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Old 02-16-2009, 09:42 PM
 
Location: Texas
204 posts, read 898,393 times
Reputation: 213

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I'm seeing what the current situation is for others who own rental houses in FTW. Is your home currently being rented? If not, have you had trouble finding renters in this market?

My wife and I own a home in North FTW off Western Center and 35W that is currently being rented out. Our renter's lease is up this month but he's not sure if he can resign due to his job being in jeopardy, so we're letting him do a month to month. Our fear is if he loses his job and moves out, that we won't be able to find another renter since home purchase prices are so cheap right now. But on the other hand, it's supposedly difficult to purchase a home right now if you don't have 20% to put down, so that may lead to more people wanting to rent instead of buy.

So to those who own rentals or are looking for rentals, what is your opinion on the current market situation?
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Old 02-19-2009, 04:53 PM
 
Location: Grapevine, TX
3 posts, read 3,690 times
Reputation: 10
Don't believe everything you hear in the Media. Buyers are able to get loans right know with 3-5% down. That being said, less than 10% down and they are paying a chunk of money into PMI.
The rental market is still as good as it was a year ago, but people with 680+ scores are jumping out there and buying because, in most cases, they can get as much or more for there money in a purchase, as long as they have a little money to put into it.

Wher your rental house is is a tough market. There are loads of homes in that area for rent and sale (31 for rent and 162 for sale within 2 mile radius (not including FSBO and FRBO)).

There will always be renters...everywhere, but the area around Western Center and 35W is strong because you can get a whole lot of newish house for less than anywhere else.

If he does vacate, just do what you should do in a tough market. Spruce it up a little and keep it clean...don't raise your rents and get it out there 30 days before he does vacate and you should in just as good a shape as you were a year ago.

BTW (51 of 65 or so properties leased in the past 3 months)

Good Luck
HWM
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Old 02-19-2009, 11:57 PM
 
58 posts, read 192,167 times
Reputation: 66
in my opinion:rentals are doing fine.If current renter moves out, be aggressive in renting it out and there should be no problems.Use craigslist. Put a sign in the front yard. Star Telegram is overpriced & their leads are poor.Your current lease should stipulate you can show the home as soon as he gives notice. If you have to wait before he moves out to show the home, you're at a huge disadvanatge.
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