All Forum Posts by: Kyle Mccaw

Buying a laundromat has interested me for years. Glad to hear the website postings can be a legit source for a deal.

@Robert Spiegel 

Great question, and it’s always a balancing act when dealing with long-term tenants who’ve been fantastic overall.

Based on my experience managing over 1,200 rental homes in North Texas, including areas like Dallas, Fort Worth, Plano, and Frisco, here’s how I would approach this:

1. Cleaning Charge: While $540 may feel steep, it can vary depending on the size of the property and local market rates. For a quick turnaround during the holidays, that rate might reflect premium timing. In areas like Dallas or Fort Worth, I’ve seen professional cleaning range from $300–$600, especially when dealing with pet-related cleaning like removing cat hair from carpets. Ensure you have an itemized invoice from the cleaner, which can help justify the deduction.
2. Reasonable Deductions: Long-term tenants often leave normal wear and tear, so I recommend being lenient on minor issues. Items like a missing doorbell or blinds may fall into wear-and-tear depending on their age. However, hauling away a truckload of items and cleaning beyond standard expectations could reasonably be charged to the tenant, as it goes beyond normal use.
3. Goodwill Gesture: Since this tenant was great for 5.5 years—paying on time and caring for the property—you might consider waiving part of the cleaning cost as a goodwill gesture. This can encourage positive word-of-mouth and build goodwill if they’re ever a reference for your property.

Ultimately, focus on fairness and clear documentation. Provide a detailed accounting of deductions, along with the invoices, to show you’re acting in good faith. This approach helps maintain strong relationships with tenants and avoids disputes.

Hope this helps! Let me know if you have further questions.

@Alec Barnes 

As the owner of a property management company in Texas, I completely agree that a solid screening process is essential for placing quality tenants. One critical aspect we focus on is identifying and preventing fraud. It’s astounding how many fake documents are circulating today—you can find everything from fake references and stolen Social Security numbers to falsified income documents.

To combat this, we rely on tools like Plaid, Verifast, and Snappt, which are excellent for verifying financial information and detecting fraudulent activity. These tools have been invaluable in helping us catch bad actors before they move in. If you’re not already using similar software, I’d highly recommend exploring these options—they can save you a lot of headaches down the road.

@Kimberly Pittman

Wow, it sounds like you're far from being a newbie—you're a rockstar! With 30 years of experience in real estate and now owning a quadplex, duplex, and a condo STR, you've already built an impressive portfolio. I have no doubt you'll continue to achieve great success in your investment journey.

@Audrey Sommer 

You’ve been given some completely inaccurate information. I’m a real estate investor and the owner of a fairly large property management firm here in Texas. A significant number of my clients are from out of state, including many from Washington State and California. There are no restrictions preventing out-of-state investors from purchasing rental properties in Texas—these investors enjoy the same opportunities as Texas residents.

Additionally, the financing restrictions you mentioned don’t align with reality. Texas does have specific rules regarding home equity loans and cash-out refinancing (often referred to as "Texas Equity Section 50(a)(6)"), but these don’t prohibit homeowners from using funds for investment properties. If you’re interested in investing here, I’d encourage you to speak with a knowledgeable local real estate professional or lender to get accurate guidance. For financing, I recommend you reach out to @Andrew Postell

@Puneet Mahi

If you are going for the visa, I believe you have to go the franchise route. But I'm not an immigration attorney. 

Unfortunately, our meeting is more causal not a zoom kind of meeting. But if you are ever in town on the last Friday of the month, reach out.

@Puneet Mahi,

Property management can certainly be a profitable business, but it’s more complex than many people realize. It often takes living and breathing the industry around the clock for a few years before you start seeing consistent returns. I understand the appeal of the E2 visa route, and there are indeed a few franchises that cater to that niche. If you go in that direction, I highly recommend speaking with multiple franchisees from each brand before making a final decision. In fact, there may be other home service opportunities with quicker growth potential worth considering.

Additionally, be aware that in Texas you'll need a broker's license, not just a real estate license, to operate a property management business. This means you'll have to find a broker to sponsor your LLC brokerage. Many newcomers spend their first few years working under a sponsoring broker, and during that period, the broker often earns a significant portion of the revenue. It's something to keep in mind as you plan your move.

Feel free to reach out. I sponsor a monthly meetup of property managers based in DFW. The PM business has been good to me and my family. But man, I starved for years before it paid the bills.

@Cameron Moore great info. insurance is almost always overlooked when it comes to owning rental property. 

@Paul Smith Everyone has different needs. For my company we are with Appfolio and most likely will be moving to Rentvine due to flexability and API options.

 No those do not need internet. That is why I recommended those. Arlo is cell based. Rently is "triband" from their website "The central core of the Keyless system, the Tri-Band hub technology includes 4G LTE"