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Our team of local professionals at Mynd Property Management are different than other Fort Worth property managers. Servicing the greater Roanoke, River Oaks, and Mansfield areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Residential real estate joins business as Fort Worth’s greatest investments. It’s time to make your real estate investment work for you.
If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.
If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.
If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.
Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.
Quicker than average leasing times.
Less than 4 business hours for owners, less than 8 business hours for residents.
Higher than average resident quality score (720+)
No need to worry about rental payments, less than 2% delinquency.
Consistently high customer satisfaction scores (Better than 4/5)
Net Promoter Score of 58 versus industry average of 7
We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.
Trey is a customer focused Portfolio Manager in the Houston Metro area. His knowledgeable team of agents, property managers and operations staff at MYND Management are equipped with the latest technology to maximize results for investors, buyers, sellers and renters. From new homes to foreclosures we have the experience and knowledge to get you the best deal.
Fort Worth is susceptible to thunderstorms, hailstorms, and tornadoes. For this reason, Mynd’s property managers always monitor the weather and respond to emergencies ASAP. We also take a proactive approach, making sure that your roof and gutter are structurally sound and clean, trim nearby trees, and provide a path for water to run off.We keep abreast of zoning regulations as well so that insurance companies pay out in the event of damage. And if damage does occur, we repair it right away because we know that the more time passes the more likely the situation is to get worse. We have you covered!
Many corporations make their home in Fort Worth, including AT&T, which is headquartered in neighboring downtown Dallas. That’s a large pool of potential tenants for your Fort Worth rental property, and we make sure to catch the biggest fish! Explore our resources below to learn more about Fort Worth, TX property management!
If you don't properly screen your tenants, you can end up with vacancies, evictions, and significant damage. Bad tenant horror stories are true horrors, with units needing full renovations, property owners losing months of rent, and evictions eating up tremendous time, energy, and resources. Choosing the right tenant can make or break you.
These are steps to take within your tenant screening process to decrease the likelihood of having a bad tenant and the consequences of failing to take these steps.
If you don't run a credit report, you won't be able to tell if your tenant consistently pays back their debts. If your tenant ends up delinquent in their payments, that may compromise your ability to pay your bills. For example, it's possible that if someone is delinquent in paying their utilities, it will make it harder for future tenants to set up their utilities.
If you know how much your tenant owes to others, you can gauge how challenging it may be for your tenant to pay their bills. A tenant may make significantly more than their bills but still be a risk if their previous debts are significant, which they may even prioritize over what they owe you.
You want your tenant to have the means to pay their bills. Stable work history is also an indicator of general stability. An income source that can't be verified may mean that your tenant can't cover rent every month. It may also mean that a portion of their income comes from illicit activity or that they're simply lying. It's also essential to make sure that what they claim is their income doesn't add up to be more than their reported income. Such discrepancies must be explained.
On average, your tenant's monthly income should be 2.5 times their monthly rent and utilities.
A great indicator of future behavior is past behavior. If your tenant has ever been evicted or broken a lease, they may do so again. A history of not staying in a single place for very long may mean that your applicant won't stay at your place for very long. They may move around for various reasons: employment, being caretakers, inability to pay rent, roommate troubles, eviction, etc. Make sure their reasons are okay with you.
Interviewing landlords is almost obvious. While a landlord reference could reveal whether your tenant has a history of being difficult or causing property damage, some landlords can have unfair or unreasonable expectations of their tenants. This is often the case with landlords renting out properties in which they have an emotional attachment.
While not all crimes are equal and when in time the crimes took place is a big deal, knowing if your tenant has a recent history of crimes that you're not comfortable with is a good reason to pass on a potential occupant. You don't want to open yourself up to legal liability or jeopardize your property.
Application services streamline the application process and make it easy to view all the results in one place. You can even get results you might not have even expected, like whether someone is on the Department of Homeland Security's terrorist watch list or in the sexual offender registry.
You can't legally deny a tenant based on race, color, religion, sex, disability, national origin, or familial status. For more information, read up on Fair Housing Laws from the U.S. Department of Housing and Urban Development
While you may not necessarily be able to do this, if you get a peek into how your potential tenant lives their lives in their current property, you can gain insight into how they'll live in your property.
How your potential tenant behaves during all your interactions may give you insight into what sort of tenant they will be. If they don't follow up, don't agree to various types of checks (background, credit history, etc.), are unfriendly, or lie about any details regarding their history or income, you're likely to end up with a tenant who continues these behaviors.
If you have a sign-by date for your rental agreement, you will ensure your tenant won't be late. If you start seeing your tenant dilly-dally, then that's a warning that they may be late in other ways once they move in or might not even end up moving in, leaving you with a vacancy to deal with. Using an online application makes it easier to avoid this situation.
If you have an exact reason why you want to deny an applicant, make a note of it, and save any relevant documentation. This will protect you in case the applicant wishes to retaliate in any way against you.
You can't legally tell an applicant that your unit is rented if it hasn't been rented. Accept a tenant first and make sure they're following through with signing the lease and only then rejecting the other applicants.
If you want to deny an application, you can say something like, "We regret to inform you that your application has been rejected. Thank you for your time." This also protects you if your potential tenant falls through because you'll have a pool of other applicants to choose from.
It's not legally necessary to tell your applicants why you denied their application. Although, it is a professional courtesy to explain if you're asked for one. Not doing so opens you up to legal liability because the applicant may take legal action to determine why they were denied.
You have to tell your applicants if they're being denied because of their credit report. As stipulated by the Fair Credit Reporting Act (FCRA), anyone who uses a credit report must let a tenant know when "adverse action is taken" due to the contents of their report. So, if the reason for the rejection is the applicant's credit score, debt, missed payment, or anything else their credit history reveals, you need to let them know.
As soon as you have a potential renter, start the screening process right away. This way, you're less likely to end up with a vacancy or lose out on a great renter. You're also more likely to weed out trouble tenants faster.
Simply put, it's easier to lie to someone when you're not in front of them. By asking your applicant some basic questions in person, you'll get a better sense of who they are as a person and tenant. Plus, there's a lot of information that screening would otherwise miss if it lacks the intimacy of a face to face conversation. A dialogue can also be a significant first step to cultivating a positive relationship with your future tenant.
Court cases will show up in a background check. A solid red-flag is being sued for unpaid rent, unpaid child support, or any other serious financial matters that reveal a history of nonpayment.
While it's great to find an applicant who's eager to move in, being in a rush may also be a symptom of desperation. These applicants may be hiding something or escaping a bad situation, whether it be avoiding an eviction before it goes on their public record or trying to escape a poor living arrangement.
This is a straightforward question that's usually met with common responses like job loss or medical emergencies. But a particularly specific answer like student loan debt may mean that your applicant is expecting trouble in the future.
While these are the measures you should take to screen your tenants properly, they don't guarantee that nothing will go wrong. That's because situations change all the time. Just like someone with a bad credit history may become a fantastic tenant, someone who looked great on paper and even lived without incident for years can end up costing you a fortune. By taking these steps, you make it highly likely you and your tenants will both end up happy.
Check out the various locations Mynd manages in, we have local teams in 19 major cities and counting. Learn more about our services today and get your free renal analysis or consultation with our local experts!
In many ways, planning is more important than money because an experienced real estate investor knows how to work with monetary limitations. In contrast, an unskilled investor risks squandering whatever advantages they have. For this reason, every step along the journey of scaling your portfolio is also an opportunity to become a more savvy investor, which will only help you in the long run.
With a 30 year fixed-rate mortgage, you'll be able to pay a lower interest rate on your property, which will leave you with more money to reinvest.
At some point, you'll have so many properties that you won't have the time or mental resources to manage them all. Depending on the market your property is in and the level of services chosen, for 6 to 12% of your monthly collected rent a property manager will screen tenants for you, take care of rent collection, arrange for repairs, make sure you're not violating any local ordinances, and manage a slew of other issues.
You should always include vacancies in your budget, but you also want to reduce vacancies or problem tenants' likelihood in general. This is where stricter criteria for tenants can be helpful when screening to get the best tenants for your rental property. Require co-signers and several references (preferable including their last landlord).
The income you make off your investment properties should only be reinvested into your business. Don't use your new income to improve your lifestyle with new clothes, a car, renovating your own home, etc. You never know when your rental properties may need repair or when you might be hit with a vacancy. In general, you should have your savings account unrelated to your business for personal use or emergencies.
If you start by doing small deals, you'll learn what does and doesn't work for you and discover your niche. Successful real estate investors pick a niche, refine their skills over time, and become experts. As you gain experience, you can start to look for greater opportunities.
Networking is indispensable in real estate. You need to help and be helped by other real estate professionals. This way, you'll grow your knowledge base and access greater resources like reputable contractors or great deals. You'll also have more eyes and ears on the ground to track trends and new developments.
Your properties will inevitably need repairs, both big and small. For this reason, having access to trusted contractors of all kinds is a must. You don't want to scramble in the face of an emergency or have a minor repair turn into a huge undertaking because you didn't have the right contractors already in mind.
Because conventional lenders look at your debt to income ratio, eventually, you'll have to move on to commercial loans or use other forms of financing. Yes, you can have a family member, like a spouse, take the loans out in their name, but eventually, you'll run into the same issue. Having an extensive network can make finding funding easier.
Avoid shortcuts or trying to scale your investments too quickly. You can burn out, make poor decisions, compromise your resources, or leave yourself vulnerable to emergencies. That's why having a reliable network, knowing good contractors, reinvesting in your own business, gaining experience, and being frugal are essential.
Investing time in learning through books, podcasts, webinars and online forums are also essential activities.
The more properties you own, the more time will be demanded of you. Even if you're using a property management company, you can still save time in other ways. Hire a real estate CPA. Use online rental payment software to reduce late payment and tenant tensions/interactions.
By adequately delegating responsibility, you'll have more time to focus on the tasks that only you can do: making sure your business is running how you want it to and meeting your goals.
Don't be afraid to look at properties outside of your immediate geography. There are all sorts of opportunities out there! The best deals may be far away. And don't worry about managing units from afar because there are plenty of services and tech solutions to the problem of distance.
Not limiting yourself by geography also allows you to diversify your portfolio and become a more resilient investor. That's because if all your properties are in the same place, they're exposed to the same risks. If a large employer shuts down or a weather disaster occurs, all of your properties may be compromised. If you have investments across the United States, you're less likely to endanger all your real estate investments at once.
Refinancing your properties can give you more favorable loan terms and free up more resources to reinvest into your business.
A 1031 exchange allows you to avoid paying capital gains taxes. To perform a 1031 exchange, you must use the profits from the sale of one of your properties to purchase another property (or properties) of equal or greater value within 180 days or before the due date of your taxes, whichever comes first.
To lessen your financial burden and stress, you can work with one or more investors. This has both its pros and cons. While partnering may make it easier to scale your portfolio, it also decreases your income. Additionally, if your partner(s) decide they no longer want to invest, you'll have to restructure your business.
A private lender provides loans secured by real estate or a promissory note. While they charge higher rates, private lenders are known to offer loans that banks may shy away from, like rehab loans. They can also provide loans more quickly and with less documentation than banks.
These private money lenders serve an essential function for real estate investors because sometimes, you need money right away. This can be particularly important when you need the cash to get a new property right away since a private lender can cover 80 to 90% of your purchase price.
A home equity line of credit (HELOC) is a 2nd mortgage where your home is the collateral. It's almost like a credit card with simple interest. You can take out money up to a certain amount using a bank transfer, card, or check, repay it, and make more withdrawals. A HELOC can be useful when you need additional funds to close a deal or make an emergency repair.
Dig deep into the specifics of your target market. Look at jobs, median income, and home formation. By studying the area in which you're interested in investing, you're able to find tenants more effectively and cater to your marketing. Looking at school rankings and how desirable your area is to new families can help you find long term occupants.
If the house you're looking at has a roof over 15 years old, you're best off just replacing the roof right away because it's reached its best-by date. Don't ignore major repairs because they're only going to compromise your ability to find occupants and may also lead to higher costs if neglected for too long. You can't rely on your tenants to let you know when a serious job is in order.
You're going to want to keep meticulous records of your expenditures for both tax purposes and general budgeting. Additionally, knowing your past spending habits can help you scale more effectively because you'll know the monetary benchmarks you need to hit before acquiring a new property.
With each new property you acquire, the challenge of managing your business becomes greater. Every investment comes with its unique challenges, which will only sharpen your skills. The deeper you dive into real estate investment, the more capable you'll be at growing and maintaining your properties.
It's just important to remember that no one invests alone, even if they're the sole owner of their business. That's because you're always working with and learning from others, and that's key to becoming the best investor you can be.
Check out the various locations Mynd manages in, we have local teams in 19 major cities and counting. Learn more about our services today and get your free renal analysis or consultation with our local experts!
Real estate investors have to watch every dollar that’s spent on their rental properties, so it’s understandable that you’d be wondering if professional property management in Tampa is really worth your money. This is a fixed expense that you’ll have to pay every month; is it really worth your money?The simple answer is – yes.Today, we’re talking about what property managers do for you and why the management fee is well worth paying.
A good property management company will take care of everything for you from A to Z. The ultimate goal is to ensure your investment property is cash flowing consistently and earning you the money you expect it to.This includes the basic day to day tasks such as rent collection and lease enforcement. Collecting rent on time is an important function of property managers, and a good rent collection policy needs to be documented and enforced. If rent isn’t collected on time, your property will send notices and put pressure on your to show them you’re serious about on-time payments.Enforcing the lease agreement is also a critical part of what we do. To protect your property effectively, we need to make sure there aren’t any unauthorized pets or in the property. There isn’t any kind of emotional attachment between property managers and tenants or property managers and rental homes. We can make business decisions that are best for your bottom line.
The value of what you pay a property manager starts with the leasing process.Before you even place a resident and start collecting rent, you can count on your property management company to prepare your home for the rental market, make the necessary repairs and upgrades, and clean it thoroughly from top to bottom. All of your landscaping will be attended to so there’s great curb appeal to attract the best .Screening in accordance with fair housing laws is another major reason to pay for a professional property manager. You won’t have to worry about drafting the lease and including all the necessary disclosures. All of the required processes are in place and things are handled expertly. You pay your property manager to collect the security deposit and the first month’s rent as well as any extra pet fees and deposits.
You will also have the benefit of expertise and relationships when it comes to maintenance. Your property manager will take care of all routine, emergency, and preventative maintenance, and we’ll be able to ensure the work is done professionally and cost-effectively because we work with the best vendors and contractors in Tampa.Communication is a critical part of what you get from professional management. Your property manager will share information and discuss strategy. You’ll have someone who deals with your and handles any conflicts or concerns. When a resident is moving out, your property manager will handle the inspection and the security deposit and preparing your property for the next tenant.There are a lot of moving parts, and your property manager handles all of them.
With a professional Tampa property manager, you can leave the running of your business in capable and experienced hands. You’re working with someone who has established policies, procedures, and structured systems. Your property manager is keeping your clients () and ensuring the revenue of your business is strong.There’s also a lot of protection available when you work with a management company. You can expect your property manager to keep you safe from claims and lawsuits. One out of three landlords are involved in a lawsuit every year. These lawsuits may concern fair housing violations, mistakes with the Fair Credit Reporting Act, evictions, and discrimination. If you’re not operating your property like a business, you’re putting yourself at risk.There is a lot of value available to investors who use property managers. We could spend all day talking about what property managers do for their money.Most importantly, your property manager is a part of your team. You receive a lot of leverage when it comes to managing your business if you have a good property manager working with you. We are here to do the things that you don’t need or want to be doing yourself.As an investor, you probably buy real estate as an end goal. You’re not investing to have a second or third job. You use a property manager for the same reason you use a CPA or an attorney or a car mechanic. The expertise is worth even more than the actual tasks that are handled for you.Sophisticated investors want a property manager who will take care of every aspect involved in the leasing and management of an investment property. Property owners should be able to trust you but also have the ability to verify the work that’s being done. You can go and live your life while your property manager takes care of your asset.If you want to talk more about the value of a Tampa property management company, please contact us at Mynd Property Management. Whether we’re managing your property or not, we love educating investors and talking about how to have a better rental experience.We also have other opportunities to connect with us and learn more about investing in Tampa. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
