All Forum Posts by: Kyle Mccaw

@Robert Borer I once owned property in Columbus, OH while living in Texas. The property management firm that I used was completely dishonest. My mailbox money went from $2,500/month to "owing" the management company every month. This was before technology was available to help me verify maintenance expenses. So...fast forward a decade+. I own a property management in Texas that mostly manages out of state clients. We leverage technology daily to help owners feel comfortable with their investment and most importantly my firm. Digital pictures prove work needs to be complete and that the work was completed. Also videos. Owners love seeing YouTube videos of their rehab project. The bonus to me is they share those videos with all their friends and I end up with new clients. You can also use 3rd parties to help. We often inspect properties, run comps, complete broker price opinions, complete maintenance for non-clients. It can be scary owning remote properties. But it can be more profitable if done right. Bonus tip - use Google reviews to find vendors. 

@Jordan Grimstad I have had great success in high crime neighborhoods. A couple things to keep in mind....be part of the solution not the problem. Too many landlords slum the properties by not taking care of maintenance. Most landlords approve the first applicant with the belief that all people in that neighborhood are bad tenants. That just increase the problem. True we are not as strict on backgrounds as our nicer homes. ALL neighborhoods have good people. Find someone that has lived in there for a long time and want to see the area improve. They can be a great contact. We have a local lady refer tenants to us on a regular basis. She let's the prospects know we care about the property and the tenants. She also knows who the "bad hombres" are. Over the last 3 years we have see our property values rise significantly, vandalism decline, tenants stay longer and the rents have increased. Be careful with your time. For example: don't go running around town to complete and return section 8 paperwork. Require the tenants to do those time monsters. Surprise....they will. If they don't, you don't want them. We also hired a retired police officer to harass drug dealers. They moved because they don't like attention. Don't even think about carpet. We use the glue down vinyl planks that last forever. Hope this helps. I could write forever on this topic.

Section 8 claims they will pay market rate rent. However we rarely see them approve more than $1,200. Be sure the applicant has a voucher in hand and the number of bedrooms approved match the number of bedrooms in your property. Never believe what a tenant tells you about the $ value. Go off the paperwork only. I'm sure you already found a great manager by now, but feel free to reach out to me with additional questions. BTW we manage many section 8 properties throughout DFW.

@Brandon Allen If you need a rehab contractor check out Finishing Touches. Blake, the owner, has been around a long time. They complete 300+ rehabs per year. Fair pricing, great quality and a straight shoter.

http://www.finishingtouchesremodeling.com/

@Victor N. There are a couple firms that cover the Forest Hills area. I know we have a dozen or so properties there. Be sure whoever you go with understands that market. We see a higher number of section 8 properties in Forest Hills and not all firms know how to work with section 8. 

@Jon Villa There are many hard money lenders. Not all are the same. It is very important to pick the right firm. The following link is to a video with one of my hard money guys, Hard Money Loans Explained

I have personal experience with the two below. Both are great.

Cary with Capital Conceptss Dallas office

http://www.4smartmoney.com/

Paul Starnes with Investmark Mortgage

www.imhardmoney.com

Of course I will plug my firm, McCaw Property Management. You can research McCaw Property Management with Google, Yelp or visit our website.

However, there are other good options. RedLeg is good firm. The owners are honest guys that care about their clients. If I wasn't in the business, I would entrust them.

I highly recommend Brandon with DFW ProSpecs. He understands investment properties and will explain his findings in a way that won't scare off the buyer.

Brandon Stephens 

http://www.dfwprospecs.com/

Many of our property management clients use Finishing Touches for the rehab. They provide a great product at a fair price. Blake, the owner, is a straight shooter and knows his business better than any other GC. Last I heard Finishing Touches completes 300+ rehabs per year.

@Olivia Williams I have been a real estate agent/broker/investor since 2002. My firm manages several hundred rental properties. Over the last 15 years, I have never seen a home warranty worth the paper it is written on. It has been my experience that it is more cost effective to save the premium and self insure. The warranty companies have a horrible record of actually paying out at the level the home owner expects. I could write a book on how warranty companies are just a rip-off.