All Forum Posts by: James C.

Thanks @Greg H., @Michael Noto and @Robert Melcher for the in-depth responses.

The interesting thing is that the license for the Broker LLC expires 1/31/2017 according to the TREC. I know I'm jumping a little ahead, but if he doesn't really care about being in the business anymore and was planning to let his LLC broker license expire, I'd assume the only thing I'd be able to do is go after him legally in court?

I have been wanting to change PM for awhile, finally decided to do it 10 days ago. This is in TX.

I normally communicate with my current PM over text message. I informed him that I was switching and all of a sudden he isn't responding to calls, emails or text.

My question is if this continues, how do I get the current PM to transfer sercurity deposit and rent money he owes me after I switch? He is the broker at his own RE firm. 

Home insurance is definitely a bit low. I'd estimate it would be closer to the $1200/year. Your property tax is will probably be in the $4200 to $4800 range as well. Its usually around the 3%-3.2% in the DFW area. Are you also counting the lease commission which typically will be anywhere form 75% to 100% of the monthly rent in your fee?  7-10% for the rent is probably a more accurate percentage to use.  I'd count the vacancy rate to be 8%-10% (4-6 weeks a year) to be on the conservative side.

You should consider listening to @Hersh and consider diversifying. It may take a little bit more time but I'm sure you'll sleep a lot better.

I'm glad I diversified when I first started or else I would have been hurting with a bunch of properties in Phoenix when the market turned.  

Anyone have a recommendation for cheap basic Austin mowing?

Does anyone have a property manager they recommend? I'm looking to switch from my current property manager?

I have a single family rental and I always end up with tenants skipping out on rent on the last month and having to find new tenants every single year. The PM probably doesn't mind as he collects a whole month's rent every year in addition to the monthly fees.