Is is difficult to manage your own property in Springs, TX 77073 (Houston: rentals, insurance)

[MRNI]

Hi

I am thinking of managing my own house in Springs TX 77073. I live outside Texas. Is it very diffucult to manage iremotely in TX?

Has anyone done it before?

[cheryjohns]

It's Spring.

Most don't choose to do that if out of town. If there are issues - extreme maintenance, delinquent rent, eviction necessity, etc. - how would you handle it?

[piyf]

Get a company to do it for you. I hear they only take 10% of the rent each month. That's worth it if you ask me.

[ngmcd]

My wife and I manage our property in Spring, but we live in Houston.

If you live outside Texas, I would recommend using a management company. As the person above said, they usually only charge you 10% of what is collected in rent each month. Plus, you might also have to pay an upfront "marketing fee" of say around $500 dollars or so. They handle any and all issues that come up, though.

[MRNI]

The problem with managment companies are that the rip you off in repair costs.

[cheryjohns]

You always get what you pay for. If you are looking for the cheapest management company you can find, yes, they will actually cost you more because of this type of behaviour.
Are you sure that you are not just thinking that the repairs should be minimal or even free? There are slumlords whose properties always go down in value and fetch ever-declining rents because the propertes are falling apart, due to lack of upkeep.
Aother problem with out-of-state landlords is they often buy in the very bad parts of town (hey, they are cheap!!!) - and decent management companies refuse to deal with those homes. It's just not worth getting shot to collect the rent.

[MDMontemayor]

Originally Posted by cheryjohns

You always get what you pay for. If you are looking for the cheapest management company you can find, yes, they will actually cost you more because of this type of behaviour.
Are you sure that you are not just thinking that the repairs should be minimal or even free? There are slumlords whose properties always go down in value and fetch ever-declining rents because the propertes are falling apart, due to lack of upkeep.
Aother problem with out-of-state landlords is they often buy in the very bad parts of town (hey, they are cheap!!!) - and decent management companies refuse to deal with those homes. It's just not worth getting shot to collect the rent.

It's much easier to hire a property manager that handles rentals in the area. The 10% is well worth it especially if you are out of state. The median list price for a rental in 77073 is $1175, meaning you will pay a property manager about $1410 per year. You will most likely spend more than $1410 traveling to Houston 1 time that year to handle a property issue.

[chris_ut]

Originally Posted by MRNI

The problem with managment companies are that the rip you off in repair costs.

Can you not just pay the maintenance costs directly? If a plumber has to go fix a drain cant you just pay the plumber's invoice? Don't see how you can get ripped off that way.

[MRNI]

Originally Posted by MDMontemayor

It's much easier to hire a property manager that handles rentals in the area. The 10% is well worth it especially if you are out of state. The median list price for a rental in 77073 is $1175, meaning you will pay a property manager about $1410 per year. You will most likely spend more than $1410 traveling to Houston 1 time that year to handle a property issue.

The property manager's cost is $1410 per year, you are right but believe me they consider you as the source of income for much more than that. They look at the landlord as a cow which they milk as much as they can. Some milk more and some less. I have had bad experiences with them.

[withpolish]

Could you contract your own repair vendor? Surely there are area "handyman" services that could handle most repairs and even "make ready" services between renters. They could also source repairs that were beyond their skills.

I am a Estate Manager (for wealthy private homes) and I always have a "handyman" on my vendor list if one is not "on staff". They are very affordable (compared to company's), can provide references that pass vetting practices, have proper insurance and bonding (required in my case!), are reliable and professional. Most of all they do professional work with the time and attention necessary without costing a fortune. Certainly you would need to vet the handyman, to ensure your expectations and standards will be met; but they are out there.

If you or anyone else would like info or help with locating reliable "vetted" service vendors contact me and I will give (or post) more info on this thread. Just free advice from someone who knows how to properly vet a vendor. By vetting, I mean doing a thorough background check to insure you are hiring the "right" vendor.