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Investing In Rental Properties in Killeen, TX

Rental properties are a highly-sought after investment option due to their scope for consistent monthly income. If you are planning to invest in rental property in Killeen, there are some things you need to do in order to make the right choice of investment e.g. researching, consulting an expert, and so on.

Here are some tips for investing in rental properties:

  1. Research: The first step is to conduct a thorough research of rental properties that are available in your area of interest. Factors to pay close attention to while researching are market condition, inventory, demand, amenities and facilities provided, weather in the area, etc. It is advised to consult a reputed real estate agency to check available rental properties for investment.
  2. Location: Location is a prime consideration when choosing rental property. It is advisable to invest in property that has higher chances of being occupied at all times of the year. So, tap into rental markets that are frequented by your target audience, have a good neighborhood and are not oversaturated.
  3. Condition: Always ask for a walk-through before finalizing any deal in order to check the property’s condition. A walk-through provides an insight into the current condition of the rental and gives you an idea of the amount you will have to spend on its maintenance after purchasing it. In addition to this, consider the operating expenses and capital expenditure of owning the property.
  4. Local Laws: As a rental property investor, it is important to educate yourself on the local laws of Killeen i.e. legislations and implications of out-of-state ownership. Get in touch with a reliable legal advisor for an insight into the latest laws in the field.
  5. Consult An Expert: The benefit of doing so is that you will get the best advice regarding the kind of rental investment to make as per your budget and requirements. You will also get guidance and assistance for specific matters such as online listing, scheduling walk-ins, preparing documents, formulating a marketing plan, and so on.
  6. Maintenance: An intrinsic part of buying a rental is maintaining it in order to preserve its condition and keep it attractive for existing and potential tenants. So, while considering an investment, assess the expenses that you will incur to maintain its condition. Maintenance expenses have a bearing on the profit earned from rental property.
Lone Star Realty & Property Management, Inc. offers numerous rental properties for investment in Killeen, TX. The available properties are listed online and the team offers thorough assistance throughout the process. For more details on investing in rental properties in Killeen, visit 1020 West Jasper Drive, Killeen, TX – 76542, or call at (254) 699 – 7003.

Importance Of Tenant Screening

Tenant screening is a major part of the leasing process as it helps fetch quality and reliable tenants. The process is usually undertaken by a professional and consists of credit checks, previous history checks, criminal record checks and more. Tenant screening helps in filtering out trustworthy tenants from the lot applying for a lease; this has major implications on the rental revenue and property upkeep in the long run.

Listed below are some reasons in support of tenant screening:

  • Timely Payments: A responsible tenant takes rent payment seriously and ensures it is paid on time every month. A tenant who has a constant income and a previous reputation of paying rent on time will do the same wherever he goes.
  • Longer Tenancy: Screening a tenant increases the chances of ending up with a tenant who will stay for a longer period of time. A tenant who has cleared the test of reliability in terms of a positive employment record, regular income, a good credit score, etc. is more likely to stay for a longer duration.
  • Preserves Property Condition: Quality tenants are likely to take care of the rental property as if it were their own with due diligence. Such individuals add value to the rental and assure minimal depreciation of the property and its surroundings.
  • Keeps The Local Community Safe: Screening tenants is not only beneficial for property owners but for the local community too. The entry of responsible and reliable individuals into the local community ensures fewer crimes, more safety and responsible citizens who add value to the lives of those around them.
  • Peace Of Mind: An insight into issues like a potential tenant’s criminal history, employment history, current status, previous tenancies and more increases the chances of making the right decision. After a thorough screening process is conducted, you can enjoy peace of mind with the assurance that you have made the right choice based on the screening process.
  • Better Reputation: A property owner with good tenants enjoys a high reputation among the community. Taking time to screen tenants improves the quality of neighborhood and increases turnover as more quality tenants are likely to prefer your property for its reputation.
  • Better Understanding: The process of screening a potential tenant gives the property owner a better understanding of the person. Getting to know the critical details that are discovered at the time of screening helps in avoiding confusion and unexpected events in future. Screening gives you an overall accurate picture of a tenant’s personality and trustworthiness.
Lone Star Realty & Property Management, Inc. offers property management services including tenant screening, property marketing, rent collection, etc. For more details on importance of tenant screening, visit 1020 West Jasper Drive, Killeen, TX – 76542, or call at (254) 699 – 7003.

Rental Services In Killeen

Are you looking for affordable rentals in Killeen, TX? If yes, you should consult a professional rental agent in your locality for guidance on choosing the right property for your personal and financial requirements. There is a lot that goes into searching for and choosing one rental from a wide array of rentals in a location like Killeen e.g. choosing the right location, budgeting, the application process and more.

Lone Star Realty & Property Management, Inc.  offers a number of rental services to potential and existing tenants:

  • Online Listings: One of the best resources when looking for rental services are online listings on a reputed company’s website. These consist of valuable information pertaining to property features like size, interior descriptions, exterior descriptions, pet policies and more.
  • Viewing Properties: The company lets prospective tenants know which properties are open for viewing on its website. Customers can view up to 3 vacant properties in one go; they also provide information on check-out days and timings and other requirements for property viewing. Customers also view properties via virtual tours.
  • Property Types: The rental company offers different types of rentals in Killeen such as rental homes, duplexes, townhouses and apartments. Information about their addresses, availability, amount of rent, etc. can be found on online listings. Most of the properties are conveniently located, spacious, enjoy seamless water supply, trash disposal services, etc. Some also have features like a fireplace, balcony, breakfast bar, jetted tubs, white picket fences, wood plank floors, huge backyards and more.
  • Management Services: A major perk of renting property with a reputed rental company is that you can be rest assured your rental will be maintained and looked after properly. Every facility and amenity provided will be functional and of high quality as such companies are associated with professionals who specialize in caring for and maintaining rental properties. You can be sure to enjoy a comfortable experience while staying in such rentals.
  • Tenant Portal: Tenants can avail the convenience of quick services by joining the company’s tenant portal. Such portals are provided for making it easier for tenants to communicate their need for repairs, update contact details, view tenant ledgers, make payments, leave messages and communicate with the company’s management team, ping about emergency issues like dripping faucets, running toilets, air conditioner and heater problems and so on.
  • Other Services: Tenants enjoy a number of other benefits while living in rentals offered by well-established rental companies e.g. scheduled inspections during occupancy (to check the condition of rentals and ensure everything is in working order), e-leasing services, professional advice, industry standard leases and more.
Lone Star Realty & Property Management, Inc. offers rental services such as online list of available properties. For more details on rental services, visit 1020 West Jasper Drive, Killeen, TX – 76542, or call at (254) 699 – 7003.

Property Investment: Benefits & Things To Know

If done correctly, real estate investment can be a lucrative venture that offers benefits which set it apart from other forms of investment in the form of full control, passive income and equity gains. In fact, property investment is one of the safest forms of investing money. A successful property investment plan comprises of strategically choosing and purchasing property as per the market trends and other economic factors.

Before committing your finances to a property investment, following are some things to be aware of:

  • Consider Investment Loans: Consult an expert for guidance on the best options of collecting funds for your investment. Take time to research on the available options by considering the benefits each one has to offer and how it will positively impact your financial situation.
  • Research: Research on properties that suit the requirements of your target clients as this will ensure you get the most out of your investment. Sideline your personal likes and dislikes when researching and use a logical analytical approach based on economic factors instead. Best option is to contact a professional real estate agency as it may provide an online list of properties and help in choosing the suitable one.
  • Fixed and Variable Expenses: Before investing in property, calculate the amount of money that you have, the amount you intend to borrow, the cost of purchasing the property, renovation expenses and operation costs. Then deduct the expenses from the price you will list your property for and the result will be the profit you can expect. This calculation will help you take calculated risks while staying in the safe zone.
  • Investment Strategies: There are different investment strategies that you can adopt depending on the nature of income that you want from the property. Common strategies are buy and hold, house hacking, rehabbing and rental income.
  • Types of Properties: In addition to your investment strategy, the type of property you invest in will also impact your profits. You can choose to invest in multi-family homes, townhouses, single-family homes, condos, etc. Also consider whether you want to invest in old or new properties as both have their peculiar benefits.
Lone Star Realty & Property Management, Inc. offers real estate services to assist in property investment. The agency assists its clients by providing an online list of available properties. For more details on property investment, visit 1020 West Jasper Drive, Killeen, TX – 76542, or call at (254) 699 – 7003.

Tips To Reduce Tenant Turnover

Working towards a lower tenant turnover is a great way of ensuring revenue in the form of rent. For this, it is important for a property owner to understand the factors that can affect the rate of tenant turnover and work on creating favorable circumstances for tenants to stay for longer durations.

Following are some tips for reducing tenant turnover and ensuring a consistent flow of revenue from rental property:

  • Rigorous Tenant Screening: Take tenant screening seriously as this is the first step towards ensuring that you get quality tenants who are likely to stay for longer durations. Quality tenants cause less damage as well as fewer disruptions and maintenance issues. While screening potential tenants, check the criminal background, credit reports, eviction history and more.
  • Build Positive Relationships: Establish positive relationships with your tenants by maintaining open channels of communication, responding to them when they need you and maintaining a friendly and non-intimidating tone when talking to them. It will increase their chances of staying with you and spreading a good word about your services.
  • Avoid High Rent Increments: Sudden hikes in rent should be avoided if you want a low tenant turnover. Even though, at some point you will have to increase the rent, it is advisable to spread out the frequency of doing so. The amount of rent charged should be in sync with the region, state regulations, improvements made in the rental property and so on.
  • Keep The Property In Good Condition: Upgrade your rental property from time to time to keep your tenants interested. Everyone loves staying at a place that is well-maintained and regularly updated as per the latest trends and requirements of tenants. Respond to requests from your tenants regarding repairs and things such as a fresh coat of paint, in-unit laundry, kitchen renovations, etc.
  • Tweak Lease Agreements: If you are experiencing issues with tenant turnover, consider making a few changes in the lease agreement. You can change the lease duration or policies related to pets, guests, income requirements and so on.
  • Prioritize Tenant Satisfaction: Be proactive about the requirements of your tenants by making a conscious effort of asking them for feedback and suggestions as to ways with which you can improve your services and whether there are any problems being faced by them. Show them they matter by responding to their requests and suggestions promptly. Such a level of care and credibility will surely keep them with you for a long time.
  • Ask For Referrals: If you are looking for new tenants as a result of expansion plans, ask your long-term tenants to refer your services to friends and family. There are higher chances of getting high value tenants from such referrals.
Lone Star Realty & Property Management, Inc. offers property management services to reduce tenant turnover. The agency assists its clients to ensure higher ROI. For more details on tips to reduce tenant turnover, visit 1020 West Jasper Drive, Killeen, TX – 76542, or call at (254) 699 – 7003.
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