All Forum Posts by: Taylor Wilson

I currently self-manage, but when I had a property manager for one of my units, they provided detailed reports through their software system which helped organize all the relevant information. It might be worth asking if they can offer any reports, at least for the expense info.

Quote from @Chris Seveney:

Such a great point about not giving credit/equity for doing something - this is a lesson I learned during my first partnership and something I’ve approached differently in subsequent ones. I strongly recommend drafting an agreement and having a lawyer review it. They can point out scenarios you might not have considered and ensure everything is solid and ready to go.

I assume their security deposit will be transferred to you or you will be collecting one with the new long term lease? In many states you are required to keep this security deposit in a separate account so I would confirm that is a requirement in PA!

That sounds incredibly frustrating...I'm sorry you're dealing with this! If the tenant has already signed a lease elsewhere, they’ve likely paid a deposit which would make it difficult to retain them unless their new lease includes a grace period or they’re willing to reconsider.

I'd be honest and let them know you'd still love to keep them if they're open to it but if they’ve already made a firm commitment elsewhere, it’s best to focus your energy on re-listing the property. And stay on top of the new management firm to prevent similar challenges in the future.

I think it's perfectly fine to arrange an inspection - especially for your peace of mind! if you liked the inspector you used during the purchase process, they could be a great choice to work with again. Since your condo likely has an HOA, I also strongly recommend reviewing your association's regulations regarding rentals before going down this road!

I've always found price reductions to be the most effective! I'm also in a market where we have lots of apartment complexes offering promotions like "one month free" so I recently tried something like that on my vacant property. I updated the listing with a small rent decrease but paired it with an incentive of one week free rent for anyone who signed a lease with a July 1st move-in date. That ended up working!

Having a larger household can make coordinating a showing logistically challenging, so I would agree that moving out beforehand is the best approach! When I rented out my primary space, I followed a similar process - completed repairs, moved out, hired professional cleaners, had listing photos taken, and then listed the unit for rent. I also think a vacant space gives renters a better idea to visualize how they would make the space work for them.

Quote from @Kyle Mccaw:

@Account Closed 

Joel — you're smart to ask this before diving in. A lot of free online lease forms are outdated or don’t follow Texas landlord-tenant laws, which can leave you wide open to risk.

Here’s what I recommend:

✅ Lease Agreement: Start with the Texas Association of REALTORS® (TAR) lease if you have access. If not, the lease we use at my firm (McCaw Property Management) is built to comply with the Texas Property Code and includes key protections like clear late fees, pet rules, tenant obligations for maintenance, and more.

✅ Tenant Application: Use one with built-in fraud detection. We’ve seen income fraud on 70%+ of applications lately. Tools like VeriFast and Plaid are worth looking into if you’re screening yourself.

✅ Tenant Notices & Docs: For forms like 3-day notices, move-in condition checklists, etc., check out the Texas Apartment Association if you plan to self-manage. Their forms are legally vetted and comprehensive.

Bottom line: having the right paperwork upfront prevents headaches down the line — especially when things go sideways. If you’re unsure, it’s worth getting an attorney or experienced property manager to review your documents. One bad lease can cost you way more than a good setup does.

This is excellent advice! I’m also based in Texas and started with the TAR Lease. With my agent's help, we added a few amendments for the property’s specific needs (maintenance responsibilities, pet policies etc). For this first lease, I definitely recommend seeking guidance from an experienced property manager or agent.

I’ve definitely had renters who prefer texting! In these cases, I always follow up with an email to reiterate expectations and the maintenance process. If you respond to texts immediately and at all hours, that’s the level of availability they’ll come to expect.

There are some great responses here, and it sounds like you’ve got a solid plan! But I noticed you mentioned the tenant hadn’t submitted a formal application yet. One thing I’ve learned over the years is that applicants can claim their credit score is XYZ or say they earn a certain amount in income, but until you have an actual application with verified data in front of you, it’s not worth investing too much energy deciding whether on whether you would accept them or not!