Rentals in Frisco>Question Details

Kevin, Home Buyer in Frisco, TX

Moving from Frisco to Tennessee, but I don't want to sell my home. Any thoughts on renting it out using a property management company?

Asked by Kevin, Frisco, TX Wed Jan 27, 2010

I currently live in Creekside at Preston in a 3/2/2 1883 sq ft home built in 2005. I was recently laid off and found a new job in TN beginning very soon. I love this area and love my home, and I recently refinanced my Frisco home and would like to keep it and use it as a rental in case the job in TN doesn't work out as well as I'm hoping. Since I will be out of state, I will probably use a property management company, but would like to get some referrals for Frisco Realtors that have a strong background in prorperty management. Do any of you have any advice? Any idea on what kind of ballpark I would be looking at regarding rental income? Also, I keep hearing horror stories regarding colleagues in other areas who have rented out their homes and had them destroyed. Is this common in Frisco?

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I work with many property owners AND families who are looking to lease, I am a real estate investor with investment properties.

Destruction of a home - it depends on tenant how they are screened. Many are have locate a family ASAP that is where problems come in.

Most management companies require up to 10% of monthly rental amount, you might be able to save yourself $100's per month if you have correct controls in play work on your behalf.

First need determine month for lease amount cover all your expenses plus extra.

FYI ~ I grew up in Tennessee and graduated school there .

Lynn911
972-699-9111
0 votes Thank Flag Link Sat Jan 30, 2010
Renters rarely take the same care as you do of your home. That's just something you have to be prepared for if you rent. Unfortunately now with many of the upgrades too like granite and wood floors, there is no deposit you can take that renter can pay that would cover your loses.

Get There First is one of the best property management companies I have seen. They can rent the home and take the 10% management fee. If you want to manage yourself and save the 10% fee, we can help you rent your place and show you how to self manage.

Bruce Lynn
Keller Williams Realty
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Jan 27, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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I would also suggest that you become familiar with Texas property code as it relates to tenants and landlords even if you hire a property management company. You want to a good job upfront in determining the credibility, reliability, etc. of the prospective renter but you also need to know what can be done if something goes wrong after they are in your house. Even if the prop mgt company handles maintenance issues, eviction, etc. for you, you should still understand your responsibility, liability, etc. in being a landlord. Below is a link where you can view the Texas statutes (choose property code from the drop down and look for the chapters on landlords, tenancy, etc.). You may want to discuss with an attorney as well before venturing down this path.
0 votes Thank Flag Link Wed Jan 27, 2010
Kevin,

I have managed properties in Frisco and McKinney for years, primarily for investors, and we have had great experiences for our homeowners, because of our screening process. I have a property in Texas, but out of town, and have someone else manage it. It is just very hard to manage a property when your several hours, let along several state's away.
If tenants need help with a maintenance issue, if you need help collecting rent, etc, it is good to have someone here local and knowledgeable on your team!

Call to set up a meeting today!
Nicole Arenas, Realtor
214-991-9507
0 votes Thank Flag Link Wed Jan 27, 2010
You are right to ask lots of questions. There are good and bad agents & companies that are in the property management business.

Give Jacob Benson with Judge Fite Property Management a call. He should be able to answer your questions and also go over how to protect your self and you property. Cell 972-921-4125 & Email jacobbenson@judgefite.com.

Good Luck .. Bruce
0 votes Thank Flag Link Wed Jan 27, 2010
Kevin,

I would suggest interviewing several property management companies regarding rental rates and how they'll charge you for their service. They often require an escrow account that you have maintain a certain amount of cash in for property related expenses and they typically charge 100% of the first month's rent. Half goes toward the listing commission and half toward the leasing agent commission. Depending on your house payment, you won't likely clear much profit but hopefully won't be in the hole every month. As far as property damage - it's ALWAYS a gamble. I've had rental property for over 20 years - I always check credit, previous rental history, verify employment, etc. all in an effort to minimize my exposure but you just never know. I'd be happy to visit with you further if needed. Feel free to contact me at andrea.brooks@kw.com

Best regards,

Andrea Brooks
The Brooks Team, Keller Williams
Web Reference: http://BrooksTeam.com
0 votes Thank Flag Link Wed Jan 27, 2010
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