Rental property market (Frankford/Midway area) (Dallas, Plano: renter, insurance, credit report)

[r0m8470]

How does the residential rental property market look like around North Dallas? My fiance has a 3 bedroom house, built in 1995, around Frankford/Midway area and she is looking to have it as a rental property.

What do we need to prep the house for rental? The house itself is quite well-kept, been through lots of upgrades (bathroom, tiles, kitchen etc).

[nsumner]

Originally Posted by r0m8470

How does the residential rental property market look like around North Dallas? My fiance has a 3 bedroom house, built in 1995, around Frankford/Midway area and she is looking to have it as a rental property.

What do we need to prep the house for rental? The house itself is quite well-kept, been through lots of upgrades (bathroom, tiles, kitchen etc).

If the house is in Plano ISD, you have a winner. There are a few minor things to do to the home when you decide to rent it out. Mostly on locks, smoke alarms etc.

I usually recommend to homeowners to purchase a home warranty. It covers the major items such as water heater, HVAC and other items. Make a decision on pet policy.

Naima

[BigDGeek]

Originally Posted by nsumner

If the house is in Plano ISD, you have a winner. There are a few minor things to do to the home when you decide to rent it out. Mostly on locks, smoke alarms etc.

I usually recommend to homeowners to purchase a home warranty. It covers the major items such as water heater, HVAC and other items. Make a decision on pet policy.

Naima

Aren't there insurance implications also?

[r0m8470]

I don't believe it's Plano ISD. The school district should be Carrollton-Farmers Branch.

When you mentioned pet policy - is it about whether the renter is allowed to have pets or not?

What is the typical sweet spot for lenght of rental contract? 12 months? 24 months? Are there common rental templates out there that we can look at? Will we be better off signing up with a realtor, or is this something that property owners can usually do on their own?

[BigDGeek]

Originally Posted by r0m8470

I don't believe it's Plano ISD. The school district should be Carrollton-Farmers Branch.

When you mentioned pet policy - is it about whether the renter is allowed to have pets or not?

What is the typical sweet spot for lenght of rental contract? 12 months? 24 months? Are there common rental templates out there that we can look at? Will we be better off signing up with a realtor, or is this something that property owners can usually do on their own?

You should sign up with a property management company that can handle collecting rent/performing maintenance and repairs for you. If you're an inexperienced landlord you can fall into expensive traps pretty easily.

[nsumner]

Originally Posted by BigDGeek

Aren't there insurance implications also?

No, actually the insurance cost goes down. You change your insurance plan to insure the structure and liability only not the contents.

Naima

[nsumner]

Originally Posted by r0m8470

I don't believe it's Plano ISD. The school district should be Carrollton-Farmers Branch.

When you mentioned pet policy - is it about whether the renter is allowed to have pets or not?

What is the typical sweet spot for lenght of rental contract? 12 months? 24 months? Are there common rental templates out there that we can look at? Will we be better off signing up with a realtor, or is this something that property owners can usually do on their own?

Regarding pet policy. Yes, determine if you are OK with the tenants can have pets or make it on a case-by-case basis. I always recommend to the landlords on the homes I manage to NEVER accept someone that has a pitbull, no matter how "sweet and friendly" the tenants say he is.

For this time of year, you want a 12 month lease. You never want to have to put the house on the market just before the holidays.

Naima

[sunball]

If you don't want to spend too much time on your rentals, go for a realtor or rental property management company. But you will have to pay the first month rent plus 10% rent/month to them. Depends on your house condition, you still can manage by yourself to save some money. But do remember to screen your tenants carefully. Definitely run credit report. verify employment, get reference from his/her previous landlord, etc. Never rush into a contract.