All Forum Posts by: Dan Marl

Welcome! Just be sure its all documented in the lease. You can specify however you want it 

what part of Dallas is it in? if it is Class A or B being new shouldn't make much of a difference if other surrounding properties are recent.   If you have the washer/dryer you can provide it or let the tenants bring one in.  Just be aware that moving them in can scratch expensive flooring if they are not careful etc so that is the benefit of providing them.  Alternatively you could charge them for it, i.e  1050 rent with washer/dryer or 1000 if you bring your own. 

renters insurance for sure.

Being a new home, you will want to screen your tenants very, very well.  This means possibly passing on a few before you land the right tenant.  you will need to have a set of criteria you apply to all applicanants, for example (and just a number here) credit score above xyx, job held for over 2 years, 3 references, employment verification etc, income at least 3xrent  what is your criteria for your area and the value of the house you are trying to protect.

Let them mow the grass, but if this is a nice home in a nice class B or class A you might want to service the lawn and put down weed preventer, etc when appropriate.  if all you have the tenant do is mow the grass eventually the yard will be overun with weed.

Have you run the numbers, and does the property cash flow?

Hey dan I am located out of San Antonio and have worked with many investors and could chime in on this.

1. It's a brand new home. So should the rent be higher than comparable but older homes?

In some case scenarios, you could get a few more dollars on the rent depending whether the other rental comps are new build as well. From my experience, i've seen some of my landlords push the market a bit in rent since they do have newer builds.

2. A majority of my investors will have there renters bring in their appliances in general so they aren't held liable for any damages or repairs that they need to fix.

3. 100%- this is a big must in every landlords book

4. since I'm assuming this is a single family, in most cases, this falls on the tenants.

5. the tenants 

6. I have had some of my investors pay for wifi and even thermostat but the ring doorbell is your tenants responsibility.

I'm a local agent & landlord...here's my opinions to your questions. You should have a strong lease set up for them to sign & also establish your renting criteria. If you are new to landlording, it might be wise to hire a property manager to start off.

1) What do the comps for rents say? You should be looking at newer homes or updated ones to compare. Tenants don't care if new or just looks/feels new. Be careful to not overprice and have longer vacancies.

2) Usually not provided unless was abandoned or already there. Many renters have their own. If there, I put that I'm not responsible to replace/fix if it breaks (since not typical to provide these)

3)YES! Make them provide renters insurance.

4)Lawn- depends. If single family, renters usually take care of it. Duplexes & Multifamily, condo etc have different needs and expectations. Address who takes care of in your lease.

5) Trash- unless condo etc, most trash is included in their water bill, which is part of their utilities they should be paying directly. Again, address this in their lease.

6) I wouldn't waste my money here. They could steal it. Also, providing internet access is also a sticky subject, if you had access could be a violation of their privacy. 

Good luck!

With this loan, it's less about the interest rate and more about interest cost. When all your regular deposits and idle funds are sitting on your balance, your payoff timeline is greatly condensed. Even at that average interest rate over the last 25 years, the interest only cost will be cheaper than a fully loaded PI payment. 
My wife and I are currently putting those idle funds to work, increasing our cashflow, and when the market turns we'll simply write a check and buy the next property from our line. 
For those who qualify, it's a great financial tool to have in your toolbelt!