Our team of local professionals at Mynd Property Management are different from other Plano property managers. Servicing Dallas and the surrounding Frisco, Allen, Parker and The Colony 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. Finances and manufacturing are Plano’s biggest moneymakers, and now residential real estate joins their ranks. 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.
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.
Plano isn’t a snow city, as one can expect, so the municipality doesn’t own any snow plows. The city will, however, sand and salt high-risk areas in the event of snow. This doesn’t include residential streets, however, or private roads. Mynd knows how important your day is, so we won’t let snow interrupt it, no matter how rare it may be.We’ll make sure your residents aren't put in harm’s way because of the weather because we know that your resident’s risk puts you at risk. Plano also doesn’t provide any electric services, so Mynd will make sure that in the event of an outage you’re properly taken care of.Mynd knows Plano in the way only a local can
1341 W Mockingbird Ln #600w
Dallas, TX 75247
Plano is home to many corporate headquarters, including Keurig, Dr. Pepper, JCPenney, Toyota Motor North America, and Frito-Lay. We are excited for the resident opportunities this brings to your Plano rental property. Explore our resources below to learn about Plano property management and much more!
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?
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 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.
Median home price: $354,019
Home prices have gone up 9% in the past year.
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.
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.
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.
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.
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.
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 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:
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.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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).
If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.
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.
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?
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.
They take care of the day to day operations required when you own a rental property such as:
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.
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.
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.
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.
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.
The following legal and financial protections will be extended to tenants:
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:
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:
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.
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.
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.
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 firstname.lastname@example.org
Last Modified on 09/09/2020
If you’re planning to invest in Plano, Texas, you probably want to make sure you have successful investment experience.
It’s more complicated than finding a great property, renting it to tenants, and collecting rent.
We have talked previously about what’s required in order to succeed as a real estate investor. Today, we’re covering a topic that’s just as important: how do you avoid failure?
We’re exploring some of the most common reasons that owners will fail if they don’t invest correctly in the Plano real estate market.
Successful investors acquire properties that fit their investment criteria. Failed investors often don’t have any investment criteria at all.
You can’t look to someone else to establish that criteria for you. Your Plano property manager can help you evaluate the rental properties you’re considering and a real estate agent can help you negotiate a great price for the home you’ve identified, but only you can establish your own investment criteria.
What are your investment goals?
Why are you buying rental property in Plano?
If you can’t answer those questions, and you cannot create a set of investment goals and criteria, there’s a very good chance that you may fail.
Many investors are focused on cash flow. That’s going to give you a specific set of options when it comes to choosing a rental property in Plano to buy.
Other investors have goals and strategies that focus on appreciation and the growth of their asset’s value. Those buyers are going to be looking at different properties.
Plano is a hot market for nearly every type of investor. You’ll find something that fits your goals, but you have to know what those goals are. Don’t make the mistake of buying something just for the sake of buying it.
Part of understanding your investment goals is revisiting them from time to time. If you were investing three or five years ago, you’d find that Plano is a much different market today than it was then. In five years from now, who knows what we’ll find when it comes to Plano real estate. You have to revisit your investment goals and you have to adjust them.
In Plano, home values have risen dramatically in recent years, and they are moving faster than the rents are. Many school districts have changed, and there’s a surge in the tech industry presence.
Rents will likely start to keep pace with the growth of home values, but it’s something you’re dealing with in this market today that you weren’t dealing with five years ago.
Make sure your investment goals are consistent, but also flexible.
Currently, we’re in the middle of a pandemic, and that’s going to do weird things to the real estate and financial markets. To avoid failing with your Plano investment property, make sure you’re able to update your criteria and be honest about your expectations and challenges.
There is no right or wrong answer to how and when you invest. It has to fit your goals.
Another reason that investors will fail in Plano is that they’re not doing their due diligence. You have to get to know the market if you’re going to invest successfully here.
Explore the various schools within the district and get to understand the property taxes. In Texas, there is no state income tax, but we do have property taxes that will affect your real estate assets.
You also have to do your due diligence when it comes to maintenance. This is a major area that can cause investors to fail. The deferred maintenance on your property can really come back and bite you where it hurts.
You might be having positive cash flow during a tenancy with a great resident in place, but if that resident moves out and you’re thinking about moving a new resident in, you might find that there’s a lot of unreported and deferred maintenance.
That’s going to be a problem.
The city may not certify your property because there’s a foundation issue or a roof problem or something wrong with the plumbing. Deferred maintenance is a huge source of failure, so stay on top of it.
Finally, one of the most common reasons an investor will fail in Plano is that emotions take over. Your rental property is a business, and it has to be treated that way. Be consistent and don’t relax your criteria because you’ll regret it.
When you’re an investor, the numbers matter more than your emotions. Sometimes we choose to ignore what the numbers are telling us because we have an emotional tie to a home or a personal belief.
The data is the data.
It’s not our job to push the data so it means something else. Listen to what it’s telling you.
Plano is a fast-moving market, and you want to make sure that your numbers are dictating the deals. Your past experience doesn’t matter, and how you feel doesn’t matter. Have a data-driven strategy and make sure it aligns with your goals before you purchase.
Trust but verify and make sure you’re cognizant of what the numbers are telling you. Don’t make this mistake of comparing your Plano numbers to other areas in North Texas or other markets across the state or the country. Focus on what Plano is doing now.
If you have any questions about investing in Plano rental properties or you’d like some help avoiding some of these things that lead to investment failures, please contact us at Mynd Property Management.
To keep your education going, we’d invite you to join us online. You can learn more about real estate investing through several other opportunities to connect with us.
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.
There’s a lot to learn from this relatable content.
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.
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.
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.
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.
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.
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!
Investor buying of homes in the U.S. is at record highs, and Dallas is one of the hottest markets in the country, the chief executive of HomeVestors of America Inc. told the Dallas Business Journal at a conference in Austin on Wednesday."Dallas is one of the most competitive markets in the country,” said David Hicks,president and CEO of the Dallas-based company known for it’s “We buy ugly houses” ad campaign. “It’s an unusual market right now. There are more investors right now that are looking for properties and buying properties, and the values in Dallas are going up and up.”Nationwide, business is booming as well, Hicks said during a panel discussion called “New Landlords and Cutting-Edge Investors” at the National Association of Real Estate Editors conference.“Last month was the best month ever in our history,” Hicks said, “and it looks like we’re going to beat last month this month.”Colin Wiel, co-founder of three-year-old property management company Mynd Property Management, said today it’s difficult for individuals to invest in rental properties, but his company’s technology is trying to change that.Mynd provides property management technology for “small residential,” including single-family rentals and apartment buildings up to 49 units in size. Small residential constitutes 87 percent of all the rental units in America, Wiel said during the panel discussion.“There’s this whole invisible industry of small residential that needs to be transformed with technology and made more professional and mature,” Wiel said. “When that happens, it will make it easier for everybody to invest in rental properties.”CoreLogic economist Ralph McLaughlin said the tax breaks involved in Opportunity Zones will be a game-changer for the home investment market.“It’s going to direct a lot of money that’s never been in real estate into real estate,” he said. “That’s going to lead to an increase in small investors who haven’t really worked in real estate before.”Back to Dallas-Fort Worth, demand for housing is far outstripping supply, Hicks said.“It’s a real tight supply right now,” Hicks said. “There are a lot of investors looking for properties and a lot of people moving into Dallas. There’s just a lot of demand right now.”