Texas Landlord

Renting Out Your Home:

Whether you’re looking to be the landlord or plan to use a third party to manage your property, the following will help guide you through the process.

CPA: Speak to your CPA to understand what tax obligations come with being a landlord.

Review Governing Laws: Make sure that you are familiar with the Texas laws that govern the landlord-tenant relationship. Tex. Prop. Code § 92.001 (CHAPTER 91) & Tex. Prop. Code § 92.001 (CHAPTER 92). Some highlights of this code are; exterior have one non-keyed locking device, peep holes, including the garage door, smoke detectors etc. Stay on top of any landlord-tenant related rules and regulations to ensure you are always in compliance with the law. Check your Owner’s Association and your deed restrictions (zoning) to make sure that you are allowed to lease out the property. Know if short-term rentals are acceptable.
Talk to your Moncada Realty Group Realtor® for suggestions on improvements! 

Insurance: It is crucial to understand that insuring the property you own vs. the property you lease is not the same. There are all types of insurance coverages that you need to be aware of. Speak your insurance agent to make sure that you have the right coverage, or ask us for a reference. You must have your tenants carry renter’s insurance. Make sure they provide you with the declaration page.

Ashley Washington, Advisor for Houston Tullos StateFarm Insurance
(972)226-5419

Ashely@houstontullos.com

400 South Pascal Road, Sunnyvale, TX 75182

CMA (Comparative Market Analysis): Your Realtor® will prepare a Comparative Market Analysis in order to find the best price range based on the current market. The CMA helps ensure that your property is not over priced or sits on the market too long.

Preparing to Hit the Market: Ensure all major systems have been serviced and ready for tenants. Have the home professionally cleaned and ready for professional pictures. Sit with your Realtor® to decide on important details, such as: Will you allow pets? If so, what kind and how many? Emotional Support Animals and Service Animals are NOT considered pets. Landlords can not charge a deposit or pet rent on ESA or SA animals. These are just a few of the questions your Realtor® will ask you before they can put your home on the market for lease.

Find the Right Tenant/s: Your agent will assist you in finding the right tenant, by processing the applications as they come in. Your Realtor® will run a credit and background check, verify employment. We advise that the tenants’ have good rental history, no prior evictions, do not owe money to previous landlords and that combined income is at least 3X the rent. You decide who is the best fit to be your next tenant/s.

Referral List: Whether you or a third party will take charge of the maintenance requests, make sure that you have a list of reliable repairmen. Even though there are some repairs that you can easily address, there are others that you may be unable to do on a professional level, such as HVAC, roof, plumbing, pool repairs, foundation repairs and electrical work.

Should you ever decide to sell, we would love to assist you through the entire process. Please contact your Moncada Realty Group agent to further discuss what that would entail.