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Grapevine

Property Management

Our team of local professionals at Mynd Property Management are different from other Grapevine property managers. Servicing Dallas and the surrounding South Lake, Colleyville, Bedford, Euless, Coppell, and Flower Mound 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. Dallas/Fort Worth International Airport and tourism are Grapevine’s biggest money makers, and now residential real estate joins their ranks. It’s time to make your real estate investment work for you.

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Mynd's rental income guarantee

Rental Income Guarantee

We protect your rental income

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.

Mynd's property damage protection guarantee

Property Damage Protection

WE PROTECT YOUR PROPERTY

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.

Mynd's eviction protection plan guarantee

Eviction Protection Plan

WE PROTECT YOU

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.

SELECT YOUR AREA TO VIEW PRICING

Pricing Plans That Suit Your Needs

CORE SERVICE PLAN

$79
Monthly Management Fee
100%
Rental Leasing Fee
$349
Lease Renewal Fee

AVID INVESTOR PLAN

$99
Monthly Management Fee
75%
Rental Leasing Fee
$299
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection

PEACE OF MYND PLAN

$139
Monthly Management Fee
25%
Rental Leasing Fee
$199
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection
checkmark - feature included
Property Damage Protection

Don't Take Our Word For It

Results You Expect

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.

Mynd offers faster leasing times

Faster Leasing

Quicker than average leasing times.

Mynd responds quickly to resident and owner communications

Quick Response

Less than 4 business hours for owners, less than 8 business hours for residents.

Mynd finds high quality residents

Quality Residents

Higher than average resident quality score (720+)

Mynd offers low delinquency rates

Low Delinquency

No need to worry about rental payments, less than 2% delinquency.

Mynd's high customer satisfaction scores show high resident satisfaction

High Resident Satisfaction

Consistently high customer satisfaction scores (Better than 4/5)

Mynd's NPS score shows higher owner happiness rates

Happy Owners

Net Promoter Score of 58 versus industry average of 7

Meet Your Local Superstars

We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.

Meet

Lakeisha

Portfolio Manager

Lakeisha has 6+ years of real estate experience. She is a Louisiana and Texas native who has been in the property management for many years. Lakeisha is a licensed agent and has extensive knowledge of the local area and industry. Outside of real estate, sheI loves to read, work out and meditate doing yoga while traveling the globe whenever possible.

Grapevine

When the biggest employer in your city is an airport it brings a certain set of challenges with it. But when it comes to Dallas/Fort Worth International Airport, “biggest” is an understatement. In 2017, the airport was the fourth busiest in the world based on aircraft movement and the 15th busiest based on passenger traffic.

And things are just getting busier. 2019 saw DFW setting a new traffic record for its 45 year history when it served over 75 million people. In part, this is because the American Airlines at DFW is the second largest single airline hub in the world. That many transient residents brings a unique set of challenges that Mynd has learned how to meet. We know Grapevine’s biggest employer is the airport, so we appreciate spending time on the ground with you

Mohsen
Leasing
Derek
Accounting
Gina
Resident Services
Gilberto
Maintenance

Grapevine

Grapevine

1341 W Mockingbird Ln #600w
Dallas, TX 75247
United States

Mynd Property Management is local
(972) 370-9994

Grapevine

The Road Runners Club of America named Grapevine a Runner Friendly Community. And for a good reason. There are 24-miles of hiking and biking trails connecting parks, schools, and businesses. Perfect for Grapevine rental property residents Explore our resources below to learn more about Grapevine property management!

Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.

Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?

About Tacoma, WA

Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.

Tacoma property management

Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive.  Cash flow opportunities are better in Tacoma because the prices of homes are not as high.  

Home prices in Tacoma

Median home price: $354,019

Home prices have gone up 9% in the past year.

 

Diverse types of renters

Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.  

Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.  

Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.  

Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.

 

Economy and industry in the area

Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.

  • Unemployment rate: 5.3%
  • Average income: $75,649

Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.

If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.

How to accurately set rent for my Tacoma, WA rental property

The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.

Tacoma rental statistics

  • Median rent for a single-family home: $1750
  • More single-family homes available since 2007
  • 45% Renter Occupied
  • 55% Owner Occupied

Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.

Knowing the trends and statistics for the area is key to your success as an investor.  Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate.  Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.

 

Why should I hire a property management company in Tacoma, WA?

What does a Tacoma property management company do?

They take care of the day to day operations required when you own a rental property such as:

Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?

Landlords must comply with ever-changing laws and regulations

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:

  • 120 day notice to purchase property if you intend to change the use of the property
  • 60 day notice of no cause termination of a resident
  • 60 day notice of rent increase
  • Several tenant’s rights laws. For example, tenants can complain to the city of Tacoma about code enforcement violations.

There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.

 

Consider hiring a Tacoma property manager

Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws.  Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.

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As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision.  Having a local partner like a property manager makes this process easier.

What kind of return do you want from your investment property?

Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses?  Are you only interested in appreciation or debt paydown?  Your strategy must be defined before you start looking for a property.  

About Everett, WA

Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.

Everett population and home prices

  • Population: 111,000
  • Average age: 33
  • Median income: $57,999
  • Median home value: $362,000

 

The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.

Many of the homes in the area were built between 1970-2000.  Being older properties, they may require some maintenance or updates to attract a quality tenant and meet Property Code.

 

Everett Property Management

 

Industry and the Economy

  • Unemployment rate: 5.8%
  • Cost of living index: 116.2  (US average is 100)

Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.

Best neighborhoods in Everett

  • Darlington
  • Edgewater
  • Pinehurst
  • Riverside
  • Bayside
  • South Forest Park

When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area.  They are also more likely looking homes with multiple bedrooms for their growing families.

 

Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:

  • Is the city growing?
  • Are rents going up or down?
  • What is the average eviction rate?
  • What are the average days on market?
  • What is the average vacancy?
  • What type of homes are rented quickly? What are most people looking for?
  • Are there certain features people are looking for in a home?

These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.

If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.

 

How to Accurately Set Rent for my Everett, WA Rental Property 

It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.

Leasing has seasons

You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).

The economy can affect rent

If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.

Everett rental statistics

  • 42,000 housing units
  • 37% Owner Occupied
  • 67% Renter Occupied
  • 44% single family homes 36% Apartments
  • Median rent: 1,990
  • 48% of homes were built between 1970-1999

The rent amount will vary depending on the property type, square footage and number of bedrooms.  When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.

Mynd’s Everett Property Management company offers a FREE rental analysis so you can see what your property can expect to rent for.

 

Why Should I Hire a Property Management Company in Everett, WA 

When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow.  Should you continue to do this yourself or does it make sense to hire an Everett property management company?

 

Treat your investment like a business.

If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time.  Keeping up with all the laws you must comply with can become a heavy burden.  Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself.  You thought you were gaining free time and ended up having a second job.

It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.  

Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.

 

What does an Everett property management company do?

They take care of the day to day operations required when you own a rental property such as:

They know the laws and regulations

You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord?  There are things you can’t ask on an application or during the screening process.

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.

Maintenance issues

Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold.  There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.

If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager.  Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.

A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.

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On August 31, 2020, California Governor Gavin Newsom (D) signed AB 3088 into law, providing state-wide protections for tenants and landlords in the face of the ongoing coronavirus pandemic. The safeguards extended to tenants worrying about evictions and to landlords concerned about foreclosures. 

Moratorium Eviction Extended

Tenant relief act legal document


AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent. To make use of this protection, the tenant must submit a declaration signed under oath of financial hardship due to the financial burden experienced between March 4 – August 31. A valid declaration will prevent evictions from occurring before February 1, 2021. 


For hardship stemming from the coronavirus pandemic between September 1, 2020 – January 31, 2021, tenants are expected to pay 25% of expected rent to avoid eviction by January 31, 2021. 


Do Tenants Pay Rent?

The expectation of rent has not been eliminated. Instead, unpaid rent cannot be the reason for eviction for tenants that have experienced financial hardship and submitted a valid declaration. Tenants will still be responsible for paying back rent to landlords, who can begin to recover their debts through a civil small claims lawsuit on March 1, 2021. 


The jurisdiction of small claims courts will be temporarily expanded to allow landlords to recover unpaid rents. 


Unpaid rent isn't waived under AB 3088. Instead, it's converted into consumer debt collected in small claims court as early as March 1, 2021. If a tenant cannot meet the 25% rent minimum, AB 3088 would only provide eviction protection until February 1, 2021. If a landlord attempts to use extrajudicial self-help, such as shutting off utilities, threats, or coercion, to generate an eviction, then the landlord may face penalties as high as $1,000 to $2,500. 

California’s COVID-19 Tenant Relief Act Tenant Protections

The following legal and financial protections will be extended to tenants


  • The notice period for nonpayment of rent will increase from three days to 15 court days so that tenants have more time to respond to the landlord's notice to pay rent or leave. 
  • Hardship declaration forms must be provided with any eviction notices for a failure to pay rent. 
  • The hardship declaration forms provided by landlords must be provided in the language in which the rental agreement was negotiated. 
  • Landlords are also required to provide tenants with a disclosure explaining their rights under AB 3088. 
  • Expands the "just cause" protections described in AB 1482 to all tenancies, including tenancies less than one year, affordable housing, new construction, and single-family homes.  
  • Local ordinances that were in effect as of August 19, 2020, will remain in effect until their expiration, while future ordinances cannot undermine AB 3088. 


AB 3088's protections are extended to most tenants if they sign a declaration that they've been financially impacted due to the pandemic. What constitutes "COVID-19-related financial distress" includes:


  • Increased expenses due to the health impacts of the COVID-19 pandemic
  • Increased childcare or eldercare responsibilities directly related to the COVID-19 pandemic.
  • Loss of Income caused by the COVID-19 pandemic.
  • Higher-income tenants (those whose household income is over $100,000 or with over 130% of median household income) must provide documented proof of financial loss related to COVID-19.

California’s COVID-19 Tenant Relief Act Eviction Notices


When a landlord delivers an eviction notice for failure to pay rent, a financial distress form must be provided. The tenant has 15 days to sign and return the financial distress form. The economic distress form does not cover months to come, so that the process may be repeated on a month to month basis. The declaration is signed under "penalty of perjury,” so if a tenant provides knowingly false information, they can be charged with perjury. 


Lawful eviction that has nothing to do with unpaid rent caused by the coronavirus pandemic can move forward as early as September 2, 2020.  That means landlords will be able to pursue:


  • Eviction against nonresidential tenants
  • Evictions for lease defaults stemming from reasons other than nonpayment of rent.
  • Evictions for missed rent payments before March 2020 
  • Evictions for nonpayment of rent unrelated to the coronavirus pandemic.
  • Evictions against tenants willfully damaging property.
  • Evictions against tenants engaged in criminal activity. 
  • Evictions against tenants who violate the lease or rental agreement in other ways.


Evictions for unpaid rent will resume on October 5, 2020, for tenants that do not submit a financial distress declaration.


Evictions for reasons other than nonpayment of rent cannot be performed as retaliation against nonpayment of rent due to the coronavirus pandemic.


Individual cities may have their own eviction moratoriums, and tenant and landlord protections that may be more robust than that provided by AB 3088. For this reason, it's critical to consult both the stipulations outlined by AB 3088 and the stipulations, if any, of one's local jurisdiction. 


If a locality passed a new moratorium after August 19, 2020, then it cannot take effect until February 1, 2021. Ordinances that expire before February 1, 2021, cannot be extended until February 1, 2021. Finally, if a local jurisdiction establishes its repayment period, it must begin on or before March 1, 2021.


Given the complicated nature of the law, it's advised that tenants contact an attorney if a landlord provides notice of eviction. There are many free legal aid foundations to reach out to. The Legal Aid Foundation of Los Angeles, for example, offers free legal services to over 100,000 residents of the greater Los Angeles area. 

California’s COVID-19 Tenant Relief Act Landlord Protections


AB 3088 does not protect landlords from foreclosures, nor does it require banks to provide forbearance. Instead, mortgage servicers must contact borrowers before pursuing foreclosure proceedings with forbearance options. 


Dual tracking, when a provider initiates foreclosure proceedings while considering loan modifications with the borrower, is also forbidden. 


If forbearance is not an option for a small landlord, then the mortgage servicer must provide a written explanation. These protections extend to January 1, 2023.

Bottom Line on AB 3088

Due to AB 3088, California will keep a dramatic increase in residential evictions at bay through the early part of 2021. Although, further action by the federal government is required to ward off the true extent of the pandemic's effects. 

Notice of Eviction Tenant relief act


If you have rental properties, your property manager should be able to support you in navigating the changing regulations around tenant protections. To learn more about Mynd Management's services, contact getstarted@mynd.co


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Why Invest in Dallas Real Estate?

If there’s any U.S. city deserving of being called “all-American” it’s Dallas. Its rich history and tradition make it one of the most iconic areas in the country and its lofty status continues in part thanks to its tremendous economic success. Just how successful is its economy? Dallas/Fort Worth/Arlington had a combined GDP of approximately $512 billion in recent years. To put that in perspective, if this region were a state, it would rank #9 among all others in the United States!

There’s more good news for investors: since the 2009 recession, employers in the Dallas area have created almost 800,000 new positions and nearly every employment sector is in positive territory over the same timeframe. Just as promising, the local population gained 1 million residents between 2010 and 2018, providing a solid renter base for real estate investors; many of these are millennials who are attracted to the area’s relatively low cost of living. What does the future hold? Continued relocation and expansion of major companies in the area promises sustained economic success for this American sweetheart city.

Dallas Real Estate Market Highlights

  • 26% of the population earns an annual avg. of $100,000
  • Ranks high among U.S. cities with most $100K-plus jobs available
  • Leading international distribution and logistics center
  • Boasts a world-class international airport that aids its tourism sector
  • Home to 22 Fortune 500 company headquarters, 3rd most in the nation for 2019
  • #10 city for jobs in 2018 – (Wall Street Journal)
  • Ranked #2 for nation’s healthiest housing markets in 2017 (CNBC)
  • Ranked the 13th best large city in the nation in 2019
  • 1st fastest-growing metro nationally in 2018 (Census Bureau)
  • Largest metro in Texas
  • Home to 6 major sports teams: Dallas Mavericks (NBA), Dallas Cowboys (NFL), Texas Rangers (MLB), FC Dallas (MLS), Dallas Stars (NHL), and Dallas Wings (WNBA)
  • Dallas is soon to be home to the Trinity River Park, a 10,000-acre urban park ten times larger than Central Park
  • Headquartered in Dallas: AT&T, Exxon Mobil, American Airlines Group, Southwest Airlines, JCPenney, and Frito-Lay
  • Added more than 800,000 new jobs since 2010, more than any other metro
  • Dallas Metro leads the way in percentage payroll growth since 2008 (Bloomberg)

Northwest Dallas Real Estate Market Highlights

The northwest is home to some of the biggest companies in the US, such as AT&T and Exxon Mobil. The Dallas Mavericks play outside the city but the area is also home to great school districts. If you are looking for good schools, sports, and Fortune 500 companies, check out the northwest.

  • American Airlines Center - Dallas Mavericks stadium
  • Dallas Fort Worth International Airport
  • University of Dallas
  • Continental Bridge - latest attraction and fun bridge, connects West Dallas and downtown
  • $1B Facebook Data Center - Fort Worth
  • John F. Kennedy Memorial Plaza
  • Dallas Museum of Art - art collection spanning 5,000 years
  • Galleria Dallas - a large shopping mall
  • Grapevine Mills - a large shopping mall in Irving
  • House of Blues - concert venue
  • ExxonMobil Corporate Headquarters
  • AT&T Corporate Headquarters
  • Parkland Hospital

Northeast Dallas Real Estate Market Highlights

Fair Park is the hot spot in Dallas. The northeast, like the southeast, has the Fair Park, but it also has more variety of shopping malls and stores.

  • The University of Texas at Dallas
  • Southern Methodist University
  • NorthPark Center - North Dallas shopping mall
  • Home to Fair Park - 277 acres with 8 museums, 6 performance facilities, 1 major sports stadium
  • Cotton Bowl Stadium - a college football stadium
  • Dallas Arboretum & Botanical Gardens
  • Whole Foods Market
  • Adventure Landing - theme park outside Dallas

Southwest Dallas Real Estate Market Highlights

Home to the Dallas Cowboys and Texas Rangers. The presence of 2 major stadiums helps assure investment in the nearby area. Most important, the southwest is for those who love the outdoors. Cedar Ridge Preserve and Mountain Lake Creek are two of the desirable outdoor spots for locals. The southwest region is growing faster than any other region next to Dallas.

  • AT&T Stadium - home to Dallas Cowboys
  • Globe Life Park in Arlington - home to the Texas Rangers
  • Reunion Tower - iconic observation deck with city views
  • Dallas Zoo - 2,000 animals and 95 acres
  • Six Flags over Texas - amusement park
  • Six Flags Hurricane Harbor - the largest water theme park in Dallas
  • Texas Christian University
  • The Parks at Arlington - a large shopping mall
  • Dallas Baptist University

Southeast Dallas Real Estate Market Highlights

Dallas will soon be home to one of the largest urban parks in the nation, increasing the number of visitors in the southeast. The Harold Simmons Park will connect the south with the wealthier north. The southeast is home to Fair Park. Fair Park is a hot spot in Dallas. Investing by the park is a solid bet for investors due to the presence of infrastructure, museums, and sports in the east. The southeast is home to some lower income neighborhoods but is close to the Great Trinity Forest, which is also part of Dallas’ Trinity River Park Project.

  • Harold Simmons Park (2021) - 285-acre park, connects downtown
  • Home to Fair Park - 277 acres with 8 museums, 6 performance facilities, 1 major sports stadium
  • Starplex Pavilion - an outdoor entertainment venue
  • Cotton Bowl Stadium - a college football stadium
  • Dal-Tile Corporation Corporate Headquarters

For more Dallas investing and property management information refer to our Knowledge Center!

Visit our Dallas property management page for local landlord tips and information as well. Our team has vast knowledge and experience in local Dallas property management and can help you to have a better investment experience. We educate on topics in the Dallas area ranging from repairs and maintenance, resident issues, dealing with emergencies and much more. We look forward to furthering your rental property education!

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Ready to expand your investment portfolio in a new market? Learn how to find a property and hire a Grapevine property manager when you live out of town.

When you are purchasing an investment property in another city:

  • Make sure you have a good realtor
  • Make sure the contractors are qualified(licensed, insured, bonded)
  • Know what you are looking for to meet your goals and strategy
  • Invest in a property that is going to be easy to rent and later sell
  • Find a property management company that will act as your partner

Do not assume anything. It is your money is on the line.

What is a Good Cap Rate for Rental Properties in Grapevine TX?

What to consider when shopping for a Grapevine, TX rental property:

Find a property in a stable or growing neighborhood

When you are looking to buy a rental property, look at the trends for the area to determine if the neighborhood is moving in a good direction. Historical data, taxes, pricing, and crime statistics can be used to determine any trends going on with the area.

Look for an investment property that is priced right. Don’t overpay.

The numbers must make sense. If you do not purchase at the right price point, you could find yourself in a negative cash flow situation every month.

Know the additional costs for the area

Things like insurance and taxes need to be factored into your costs when determining the profit, you can expect to get from a deal. Insurance rates can vary significantly from state to state, so don’t assume it is going to be the same as what you are paying in your state. Is the property in the city? What is the property tax rate for different areas you are looking at?

Don’t pick a property that is an anomaly

You do not want to invest in the one property that does not seem to fit in with the rest of the neighborhood.

Is there a reason the property seems like a great deal?

There are several things that can factor in a home seeming at first to be a fantastic deal but look cautiously at the WHY. Are you getting a good deal because the prior owner had a hard time selling it due to some features of the home? You could experience the same challenges when you try to rent it out or sell it later.

  • Does the house have a bad floor plan?
  • Is the property on a busy street?
  • Is the property located in a neighborhood that is going downhill?

Be cautious and thorough when looking at properties that seem too good to be true.

Weigh the pros and cons of the age of the home

What is the age of the property? Are you allocating enough in reserve to take care of maintenance costs? Is the property going to need more expensive improvements like a new roof, new HVAC unit, etc. in the next few years?

Spending a little more for a newer property might be more profitable than an older home that is going to need a lot of maintenance work. Both old and new properties are viable options for rental homes, but you need to factor in any potential maintenance costs of each option before deciding to buy.

“I’ve remodeled older homes and rented them out, only to have a string of little things that tenants wanted fixed over the next few months. It’s not uncommon; take it into consideration. Does it mean the house will forever be a nuisance? Absolutely not. It’s simply that buying older homes may come with additional work, depending on how well they’ve been cared for in the past and how well you care for them going forward.” – Source: BiggerPockets: Pros and Cons of Old vs. New Rentals

How to Manage your Grapevine TX Rental Property Remotely

Purchasing a property in another city is just the first step.

Getting a return from that deal month after month is what you can expect from hiring an effective Grapevine property manager. Acting as a buffer between you and the resident along with all the laws that go along with it.  It is important that you are getting a partner that is there to ensure you are successful.

Once you have purchased your out-of-town rental property, the next step is finding a Grapevine property management company that matches your goals and investment strategy.

Having a team that is familiar with local laws that are constantly changing is important, especially if you own property in a city you are not familiar with.  Not knowing the local laws can leave you liable, so you are better off letting a local property management company manage your rental property. That are also in the position of being able to take good care of your tenants.

Finding the right Grapevine property management company

You will want to ask the right questions when you are interviewing Grapevine Property managers

  • How to I communicate with you?
  • How do you communicate with my tenant?
  • How do I get paid? If the resident pays on the first of the month, when do I get my money? Some companies pay weekly and some pay monthly. It is important that their payment schedule aligns with your needs.
  • What is your eviction rate?
  • Do you have any guarantees such as a rent guarantee or an eviction guarantee?
  • How long is your response time to maintenance requests?
  • What is the average cost of a service ticket?
  • What is your average turnover time to get a new tenant in the property once it is vacant?
  • What is the average rent of the properties you manage?
Digitally organizing a rental property remotely

What do they do to ensure you that they are part of your team?

If a property management company is not able to answer most or any of these questions, they probably aren’t the company you are looking for to care for your investment property.

  • Is this company aligned with your strategy and goals?
  • Do they manage the type of properties you have?

If you have a property that rents for $2000 a month and they manage properties around $300 a month, there may be a disconnect on how you want your tenants to be treated. It is important to have these conversations before you hire the company.

Hire a Grapevine Property Manager that knows the Laws and Regulations

Our team of local professionals at Mynd Property Management are different from other Grapevine property managers. We leverage real-time data to consistently better our services, providing owners with seamless management experience. Contact us today about Grapevine property management for your rental property.

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If you own a rental property in Dallas, you’ll need to know how to handle maintenance emergencies. We always recommend that owners have a sound preventative maintenance plan in place. This will cut down on unexpected repairs, replacements, and outages. If you do have an emergency at your rental property, however, you’ll need to know how to handle it. Your residents will need to be prepared as well.

Get to the Root of the Maintenance Issue

It’s extremely important to focus on understanding the root of the maintenance issue, and not necessarily the result. If all the plumbing in your rental property suddenly stops working, it’s probably a foundation issue. Unless you’re from this area and your residents understand the foundation issues that are common in this area, you’re not necessarily going to suspect that as the root problem. But, foundations shift. Nine times out of 10, a shifting foundation will damage your plumbing. When this emergency is reported, you’ll need a foundation expert and a plumber.

Weather-Related Emergencies are Common

Weather-Related Emergencies are Common

Your rental property in Dallas or Fort Worth will be at the mercy of our weather. This area has all types of weather, and we never really know when it’s going to show up. In a matter of one week, there can be hail and a heat wave. There are heavy rains. All of these things can happen in a three or four-day period. So, your air conditioning might be out in the middle of winter, and that might not seem like a big deal. But, there could be a 90 degree day in November or December. Legally it’s an emergency repair that needs to be made within 48 hours of it being reported.If you don’t fix an emergency repair within those 48 hours, you face fines or penalties. There’s a wide range of consequences, so address it fast and early.

Take Steps to Mitigate the Loss

It’s also important to understand that when you have an emergency situation at the property, your first responsibility is to make sure the residents are safe. Then, you need to stop the emergency. Make sure the water is turned off if there’s a plumbing leak. You need to train your residents on how to respond to minimize the damage while they wait for help to arrive.

Define What an Emergency Is and Is Not

Define What an Emergency Is and Is Not

You and your residents need to have a consistent understanding and definition of what an emergency is. From a logistical and legal standpoint, we have the Texas Property Code to dictate what is and isn’t an emergency. You and your residents need to be on the same page. Have something in writing, whether it’s the lease agreement or something else that outlines the definition of an emergency and provides the first important steps to take.The Texas Property Code is the best place to start. If you don’t consider something an emergency but the Texas Property Code says it is, you’ll find yourself in serious hot water and legal trouble. If the house is flooding, that’s obviously an emergency. If it’s on fire, that’s an emergency too, and your residents need to know that they must call 9-1-1 before they call you.Train your residents on where to find the shut off valves for water and gas. You want to communicate with the resident early and often, and you need to make sure everyone knows how to reach the appropriate emergency authorities. Keeping your house safe and habitable is your job as a landlord. Make sure you’re taking it seriously. A broken toilet in a one-bathroom condo is an emergency. A broken toilet in a three-bathroom house is not an emergency. Be clear and specific and consistent.Maintenance emergencies will be defined first by the Texas Property Code, and then it will depend on your property, your residents, the time of year, and the temperature outside.If you have any questions about how to handle maintenance emergencies in your Dallas rental property, please contact us at Mynd Property Management.Also, if you want to keep your real estate investment education going, we have a number of other opportunities to connect with us. You can learn more about investing in Dallas with us online. 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.

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