If you’re thinking about buying a Frisco investment property, what do you need to do to ensure a successful experience? Learn about how you can find success in owning rental property in the Frisco, TX area.
What makes Austin, Texas, such a hotbed for real estate investors? Learn from Mynd's expert Daniel Davis about the trends, important indicators, and the reasons behind the housing market growth in Austin and other parts of Texas.
100 Congress Center Avenue
Austin, TX 78701
9330 LBJ Freeway, Suite 900
Dallas, Texas, 75243
1751 River Run Suite 200
Fort Worth, TX 76107
5444 Westheimer Ct #1080
Houston, TX 77056
18756 Stone Oak Pkwy #200
San Antonio, TX 78258
Absolutely! Just look at some of the services Mynd provides to its Texas customers:
You can self-manage your property, but it takes time, expertise, and the right temperament to be a property manager. Otherwise, you will compromise your investment. A property manager is also the only way to make sure your rental home provides a passive cash flow. With free time, you can focus on scaling your investment property portfolio, which Mynd can also help you do.
In general, you should expect to spend 6 to 12% of the collected monthly rent on the property management fee. Mynd has reasonably priced packages starting at $79 per month that get you the following in Texas.
If your tenant fails to pay rent, then you can give them a notice of three days to vacate their residence. If they choose not to leave after three days, then you can begin the eviction process. It is illegal to pressure a tenant to leave. How long a tenant can stay after their lease expires is up to you since you can allow them to pay month-by-month if they’re unwilling to sign a new lease.
While it's not been decreed by Texas statutes, Texas courts have made clear that a tenant's home can only be entered with the tenant's permission. However, since no law says when the property can be entered, the lease agreement dictates what is and is not permitted for a Texas property manager.
Suppose the lease does not explicitly state when it's okay for the landlord to enter. In that case, there are three times when a landlord can enter: to make repairs at the tenant's behest, if there's an emergency inside the rental property, or if a notice of eviction is being posted.
Respecting tenant privacy is one of the gestures that show tenant appreciation to encourage lease renewals.
First, provide a correctly dated written notice to your renter that gives them 30 days to move out. If after 30 days your renter hasn't left, you can file for an eviction. An eviction notice must be provided in person, using certified registered mail, or can be pinned to your tenant's door. Proof of delivery is necessary. That means a tracking number for certified mail, a tenant signature, or a photo or video of the notice. Without proper notice provided before the eviction, your case will be tossed, and you'll have to start again.
After that, you have to file a petition for eviction, which either you or a lawyer can handle. The court will schedule the hearing, which will be delivered to your resident. The hearing will likely be three weeks after the filing, and your renter will have 14 days to respond. Usually, the tenant will make an appearance and do their best to explain why their tenancy should not be ended.
If the tenant is to be evicted, the final step is to request a Writ of Possession, which many people think of when they think of an eviction. It's when a constable or sheriff gives the court order to your renter. The renter has five days to leave. Otherwise, on the fifth date, the tenant will be forcibly removed by the authorities. After that, you can change the locks and begin the rental property turnover.
The dates are wrong only if all the involved parties agree they are wrong. If one or more parties disagree with the dates, then the dates are disputed rather than wrong. You must still abide by the terms of the lease if it has the wrong dates, but it's clear that it’s just a mistake.
Context can help identify what both parties intended as the correct lease dates. For example, if the Term of the Agreement is correct, an email mentions the accurate dates, or if the rent mentioned in the lease adds up to the right amount.
If your property manager isn’t working for you, then contact the property management company directly. There are also steps you can take to increase the likelihood of working with experienced professionals.
Protecting the investment of the real estate investor is a residential property management service’s top priority. Everything residential property managers do can be traced back to this singular commitment to the landlord–from screening prospective tenants and having quality tenets re-sign their lease to regular maintenance and following every local and state ordinance.
A Texas property owner doesn't need a rental license if they want to rent out their properties. However, Texas property management companies need to have an active real estate broker's license. That's because current Texas real estate licensing laws consider leasing and renting, which are significant parts of property management, to be real estate activities.
At Mynd, we believe we're the best residential property management company in Texas, but don’t just take us at our word! Conduct your due diligence by asking us how our property management service will manage your investment property.