, you get some inquiries from potential tenants, but how do you know which one to rent your property to? Maybe they have been kicked out of their last home because they didn’t pay the rent. Or perhaps they caused damage to the property. That is the last thing you need, but how do you find out if they are a good tenant or not?
What happens if you go on holiday for three weeks to, say, Europe, Japan, Mexico, or New Zealand, and there is some sort of emergency at the property? What can you possibly do about the shingles that have blown off the roof if you happen to be 3,000 miles away?
Those are just some of the woes that can befall a rental property owner.
Of course, if you just want a rental check every month without all that hassle, then you can let us at North Texas Property Management handle your Addison, TX, rental property management for you. It’s what we do.