All Forum Posts by: Jon Shoop

I agree with Kris L. 

19 days is way too long and overall this is not a good situation to be in for you or the property manager. Being in DFW and all throughout the Dallas and Fort Worth metroplex we have access to a lot of quality vendors. We usually have vendors out to provide quotes the next day, and begin work that same week once we have approval by the owner of the winning bid. 

Maybe their vendor took forever to get over there which is where the first week was killed? 

I would definitely contact the PM and see what happened and then let them know of your expectations and verify if they are willing and able to meet those expectations if/when the next time something like this happens. The last thing you want happening is a hot water heater or HVAC unit going out and your PM drags their feet and your stuck footing the bill for a tenant to be placed overnight elsewhere, as is property code in the state of Texas. We dislike working with home warranty companies for this exact reason. They take forrrrrevverrrrrrr.  

Gotcha! Understood. Well best of luck with everything. Take care!

 Taxes are high in Dallas county, this is true. But there are some really great pockets throughout DFW and Fort Worth that have lower taxes than Dallas. There is a very high demand for rentals in Dallas. We usually are only able to keep vacant properties on the market for 2-3 weeks before they are rented by great and highly vetted tenants. 

Also, Dallas has a higher renter/owner ratio than the national average. With all the growth that is going on and coming to Dallas, I love the strength of long term rentals here. 

Also to note is the appreciation. The value of my home in Dallas has gone up 30% from when I purchased in 2015. Can't beat that!

Hey Dale, checking in on this. How're things going? Greetings from DFW!

@Sarah Caldwell

My humble opinion:

Short term rental:

Pros:

Possibly higher income - depends on location location location. Are you within 30 minutes of resort areas? In DFW, Dallas, and Fort Worth I would only consider a short term rent situation for homes around the downtown areas, sports arenas, and DFW airport.

Cons:

Unreliable/low income during off-season.

More cleaning

No guaranteed income

Utilities and cleaning increase price needed per night

Long term rental

Pros:

Guaranteed income every month

Utilities are covered by tenant

Less noise, drama, etc if tenant screening is thorough - short term renters are most likely on a holiday so a high percentage will be partying

Much more passive income

Cons:

Short term MAY have higher income depending on every other factor listed above. But it may not. Short term rental is riskier. 

Long term rentals are going to be safer in the long-term in my opinion.

@Ryan Fenton I'd invest in Fort Worth and the surrounding areas. Even expand that to DFW. Panther Island is in the works in FW and is going to be a great area to be around. Tons of outdoor activity areas and a great vibe. The Stockyards and TCU are both close by S well. Great for buy, hold, and renting.

Hello from Dallas!

 I think Jeff sums it up very nicely here. I take back my statement on real grass. Perhaps fake grass is the happy medium?

Personally, I think the Xeroscape route is a good one to go with. Being in Denver you could get some really nice low maintenance and drought resistant plants to make it more green. While also putting in a mix of grass and maybe a "rock garden" type area that's portioned off from the greenery, where you could put down a cheap firepit or something like that to attract tenants as an outdoor hangout spot. 

I think that approach would work well with both low maintenance and low cost of watering, while also staying with greenery and being attractive for people's pups and friends alike. Perhaps maybe even some fake grass? I haven't personally done that but in the long run that may cut down on overall cost and definitely cut down on maintenance.

Hi Joe,

There are a ton of sites that will help you list your property. Zillow.com and apartments.com are two of the bigger sites that come immediately to mind. Is this your first rental property?

We stay away from Craigslist because of so many scams that go on there, people have lost confidence in that particular site when it comes to home rental and purchases. Personally, I've almost been scammed (and would have been! but went to actually look at the "apartment" address in person) when I was looking for an apartment in Barcelona, Spain, after graduating college. 

Craigslist is great for garage sale type items but when it comes to properties, I'd recommend sticking to more legitimate and professional property sites.

@Rashonda James hi! I'm officed out of Keller but work deals all over DFW! Love to connect with you and everyone.