All Forum Posts by: Jim Berman

Many offices stopped doing occupied showings for rentals a few years ago for the reasons @Michael Smythe noted. Sometimes you'll have a cooperative tenant, but more often than not they're not going to have the motivation to make rental showings go smoothly, and many perspective applicants aren't going to be as comfortable viewing the occupied rental. Applicants will also be hesitant to apply due to not knowing what condition the rental will be when they move.

If you're looking to lease quickly in the fall/winter, you're going to need to price the home aggressively to make it a good deal when it hits the market. This is the slowest leasing season of the year, so pricing on the upper end should be avoided if possible. 

Be leery of companies offering too low of a leasing fee - in Houston most leases are accomplished by advertising on the MLS with a realtor co-broke. If a company is offering a low leasing fee, that means they're more than likely not advertising on MLS or if they are, are offering a reduced commission to other agents.

Final suggestion would be offering a 16-17 month lease when you find new tenants. I'd want a lease expiring in April/May of 27' vs December 26' so you can take advantage of the summer leasing season the next time it's up for renewal. 

I'd imagine a real estate appraiser would be able to provide the professional assessment you're looking for. I'm not an attorney, so can't say for certain what the court would need - but I'd imagine they'd take an official appraisal report over a realtor's CMA for true value.

hey @Calvin Yeang, if you can provide the subdivision name, I'd be happy to check what the LTR monthly would be for the home for you and see if there's any serious increase available for a 3 v 4 bedroom. Like @Holly Brown said, the money spent on synthetic turf could be put to much better use and provide better bang for your buck elsewhere. Either in cosmetic or structural upgrades. Feel free to message me that subdivision, happy to provide those LTR comps. 

 @Dillan Cooper thank you so much for the kind words, I really appreciate you tagging me in on this one.

@David Pittman, I'd be more than happy to go over your questions with you and discuss your needs. I'll PM you to share contact info.

best,

Jim

 Welcome Dillan, happy to e-meet you. I have a property management company here in Houston and would love to partner up with you some time. I have a unique approach to agent referrals that I think would work great for you. Fellow Cowboys fan as well, we'll have plenty to commiserate about haha.

I always recommend shopping rates between insurance brokers during renewals, especially if the rates are increasing, which they always are.

I personally use Goosehead Insurance, but there's a number of insurance brokers out there who can scrub through a bunch of carriers at once for you to find the best available rate. It's rarely one company that's the most cost effective consistently, they all fluctuate in pricing throughout the year. While I may be getting the best rate from All State this time, next time it might be Safeco, or Geico. Just shop around with a broker to find who wants your business this year.

+1 for @Holly Brown & @Gustavo Delgado

Houston has plenty of opportunities at multiple price points for an active investor. While some markets like Little Rock or Memphis may have lower entrance costs, they aren't without their own risks, and Houston has historically provided consistent and stable appreciation without the major dips smaller markets tend to endure.

This is certainly the first time in a while I'd consider us to be entering a buyers market, so timing should be great for those willing to look. 

Insurance is going to be a big factor in your opportunities here, so I'd suggest focusing on the western half of the Greater Houston area. Generally better school districts, more development, lower insurance rates, etc. 

Richmond on the South all the way up through Conroe should net you some good rental potential. 

If you're interested in a local property managers perspective of any rentals you're considering, I'd be more than happy to chat with you about them. I've been managing all over Houston since 2010, so pretty familiar with markets. 

Hey Kevin,

I'm a property manager with 18 years experience. Since 2010 I've managed homes in all parts of the Greater Houston area, and would love to have the chance speak with you about the market or any potential rentals you're considering. 

+1 for @Lauren Cutchen as well. She's very tuned into the market and the BP community!

Best of luck building out your team here.

 Hi Ben,

PM here in Houston, welcome to the forum. Happy to help with any local insights or questions while you expand your empire!

Hi Wayne, are you looking to retain your Houston portfolio as rentals, or are you looking to sell the properties to investors for rental purposes?