Dallas is a prime location for renting, so being a rental property owner can be lucrative.
If you’re in a position to hang onto the home you’re in rather than selling it, it could be a very rewarding decision. Dallas is one of the most popular areas in the U.S. for investors who seek quality real estate opportunities.
The robust inbound population growth, along with a growing number of millennials drawn by the thriving economy contribute to the healthy real estate environment in Dallas and North Texas.
Choosing to rent out your property instead of outright selling can provide substantial benefits:
- Monthly income: Finding high-quality renters who pay rent on time means you can have consistent rental income to supplement your monthly income and savings.
- Long-term financial security: Landlords can invest in real estate and use renter payments to pay off the mortgage, providing long-term wealth outside of rent cash flow.
- Tax deductions for landlords: All rental income is taxable, but landlords can take advantage of certain tax deductions when tax season rolls around.
What you need to know to become a rental property owner.
For starters, you need to understand some of the basics involved. Every state has different rental laws, so get the inside scoop for Texas Rental Laws. Next evaluate the rental fees the properties in your area are renting for. Then you need to find quality tenants who will care for your rental property as if it were their own and preferably stay a year or more.
Any repairs or updates needed to spiff up your current property must be done prior to showing it. Probably a new paint job where needed and possibly new carpet or flooring, always a huge plus. The exterior is important, too – windows and doors. The landscape should be inviting and well kept.
When you’re vetting prospective tenants be on the lookout for negative attitudes as well as details you discover on background checks. Potential tenant confrontations are sometimes part of the experience of being a landlord. It’s not always easy to anticipate a person’s behavior, but for a property owner. It’s important to stay calm and professional at all times.
So by now you might be thinking, that’s a lot to consider taking on before I can rent out my home. If so, you’d be right. That’s where a professional property management company such as Cousin James Management can step in and smooth out the rough edges.
Cousin James Management is a family-owned business that’s been successful in the Dallas and North Texas market for more than 25 years. We continue to support countless property owners who benefit from rental ownership. While they enjoy the influx of revenue from their rental properties, Cousin James professionals handle the heavy lifting. From maintenance to locating the perfect tenants; managing rental payments and reports; to preserving the landscape, Cousin James experts take care of it all.
Get in touch with us and we will answer your questions and help you in whatever capacity you need. Count on Cousin James Management – we’re here to help.