Have you always wanted to buy a home and rent out the property either to eventually own it by paying it off or to provide you with an extra source of income? It sounds simple to become a landlord in Dallas, but the reality is quite complex! Here are some considerations to look into before you take the leap, from our Dallas cash for properties agency.
#1 – It’s time-consuming
Unless you have an agent running your rental (which can be expensive), then you are on call all the time – and we do mean ALL the time. Tenants can contact you at any time about issues they are having, whether they don’t know how to relight the pilot light on the furnace, operate an appliance, or need something repaired on the property.
And by law, you need to address and correct any issues within 7 days, or you will be in violation of your rental contract. For many people, being a landlord is like having a second full-time job!
#2 – It’s costly
You need to look at the numbers very carefully when you are buying a property to rent. First, there is the cost of buying the home itself, which includes the down payment, closing costs, and mortgage payments. If you’ve inherited a property, then you’re in luck here!
The second set of costs include repairing and maintaining the home to meet legal standards for rental properties. Whether you are buying or inheriting a home, it’s a good idea to have a full inspection done on the property. Major issues like structural repairs, heating or cooling repairs, plumbing repairs, and even redoing outdated kitchens and bathrooms are very costly projects.
Lastly, there are ongoing costs like repairs and maintenance and months when you may not have a tenant. While there are several great tax deductions for landlords in Dallas, you will still be liable for property taxes – which is 1.93% of the total property value per year.
#3 – You may have to deal with negligent tenants
Finding the right tenant is even more important than getting a tenant into your property quickly. Dealing with a difficult tenant is challenging and expensive, even though you have rights as a landlord in Dallas. They may damage the property, refuse to pay their rent, and even require a court-ordered eviction involving legal costs.
There’s no 100% guarantee that you will find a great tenant, but we recommend that you run a background and credit check, have a pre-move-in inspection (documented by photographs), a solid rental agreement, and get a security deposit.
Want to sell your rental property? Our Dallas cash for properties agency will buy your rental property as is!
When you want to sell your rental property as is and without spending more money on it or paying real estate agent fees, there’s no one better than Shiny Key Properties! Our Dallas cash property buyers purchase properties in any condition, at any time of year, from well-kept family properties to teardowns and distressed properties. If you want to sell your rental property as is without having to look for a buyer, deal with a real estate agent and pay their commission, or even empty the property, then the best option is to sell directly to our cash for properties agency. We price your property according to the market, so you get a fair deal in record time, helping you get out of foreclosure quickly!
When you want to sell your rental property if it’s damaged, in foreclosure or because you simply want to sell, we will buy your property fast, putting a lump sum into your account in a matter of days.
Here’s how our process works
- You enter your information on our website. We’ll contact you directly to discuss an offer for your property (you can also get a free property evaluation from our website)
- You can accept or reject the FREE NO-OBLIGATION offer
- Cash will be deposited into your bank account – with no real estate agent fees or realtor fees
- We can handle all aspects of the process, including clearing out the property
- You can also call us directly on 469-858-0088
That’s all there is to it!
Our team is compassionate and highly motivated to offer you the best possible market-related price for your property, so you can sell your rental property fast. Not only does this cash go straight into your bank account as soon as the sale goes through, but you also pay no real estate agent fees or commission. It’s the best way to sell your rental property as is.