Looking for recommendations for a property management company in B/CS to manage some rentals for next year. I know there a many but not sure who has a good reputation in the community. Thanks
TP Ag '87 said:
Friend/lawyer/associate and I are digging into buying a property in CS for investment/rentals. We're thinking of 4-plexes as a priority.
When looking at realtor.com at properties for sale as well as rental rates, then working through a pro-forma, I'm having a hard time seeing how this is a good investment. For this topic specifically, if I factor in a management fee of 10% of rental rate (we're in Woodlands and Cypress) + property tax, seems to be a tough way to break even monthly.
Rental rates just appear to be pretty darn low, even around (0-3 miles) from campus.
Am I missing something?
TP Ag '87 said:
Thanks. It didn't take much research and math at all to come to what I feared was "too easy" of a determination.
I'm bummed. Wanted an excuse to run up to CS every week or so. Doesn't look like now is the time.
histag10 said:
Thank you! I will let you know. Our current lease expires at the end of July. The deal we currently have is pretty amazing. We are paying $0.50/sqft a month in rent for over 2000 sqft with 2 large dogs. The house isn't without its issues, and some of them we have dealt with ourselves. Heck, if I could replace the AC unit myself, I would, simply to reduce my AC bill in the warm months. Our main thing is that we have 2 large dogs and a 2 year old that we just moved across the country. We are still halfway in boxes, but they are almost all unpacked, and I'd rather not have to pack everything up again. And while I get that rentals are becoming harder to fill, and it would seem that the renter would be able to have some leverage there, I almost feel like they hold all the chips, since I really don't want to move my kid again.
I guess my hopes is that having 2 working adults in that house would be less of a headache for the landlords and worth maybe a little. From what I gather, that house has needed serious work after every tenant has moved out, as it was likely a party house, and I can assure you that we don't party.
TP Ag '87 said:
Friend/lawyer/associate and I are digging into buying a property in CS for investment/rentals. We're thinking of 4-plexes as a priority.
When looking at realtor.com at properties for sale as well as rental rates, then working through a pro-forma, I'm having a hard time seeing how this is a good investment. For this topic specifically, if I factor in a management fee of 10% of rental rate (we're in Woodlands and Cypress) + property tax, seems to be a tough way to break even monthly.
Rental rates just appear to be pretty darn low, even around (0-3 miles) from campus.
Am I missing something?
SoTheySay said:
I agree regarding the poker comment. I helped one of our employees get into a room in a four bedroom unit where there are several vacant properties. She got the dreaded rent increase letter and I explained to her what options she had. She chose to take a risk... told them she wouldn't be renewing. Guess who is still in that same room at the same price.
histag10 said:SoTheySay said:
I agree regarding the poker comment. I helped one of our employees get into a room in a four bedroom unit where there are several vacant properties. She got the dreaded rent increase letter and I explained to her what options she had. She chose to take a risk... told them she wouldn't be renewing. Guess who is still in that same room at the same price.
Thanks for the advice! Should I go directly to the landlords, or go to their management company who only deals with renting it? I have actually never dealt with their management company. They failed to rent the property prior to the school year starting, and a realtor we were talking to knew one of the landlords and basically set everything up for us without going through their management company. Checks and maintenance issues go directly to the landlords