Developing an investor mindset comes with many advantages as compared to the consumer mindset. And I don’t like to waste time, so let’s cut to the biggest advantage — opportunity. Remember, this is what you should walk in knowing. By using the money to invest in assets with a potential ROI (Return On Investment) is giving yourself the opportunity. If you invest money in the stock market, then you will have the opportunity to grow your money. If you invest money to pay down debt, you will save money on interest. If you invest money into your education, you will have the opportunity to demand a larger salary. If you invest money into rental property, you have the opportunity to create a second stream of income. However, if you use money to purchase a phone, for example, you only have the opportunity to stay exactly where you stand.

Bottom Line

A consumer will always remain a consumer until they evolve into the mindset of an investor. Simply put — if you want to grow, you need to think like an investor in the majority of financial purchasing transactions. Let’s all grow together and share the knowledge!

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

When you own an investment property, there are a lot of factors that come into play when you’re looking to maximizing your overall cash flow. After all, that is the reason you acquired the property in the first place. Other than choosing the right investment to purchase, the single most important decision you need to make is “Who will manage the property? Yourself or a Property Manager?”

It you go down the self-management road, you may be thinking that you will save money. Think again! Here are a few things to consider before you self-manage an investment property.

TIME

Your time is probably your most valuable asset, aside from the investment itself. The amount of time you spend managing can fluxuate, but when the property and tenants require your attention, it can be all-consuming, taking you away from your day job, your family and your social life.

A good property manager will take this stress away, allowing you to focus on your life, family and friends while keeping you in the loop on how your property is doing.

MAINTENANCE

Maintenance can be a bear. The biggest complaint from tenants is lack of communication and follow-through on maintenance. It is the single biggest reason they move out. Also, not having a good list of reliable vendors almost certainly ensures that your cash flow will be flushed down the toilet — literally!

The best property managers have an extensive and exclusive list of the best vendors in the area. Not only that, they can get discounted pricing from the vendors in most cases, which saves you money!

They can also take on the stress of emergency maintenance so you can sleep easy, knowing that your investment is being well-maintained.

PAPERWORK

Having proper documentation is extremely important to protect both you and the tenants. Not just the lease but applications, guarantors, rules and regulations, pet addendums…the list goes on and on. If you don’t have this on hand, you will pay the price in legal fees and lawsuits.

A quality property manager has all the necessary paperwork to keep your liability at a minimum. A conscientious manager will make certain that you’re covered legally with the proper documentation and ensure that your property is kept up to code to avoid those nasty lawsuits. Let the manager be a wall between you and the legal liabilities of owning a investment.

Although hiring a property manager comes at a cost, the overall savings you will realize by having a quality manager is far more beneficial than self-managing. But do your research — not all managers are the same. Make sure that they truly care about your investment and your success, and have the resources to protect it the way they should!

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

Today, we’re talking about how to use a vacant property to your advantage, and what should be done with your investment when no one is living in it.

Rental Property Repairs and Remodeling Projects

When a property is vacant, doing repairs and remodels is easier. Take advantage of not having tenants in your unit, and you can do all the different things that you cannot do when it’s occupied.

If your property has the original 1980’s blue carpet, now is the time to replace it with durable flooring. Resurface the counters. That’s a cheap and effective way to attract new tenants.

Preparing Your Property versus Vacancy

You’re preparing your property to be leased. When you think of it as preparation and not a vacancy, things seem less worrisome.

But, vacancy and repair projects can get costly. Using a great property manager who knows what to do and who to use will help you save money. Property managers have relationships with many different vendors and contractors. With professional advice, you’ll get more bang for your buck, and high quality workmanship.

Given the way your property is marketed and the timing of its arrival on the market, vacancy should only happen rarely. Being prepared and using the vacancy to your advantage is smart. It will increase the overall value of your home and help you bring in higher rental rates.

To learn more about how to handle a vacancy or property management in general, please contact us at Asset Hero Property Management.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

Property Management College Station: Proper Inspections

Evaluations are incredibly important because this property is likely your most valuable asset. You need to make sure it’s being upheld and cared for the way it should be. You need a property manager who does inspections the right way. Too many times, I’ve seen property managers running through a property and taking a few pictures, and then saying that all looks good at the property. When one manager is responsible for over a hundred properties, they have no choice but to be quick and give the thumbs up before they move onto the next evaluation.

As an investor myself, that fast and careless process doesn’t sit well. I need to know my property manager is inspecting the property in a high quality manner. Find a property manager who cares about your property and limits the number of properties that are managed. This will ensure that property evaluations are being done correctly and accurately.

Rental Checklist for Property Evaluations

Asset Hero Property Management – Broker

Reports should be time stamped. Multiple pictures must be taken, and comments should be made about any violations that are found. Note any safety issues, and look for property code violations like smoke alarms and privacy locks. If a property is well-maintained, pictures should show that condition. The inspection report should be detailed enough to make you, the owner, feel like you are there in person.

If you need help with landlord inspections, or you have questions about Bryan property management, please don’t hesitate to contact us at Asset Hero Property Management.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

Just thinking about them makes you cringe, right? No one likes to deal with the eviction process. They are painful, time consuming, and expensive. All the while, your investment is occupied by a tenant who isn’t paying rent or is in default of the lease because of some sort of negligence. It’s probably the only time you wish your property was vacant. Today, we’re talking about the best way to handle evictions. 

Property Management Bryan/College Station

Evictions are an excellent indication of why having a good property manager is so important. You want to be able to rely on someone who understands every part of the process, starting with the service of an eviction notice. Your property manager will know what steps to take to ensure the eviction process works in your favor. This is important. The last thing you want to do is spend all this time and money evicting a tenant, only to realize you missed a crucial step which will cost hundreds or thousands of dollars.

There are three key points to handling evictions in the best way possible.

1. Evictions Should Be Avoided

That’s right; evictions should be avoided. Following a detailed and efficient tenant screening process can eliminate the need for eviction. It can still happen, even with proper screening. But, if tenants are screened well, evictions can usually be avoided.

2. Leave Emotions Out

Leave your emotions out of it. The more you let your emotions in, the harder the situation will be. If your tenants are really in default, they will give you every excuse in the book so that they can make you understand why they’re struggling and why it’s not their fault. Be careful.

3. Know Your Lease

Know the terms of your lease, and follow them precisely. Do not alter the terms or bend the rules under any circumstance. If you do that once, it will be easier for you to do it again, and tenants will take advantage. This puts you in a tight spot. You’ll be stuck in a he said/she said situation. Tenants will tell the judge that you let them pay rent on the 15th of the month, and if you did allow that even one time, it will cost you.

Asset Hero Property Management – Broker

If you have questions about tenant evictions or Bryan/College Station property management in general, please contact us at Asset Hero Property Management.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

It’s the rate of return you can expect on an investment. In real estate, we refer to that as cash on cash. To calculate your ROI, you take your yearly profit and divide that number by your total investment. So, with rental properties, you’ll take your monthly cash flow and multiply by 12 to get your annual profit. Then, you’ll divide that number by your down payment. That’s it. It’s that simple.

Understanding and Improving ROI

It’s important to know how this works because it’s our goal as investors to increase ROI. If you don’t know how something works, you can’t improve it. That’s why knowledge is power.

So, how do you increase your ROI? It’s not enough to just understand it; you want to improve it. There are two numbers in this equation – yearly profit and down payment. Knowing how to manipulate these will give you the power to increase your ROI.

Achieving the Best Return on Investment

First, you can increase your profit. This is the method that most people would prefer. If you think about it, once you make a down payment on a property, it’s hard to get that money back. So, it’s easier to focus on profits from your property. There are several ways to increase profits. The most obvious way to do it is by raising rents and decreasing expenses. It’s fundamental as a property owner and investor to know this. Rents rise faster than expenses do on a yearly basis, so it’s not uncommon for ROI to gradually increase over time.

The less common way to increase ROI is by decreasing your down payment. But for now, let’s focus on increasing your profits.

Professional Property Management Helps Your ROI

The simplest way to increase rent and decrease expenses is by hiring a good property manager. A property manager is an expense on its own, but a good manager will save you a lot of money in the long run. We have relationships with the best vendors in town, and that means you’ll get the best prices on repairs and maintenance. We know the market, so you’ll get the best rental rates for your investment. We have high renewal rates, which results in long term tenants. That saves you money.

Asset Hero Property Management – Broker

There are a lot of money-saving tricks, and a good property manager will be the best way to increase your ROI. Do your homework, and hire someone who does the job right.

If you have any questions about ROI or College Station/Bryant property management in general, please don’t hesitate to contact us at Asset Hero Property Management.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

Property Management College Station: Tenant Screening

Every potential tenant should be put through a thorough background, credit history, and rental history check. This will ensure the applicant has maintained good standing with previous managers, and they make paying rent a priority. Verification of employment and other sources of income should be a part of your screening process so you are sure they can afford the rental rate. The general rule of thumb is the prospect’s income should be at least three times the amount of rent. If the tenant cannot afford the rent, a co-signor is required. All co-signors will be put through the same qualifications for the unit.

Property Management College Station: Renting to College Students

In the Bryan and College Station areas, many of our properties are occupied by college students. Those tenants won’t have a lot of credit or a source of income. It’s very important that these college students have a co-signor. In most cases, college students stay in groups. Usually, they rent in groups of two or four people. Requiring a co-signor from each student will create a huge safety net for your rental income, depending on how many students are in your unit.

Asset Hero Property Management – Broker

Following these steps will help you find the best tenant for your rental. Having a good property manager screen your tenants face to face is equally important. You want to trust your manager to make a judgment call and know who the best choice for your rental will be.

If you have any questions about tenant screening or Bryan property management, please contact us at Asset Hero Property Management.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

Property Management College Station: When to Market your Investment Property

Understanding the right time to market and advertise your property is the first step in ensuring you get the best price and the best tenant. The time of year matters. It will outline what you can get for your rental prices. So, when should you do your best marketing? Well, it depends on the property location and type. It’s crucial to market at the precise time that it needs to be marketed. Do your research and find out when people are most likely to rent your type of property.

Property Management College Station: Marketing your Investment Property

There’s more to marketing your property than just sticking a sign in the yard. It takes a simultaneous effort with social media and online rental platforms. You should be using Google +, Facebook, Twitter, LinkedIn, Zillow, Trulia, Hotpads, and Rent.com. There are so many more. Be on as many of those sites as you can. Then, make sure you’re active in the community. The best way to network is by joining the Bryan-College Station Association of Realtors. By doing that, you can put your property on the MLS, and you’ll be part of the real estate community. That is important because you get access to a lot of potential tenants waiting to lease your property.

Another way to market successfully is by finding out what’s unique about your investment. Make sure you advertise that with your online efforts and your community contacts.

Asset Hero Property Management – Broker

Remember that it’s all about how you market your property and when. Those two things are the ideal formula to leasing your property.

If you have any questions about marketing and rental management or you’re interested in learning more about Bryan/College Station property management, please contact us at Asset Hero Property Management. We’d love to tell you more.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

Property Management College Station: When to Change

Let’s say you have a property manager, and there really aren’t any issues. Except for the unauthorized charges here and there. But, they keep the property occupied. Except when it was vacant for five months and rented for half of what you wanted. Maybe if you try to contact them, it takes an unusual amount of time for them to respond – why is that? Are they ignoring you or avoiding you? And what’s that $500 charge on your last statement? When’s the last time you got an inspection report? If any of those scenarios sound familiar, it might be time to move on. But, property owners know that looking for a new manager can be stressful and time consuming. Hopefully, we can help.

Property Management College Station: Service Standards

Ask your current manager how many properties they personally manage. This is important, because if a manager is handling too many properties, they cannot properly take care of your most valuable asset. There are managers in this town who will manage up to 200 properties, or even more. That’s insane for just one manager. A good property manager knows the value of the properties they manage, and they prove that by keeping the number of properties they are responsible for between 75-100, depending on the properties. If someone is managing more than that, things start to suffer. You’ll notice inconsistencies and incomplete property inspections and unauthorized charges. Things start to snowball, and before too long you’ll realize all that money you’re paying isn’t for management at all.

Property Management College Station: Personal Attention

By limiting the number of doors, property owners will be kept in the loop. You’ll have consistent inspections with great detail so you know how your property is doing. There will be little, if any, discrepancy in ledgers, and you’ll have a quick turnaround on maintenance repairs. Most importantly, the property manager will be able to deliver one-on-one attention to tenants, which increases lease renewal rates. That will save you hundreds, if not thousands, of dollars.

Asset Hero Property Management – Broker

If you have any questions about Bryan-College Station property management, please contact us at Asset Hero Property Management. We would be happy to tell you more.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567

I learned the value of what maintenance should cost and how it should be done. This has helped me weed through the vendors in the Bryan-College Station area and find those who do the job right for a good price. Your maintenance plan should provide maximum profitability for you and a safe home for your tenants. Happy tenants ensure longevity. That’s a good thing. Maintenance can be broken into three categories; wear and tear, preventative, and emergency.

Property Management College Station: Wear and Tear

Wear and tear is inevitable, and it includes general things like nail holes and smudges on the walls, and worn carpet from use in high traffic areas. Generally, wear and tear maintenance doesn’t need to be done until the old tenants move out and before the new tenants move in.

Property Management College Station: Preventative Maintenance

This is most common type of maintenance. Generally it’s caught during property inspections. You might notice that air filters need to be changed, smoke alarm batteries need to be replaced, and minor plumbing and disposal leaks need to be taken care of. There could be some issues with HVAC functionality. Sometimes, preventative maintenance items are tenant responsibilities. That’s why the property inspection report should catch whether your tenants are upholding their responsibilities. If not, take care of these things to prevent emergencies.

Property Management College Station: Emergency Maintenance

This is the least common maintenance type, and it should be, especially if you’re handling your preventative maintenance properly. But, something might happen. This is one of the reasons you need a good property manager. Your manager can handle these situations quickly. It might be a water leak, a broken water heater, or a gas leak. An emergency is anything that can potentially harm your tenants or cause catastrophic damage to your property. You need to know who to call. That’s important, because an emergency can happen in the middle of the night, and having a relationship with the right vendor is essential.

Asset Hero Property Management – Broker

If you have any questions about property maintenance in the Bryan-College Station area, or you want to learn more about Bryan property management, please contact us at Asset Hero Property Management.

OFFICE INFORMATION

Asset Hero Property Management

1580 Copperfield Pkwy

College Station, TX 77845

(979) 353-2567