With the economy improving, buying a residential rental property could make good business sense, however you still need to buy in the right areas of the DFW Metroplex.

1) Buy a rental property near where you live so you can keep better track and respond to a renter’s needs in a timely manner.

2) Buy where jobs are more plentiful and income is rising.

3) Don’t buy a rental property with a pool. (unless you want to throw you money into it).

4) A desirable school ISD will bring higher rents.

5) Newer properties are easier to rent and don’t require major updates in areas such as Kitchen and Master Bathroom.

6) It’s important to buy an investment property in an area that is not likely to decline. So stay away from areas with high crime, bad schools, and deteriorating houses.

7) Hire a management company to do most of the work, unless being a handyman is your thing. Typically they charge 10% of your monthly rental income.

8) Find a good Realtor to help you locate properties. You need to find a realtor that understand ROI, NOI etc. Not all properties make good rental properties. You make your money when you buy the property, so don’t buy it if the figures don’t agree. It’s not what you like as much as what the numbers say.

Currently demand is high for rental properties across most of the DFW metroplex, which is allowing landlords to see better returns on there investments.

The post 8 Reasons to Buy Residential Real Estate appeared first on Frisco House Search.

Frisco TX Lease Application

The process for leasing a property in Frisco TX is straight forward. Your and your Real Estate Agent find a home you like and submit the four page Texas Association of Realtors (“TAR”) Lease Application.

However what I am seeing from the Lease Listing Agent side of things is poorly completed applications on a regular basis.

Below are a few examples of poor Texas Association of Realtors (“TAR”) Lease Applications submitted by perspective tenants.

1) Forgetting to sign the application.

2) Incorrect job description. It may just be an oversight however an incorrect job description may come across as the applicant being dishonest.

3) When the application asks for your monthly salary and you fill our your yearly salary. Make things easier for the person reviewing your application and grab a calculated or your cell phone and divide your yearly salary by 12.

4) Please ensure any copies of ID’s, Pay stubs / W2’s are legible. If possible when copying your picture ID use a color copier or scan it in color as black and white tends not to show your face very clearly.

5) Make sure the current address you supply is your current address and it is helpful if your picture ID also has this address on it.

A few Tips For Making Your Application A Success.

1) Don’t ask to make payments on the security deposit. A security deposit is asked for to ensure you have financial resources in case you breach the lease agreement.

2) Be truthful upfront about your credit. It is possible to still lease a house in Frisco TX with less than perfect credit however we need to know about it in order to be able to give you solutions.

3) Be upfront about your credit worthiness with people. We always find out. Don’t say your credit is “okay” when in fact it’s very poor.

4) The application fee is not refundable. This fee is used to do a background check and is not just pocketed by the listing agent or landlord. This is why it’s so critical that you fill your application out correctly. Do it right the first time and be upfront and HONEST about all the details!

5) In Frisco TX & surrounding areas, a Landlord or anyone a Landlord directs can enter the property WITHOUT warning, notice or permission.

6) It’s not just all about the credit score. If you have a 590 credit score but have substantial monthly income, relative to the monthly rent, then you may get approved! In contrast, if you have a 700 credit score but cannot produce financial records documenting “deposits” you probably won’t get approved.

If you need assistance with leasing a property or leasing out your current property then please contact me and i will be glad to assist you.

The post Getting Your Lease Application To The Top Of The Pile appeared first on Frisco House Search.

Frisco TX Lease

The lease market in Frisco TX & surrounding areas are hot. Whilst this is a good thing for agents & landlords this also creates a shortage of lease properties & those that are on the market are leasing quickly. With competition for correctly priced, good condition properties being high it is important that you complete the Texas Association of Realtors (“TAR”) Lease Application correctly which will help you improve your chances of your application being successful.

1) Fill Out Your Application Thoroughly

Please fill out your application thoroughly. Fill in every blank and section applicable to you and write as neatly as possible so it’s easy for the person reviewing it to read. The one part that I would leave blank when filling out the application initially is the address information. Make copies of the lease application, keep the original, and then fill out the address blanks when you have found the property you want to lease. If you do not get accepted, then at least you don’t have to refill another long application. Here in Texas it is four pages long and can be tedious to have to fill out over and over.

2) Be Honest

Real Estate agents or landlords are going to verify the information you supply on your application so you are wasting both your time and theirs if you lie on your application.

3) Pay Stubs Or W2’s

Make copies of your last two months of pay stubs and if possible your W2 if asked for.

4) Identification

Make copies of your driver license and social security card.

5) Have All Paperwork Ready

Successful Realtors are busy so they will ask you to have all your paperwork ready before they can take you out to look at lease properties. Lease properties are moving quickly in Frisco, TX & surrounding areas so you want to have everything together before you look so that when you want to apply you can submit the application promptly.

6) Not Perfect Credit Can Be Overcome

If your credit is not perfect which is not unusual in the current financial climate their are things you can do to boost your application. Ask your current landlord or employer to write you a letter of recommendation. A good rental history and stable, verifiable employment can help to offset some credit issues.

The above are just a few tips that I found have proven helpful to my clients in this current hot lease market in the Frisco TX & surrounding areas. If you need assistance with leasing a property or leasing out your current property then please contact me and i will be glad to assist you.

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Choosing A Renters Insurance Policy

The most important thing when you are looking for a renters insurance policy is to be sure that it covers your belongings but fits within your price range. Be sure to obtain multiple Insurance policy quotes and compare them before signing any contract. Below are some pointers to help you in making an educated choice.

1. Ensure You Have The Coverage You Need

Your Renters Insurance Policy will cover the cost of replacing your belongings but do you need extra coverage? What you believe is automatically covered by your standard insurance policy may actually not be covered. Items such as antiques, jewelry or other high cost items may need to be itemized on the policy.

2. Check For Flood Coverage

Do you need flood coverage? Most insurance companies in response to the losses they incurred from hurricanes in the past do not provide coverage for losses from the result of flood damage.
If you do need coverage for water damage a separate policy or a higher premium may be required.

3. Consider Roommates

Your Renters Insurance Policy will only cover you the insured, which means that if you have a roommate and their belongings are damaged they will not be covered by your policy. Be sure to read through your policy to determine if it covers all the belongs within your leased property or only the named insured (you).

4. Consider Your Representation

For the best rates consider using an insurance company that has a local representative instead of using an out of state company. This is important as local agents usually offer lower premiums because they are familiar with your local area and are able to help you out if you have to make a claim.

The post What To Look For When Choosing a Renters Insurance Policy appeared first on Frisco House Search.

Texas Association of Realtors Lease Application

When it comes time for you to complete the Texas Association of Realtors (“TAR”) Lease Application there are a number of things that you need to insure that you enter correctly. This 4 page contract is legally binding so it is vital that you understand and complete the document correctly. Below are four common mistakes that you want to avoid.

1 – Incorrect Social Security Number

I know it sounds crazy but you would not believe the number of applicants that give incorrect social security numbers and that causes the application processing to be delayed. If for some reason you are unable to remember your social security number than either write it down or bring your social security card with you.

2 – Giving Too Much Information

Only give out the information that is asked for. The Texas Association of Realtors (“TAR”) Lease Application gives us all the information that we need to do a background check. We don’t need bank account numbers or account balances. That’s too much information and you shouldn’t provide it to anyone.
If your realtor is asking you for information that you feel is more than is needed to complete the application then ask them why they need this additional information and if you are not happy with the explanation then you may want to look for another realtor.

3 – Leasing Too Much Home.

Just like when you are looking to purchase a house, your realtor will review the rental lease application you submit and determine whether you can afford the apartment using the same criteria they use in the mortgage industry. If the lease amount is higher than a certain percent of your income, anywhere from 33 to 40 percent, they may deny your application for failure to meet minimum income requirements. Remember that you will have to pay a lease application fee of between $30 – $50 per applicant.

4 – Not Getting Enough Feedback From Your Realtor

Your realtor will use the lease application fee they collect with your Texas Association of Realtors (“TAR”) Lease Application to do a criminal background check and run your credit report. They’re going to see a lot of your history, and make judgments about your ability to pay rent and be a good tenant. If they find something in your criminal or credit history that’s suspect, they may advise the home owner to deny your application for a lease.
Remember that you will need to clear up any potential issues by providing an explanation with your Texas Association of Realtors (“TAR”) Lease Application. Write a letter on a separate sheet of paper, that you can submit with any application. In the space provided on the application, simply write “See Attached” and attach the letter to it.

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