All Forum Posts by: Steven Fowler

In the DFW MLS every lease that is signed is logged in there just like all sales are.

Get a realtor to check what people are actually paying in that specific neighborhood. I used the MLS data for my neighborhood to price my lease, and the rate was much higher than what showed on rentometer. This actual data is much more valuable than an estimate. I was going to price my rental at $1750 and then after checking the MLS, I realized houses in my neighborhood were going for over $1900. I listed mine for $1975 and leased it ASAP.

I just ran my house in rentometer and it says $1975 is way too high and the scale is pegged. The median is $1100, but it uses homes from surrounding neighborhoods that are of lower quality. It is missing many of the homes that were leased in the last year that I found in the MLS. If I would have priced according to this I would have lost thousands in annual income. I highly recommend you get your real estate agents license, the data you have access to is amazing!

Go to the TREC website and look at pass rates for the exam for each provider. I used www.realestateexpress.com because they had a very large number of students and the highest first time taker pass rate at 82%. The test was very easy for me after using this program. Also look for a coupon code, I saved 25% this way. I was very pleased with this provider. Sorry I missed that you wanted to go in person, I'll leave the rest of my post up for others.

Go to the TREC website and look at pass rates for the exam for each provider. I used www.realestateexpress.com because they had a very large number of students and the highest first time taker pass rate at 82%. The test was very easy for me after using this program. Also look for a coupon code, I saved 25% this way. I was very pleased with this provider.

My biggest problem here is that I live in Texas and the house is in South Dakota, and I don't have a property manager. I may have to bite the bullet and get one. I am in the military and always find somebody from the military to rent it. It is very easy to find someone. Then in the lease I state that they must contact me if there are any maintenance issues. I have a contractor and preferred A/C company that I can call when anything comes up. 

Everything has gone pretty smooth for the past 4 years doing it this way except for this. I'm just not sure if I want to give up $1800/year to a property manager rather than deal with stuff like this. 

My bank, USAA, made me give them a copy of the lease and would only count 75% of the rent towards the loan. They didn't need two years returns. This was for a VA loan on both houses, not sure if it would be different for a conventional loan.

Take a look at Rapid City, SD. There are very few rentals and a very high demand. We have a higher end house ($200,000) that is very nice and rent it for $1500. PITI is $1180. I could probably get $1750 for it when renters move out. When I put it on the market I can rent it in one day. I know it doesn't meet the 2% rule but it cash flows over $300/month for me and has increased in value $30k over 3 years. I am looking to get more properties there.

Thanks guys for the insight. I am definitely going to be more proactive in the future with reminders.

Sorry forgot to add, the husband is deployed for 6 months and will be home soon. That is why I am trying to be lenient on some of the issues that have happened. 

I live in Texas and they live in Rapid City, SD. The filter is washable, not disposable. In the lease, I specifically address taking care of minor maintenance issues like light bulbs and cleaning out the filter. 

I'm not really sure what he did for $180. That is the problem when you don't live there and the a/c guy knows that. He could have said $500 and I would have had to pay it. 

Rapid City is a ridiculously good market for landlords. I could rent that house in literally 1 day if they said they wanted to leave. When I put it on the market last year for rent, I had over 20 calls the first week. There is nothing nice to rent up there. I am also charging them less than market rate. I'm in the military and the guy is my friend and a military officer, so I know he won't mess it up, that is why I charge them a little less.