Buying a rental property in Dallas-Fort Worth is an excellent way to earn some rental income in the short term and build some wealth in the long term. This market is a great place for new investors, and as an experienced Dallas-Fort Worth property management company, we love working with buyers who are investing in their first rental property.
We have a lot to tell you, but today we’re focusing on the top three things you need to know as a new Dallas-Fort Worth real estate investor.
Protect Yourself and Your Investment: Know the Laws
The Texas Property Code is pretty specific about a lot of the requirements you’ll need to comply with when you’re renting out property in Dallas and Fort Worth. Make sure you know the code inside and out, and you’re prepared to follow its changes. There are also federal laws you need to know before you rent out a property, particularly the Fair Housing Act and the Americans with Disabilities Act.
Legal mistakes are easy to make, and they’re often expensive. Make sure you are compliant with all the current and forthcoming laws before you market your property and start looking for tenants.
Choose the Right Dallas-Fort Worth Investment Property
As an investor, you’ll have many opportunities to buy property in Dallas, Fort Worth, and the surrounding communities. Make a solid business choice, not an emotional one. When you’re looking at properties as an investor, you’re not thinking about what you’d want in a house that you’d live in yourself. You have to think from the perspective of your future tenants.
The home you purchase should be in good condition. You don’t want to spend a lot of time and money rehabbing a property that you’re going to rent out. While lower prices can be attractive, don’t choose a home that needs a lot of work. The repairs will be expensive and you’ll also delay occupancy until they’re finished, meaning it will be a bit longer before you can collect rent from tenants.
Look for a neighborhood that tenants will find desirable. Location always counts, and you’ll want to ensure you’re earning positive cash flow and long term returns.
Choosing a Dallas-Fort Worth Property Management Company
Unless you have the time, knowledge, and experience to manage an income-producing property on your own, look for professional Dallas-Fort Worth property management. You’ll need someone who knows the market well and can help you accurately price and market the home, and screen for highly qualified Dallas-Fort Worth tenants. You want a Dallas-Fort Worth property management company that has good vendor relationships and community partnerships.
If you’re searching for a great rental property in Dallas and Fort Worth, we’d love to help you establish what you can expect in rental income, repairs or upgrades, and tenant selection. We’ve been serving this market for years, and we have a lot of experience working with new and experienced real estate investors. Contact us at Assign Property Management. We look forward to serving as your Dallas-Fort Worth property management resource.