All Forum Posts by: Cameron Tope
Cameron Tope has started 14 posts and replied 1752 times.
Post: Newbie investor analysis paralysis
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
A lot of STR investors have come and go over the past few years.
Long-term rentals continue to be one of the best wealth creation vehicles available to the average American.
Best of luck!
Post: First Lease Renewal
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
12-month lease is 2% increase
MTM lease is $200/mo increase
We used to offer a 6-month option but it got messy.
Post: Investors in Houston
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
Only place to find reliable rent comps is the MLS or a solid leasing agent.
Post: Suggestions For Rules To Add To Leese
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
Depends on your state and I'm assuming you have the basic stuff about lease termination, eviction, etc.
A few we like to add:
- if you don't change filters, then tenants pay for a full duct cleaning
- charge an admin fee for all HOA notifications, not just violations
- Clear tenant responsibilities
- Fees for adding or removing tenants
Best of luck!
Post: Properties Vacant for 3 months
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
Continue to lower the price.
De-list and relist at a lower price.
Change up the photos.
Check that the property is setup correctly in the MLS - make sure it's not listed under vacant land or something weird.
If it's over 30 days in Houston, then we have a problem...
Best of luck!
Post: Property managent payment
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
We take our monthly management fees (and any other expenses that occurred) out of the rents, then make the monthly distribution to the owner.
PM companies vary so asking them how you get your distribution, and when, is important.
Best of luck!
Post: Want to connect with investors in the Houston market
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
Detrick,
As @Wale Lawal stated, Houston is a great market for long term investing.
The pitfalls I see investors make are not having enough reserves when issues arise (HVAC, storm, etc.).
The most successful investors we work with buy solid properties in great areas, reinvest all the cashflow and repeat. After 5-10 years they've made money on cashflow, appreciation, tax benefits and debt paydown.
I think we can all agree, we're not going to see the double digit appreciation we saw in the early 2020's.
Having some extra cash reserves over the next year or so, would be prudent IMO.
All the best!
Post: Need help find a tenant for my first rental property
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
Quote from @Kiefer Cheney:
I just purchased my first rental property and my first home as well witch means I am hoes hacking a duplex any ways its been 2 weeks since my agents company has been advertising the unit and we haven't gotten any serious inquiry's . What can I do to help them or how can I advertise it my self any advise I can get to get someone in the other unit would be great
Hey Kiefer,
In Houston, per the monthly HAR report, the average DOM for a SFR is just over 30 days.
Your management company should hit that figure, if not beat it.
If you're using a professional PMC, then there shouldn't be anything you need to do. However, if you're using a discount company that's allowing you as the owner to set the rent price, approve or deny apps, etc. then your issue could be one of many things.
I hope by the time you read this, the property is already leased.
Best of luck!
Post: Needs suggestions for good property management companies in Houston/Woodland areas
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
Quote from @Sumiya Mahmud:
Quote from @Cameron Tope:
Good afternoon Sumiya,
Unfortunately, we hear this often from clients that had a larger multi-city or multi-state PM company.
I would refer back to your owner agreement and hold their feet to the fire.
If you're looking to transfer companies, then I would start with NARPM.
Hope that helps
Cam
Hi Cam,
Thanks a lot for your insightful reply. I don't think talking and making them accountable will help in any way at this stage. Previously I have done this several times and they are simply not professional enough. They know I live out of states even out of country sometimes. This is why they could take a big advantage. Ironically when I first hired them their service was quite good.
Anyways, are you suggesting NARPM for finding good PM or complaining purpose?
Thanks again for your help.
Sumiya.
NARPM to find a property management company. https://www.narpm.org/about/why-use-a-narpm-member
For complaint purposes, in Texas, you could file a complaint with TREC.
Best of luck!
Post: Where to buy and hold a rental property
- Property Manager
- Katy, TX
- Posts 1,807
- Votes 1,392
Best place to invest is where you currently have a competitive advantage, or where you're willing to put in the work to create a competitive advantage.
Best of luck!