4 Questions To Ask Yourself Before Becoming A Landlord

Posted on March 22, 2023 by author

Investing in real estate is one of the most dependable ways to build wealth, but it’s important to know all the ins and outs before getting into it. Set yourself up to be successful by researching and making sure it’s the right choice before you purchase your first rental property.

In the midst of your research, ask yourself these four questions before starting your journey as a landlord.

Do You Have Enough Time?

Being a landlord isn’t as easy as buying a property and finding tenants; there is a lot more to it than that. If you are going to update the property before finding tenants, you’ll be taking calls and coordinating contractors to come out to the property. Once you have tenants, they’ll call if something needs to be fixed or something goes wrong, and those calls could come any day at any time. As the landlord, these are all things you will need to handle quickly to keep your tenants happy.

Remember, the more properties you own, the more calls you’ll take and the more issues you may need to handle.

How Will You Screen Potential Tenants?

Making sure you choose the right tenants is important because you want to make sure they will take care of the rental and pay their rent on time. While it might cross your mind to let whoever replies to your online ad first move in immediately, that is not the smartest idea. As the landlord, you want to screen prospective tenants by performing background checks, checking credit scores, confirming income and job details, and calling previous landlords to make sure they’re the right fit.

Do You Have Legal Counsel Lined Up?

While you hope to never have to call your lawyer, it’s important to have one lined up that specializes in landlord-tenant issues. If nothing else, having a lawyer review your leases and ensure all paperwork complies with local laws is helpful. There may come a time when you have a tenant who doesn’t pay their rent, and in this case, an experienced lawyer will be a huge asset.

What Is Your Why?

Understanding why you want to be a landlord is important for success. Are you doing this on the side to make extra money, or do you want to do it as a full-time job? Will the time you’re putting into being a landlord and the potential issues that could come up be worth it? Keeping your why at the forefront is important as you purchase your first rental and continue becoming successful.

Becoming a landlord is hard work, but the rewards will be huge if everything works in your favor. If you have any questions or need recommendations about how to start investing and becoming a landlord, reach out to us! We are always here to help.

5 Ways to Make Your Home Feel and Look New This Spring

Posted on April 21, 2022 by author

Whether you’ve lived in your home for years or are looking to sell this spring, we’re sure you’re tired of looking at the same walls for years on end. A new study discovered that homeowners now spend about 13 years in their homes. This is a considerable increase of about ten years compared to a decade ago. Many factors determine the length of homeownership: older homeowners aging in place, a home supply shortage, and more affordable housing payments if homeowners refinanced and took advantage of the low mortgage rates last year. Whether a seller or homeowner, here are 5 ways to bring your home back to life and make it feel and look new this spring!

1. Paint the walls

Paint is the most cost-effective way to make a massive difference in any room. This will be especially noticeable if the walls are chipped or show other flaws.

But choosing the right paint color is the key to success. For a color that goes with everything, earthy colors or tinted neutrals are the colors you want. Both color types are soothing and easy to mix and match in your home. If you want to give off the illusion of more space, then off-white will be your friend.

If you’re selling this spring and want to attract homebuyers, it’s best to avoid colors that trigger a love-it or hate-it reaction. Think of trending colors like mint green, yellow, baby blue, etc.

2. Update the kitchen

You don’t have to renovate your entire kitchen to make it feel new, either! A few replacements and upgrades will help give it a new look. Some ideas are replacing old kitchen cabinets and handles with modern hardware, installing a touchless faucet, or installing or updating the backsplash.

3. Replace outdated light fixtures

Any REALTOR® or photographer will tell you that lighting is essential. Lighting has a significant impact on a room by defining the room’s look and feel. Lighting fixtures go out of style, too, so consider replacing old chandeliers, sconces, and pendants. It’s also a good idea to replace the light bulbs themselves, depending on the mood you want for the room. For bedrooms, it would be beneficial to use soft-white bulbs, while the kitchen could benefit from daylight bulbs. Don’t forget exterior lighting either!

4. Increase curb appeal

Did you know homes with high curb appeal sell for 7% more than houses with a less than pleasant exterior? Your home’s curb appeal is people’s first impression of your home, and you know that saying, “you only get one chance to make a first impression.” And that’s true with homebuyers this spring! Increase your home’s outside appearance by adding landscaping or changing what’s already there. If you don’t have a green thumb, a simple task like trimming trees and shrubs will still make a big difference.

5. Replace the carpet

According to a March 2021 poll by the National Association of Home Builders, most homebuyers prefer hardwood floors. 32% said hardwood floors in the main living area is a “must-have”! So if your flooring needs a tune-up, consider removing the carpet and going for hardwood. Another option is to restore the original hardwood floors found under the carpet. Laminate hardwood floors are less expensive than natural wood and easier to maintain if you’re on a budget.

If you need help sprucing up your home this spring to sell your home, contact us!

5 Steps to Fix & Flip Houses The Right Way

Posted on December 17, 2021January 14, 2022 by author

Deciding to purchase a home as an investment property is one of the most important financial decisions in a lifetime. Whether you’re a seasoned investor or a newbie, flipping houses can be a little scary. But it doesn’t have to be! With over 12 years of property management experience, we have learned a few things over the years. Here are five steps to fix and flip houses the right way.

1. Create Your Budgets

Before even shopping for a home, you need to create your budgets. One budget should estimate how much it will cost to purchase the home and close on it. The next budget should account for the renovation. When it comes to budgeting, it’s always better to overestimate and have more money than less. If it’s your first time fixing and flipping, a professional contractor should be your first stop to get accurate pricing. When you work with TALK Property Management, we can help you find credible contractors.

2. Find Fix & Flip Properties

Now that you’ve done the beginning research, you’ll want to continue finding outdated properties to remodel. It requires a particular skill to find these undervalued opportunities, evaluate them, and manage them, so they’re completed on time and within budget. We can handle remodeling on your behalf when you choose TALK Property Management to help you on your fix and flip journey. The secret to finding a good fix and flip property is to find off-market homes and homeowners who are highly motivated to sell. As your REALTOR®, we can help you find these covert opportunities.

3. Make the Right Offer at the Right Price

The price you pay for your property will determine the profit you’ll make when you sell in the future. So if you overpay, it’s likely you won’t make any profit at all. If it’s in good condition, it means you’ll have to do less work. If it’s in bad shape, you can make a fair offer that’s under the market value as you’ll need to put in more time and money to fix it up. It could mean you could have a lower offer accepted. Essentially, the better the condition, the closer you’ll want to pay to market price, and the worse the state it’s in, then the less you want to offer.

4. Hire Contractors & Begin Remodeling

After closing, the property is yours and ready to be broken down and brought back to life! Don’t make the newbie mistake of trying to tackle everything by yourself. An investor is only as successful as their team, and part of your team is your remodeling crew.

In an ideal remodel, you’ll finish remodeling the property in five or fewer weeks. Again, timing is crucial because the longer you hold onto a property, the more it will cost. Because, as the famous saying goes, “time is money.” Make sure your time and money are going to a credible and efficient contractor, so get several quotes.

5. Market & Sell Your Fix & Flip Property

Now that the property is remodeled, it’s ready to go live! Any good REALTOR® will tell you that marketing is essential if you want your property to sell. That’s why you can’t skimp out on marketing your newly renovated place. With TALK Property Management, we run a Comparable Market Analysis to get you a fair rent price based on the current market trends and photograph your property for advertising on social media, the Multiple Listing Service, and our website.

Contact us today if you’re ready to buy your next investment property or need help creating a plan! Reach out to TALK Property Management–we are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

5 Decor Hacks To Brighten Your Home This Winter

Posted on November 19, 2021 by author

Winter is approaching, and you may find yourself spending more time inside with earlier sunsets and longer nights. Here are five decor hacks to help make your home brighter and cozier this winter.

Decor Hack #1: Paint Walls Bright and Warm

For a quick change, consider repainting one of the walls in a room you tend to hang out the most in, like the living room or kitchen. A neutral color with warm undertones will create a bright and cozy atmosphere in the area, and a vibrant color will help uplift a space while also looking great year-round.

Decor Hack #2: Incorporate Live Plants

Bringing some greenery into your home will add color and life to a room. Some of the health benefits of owning plants are lower blood pressure and reduced anxiety. Start with easy-to-care-for house plants that will most likely survive all year long, like a Chinese Evergreen, ZZ Plant, Moth Orchid, and Snake Plant.

Decor Hack #3: Change Light Bulbs

There’s no way around it–winter means less sunlight and colder weather. To counteract the lack of light and warmth, try LED lights. They’ll make your home bright and sunny, and these bulbs emit the most light while using the least amount of energy. Soft white LED lights will brighten the room without an intense contrast.

Decor Hack #4: Let In Light

With what sunlight we do get during the day, embrace it with a curtain change. Sheer curtains and stylish pullbacks are great alternatives for letting in light. If there is decor blocking the window, relocate them to maximize the light.

Decor Hack #5: Add Color

Winter is known for being dark so early in the day, but it doesn’t have to be dark inside your home! Try adding pops of color with colorful throws, pillows, dish towels, or rugs. Warm colors like reds and oranges will add warmth and energy to the room.

If you need help styling your investment property this winter to sell or are wanting to buy a home, contact us today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

What Does A Homebuyer Pay for in Closing Costs in Texas?

Posted on September 8, 2021September 8, 2021 by author

Home prices have begun to stabilize in Austin! According to the Austin Board of REALTORS® July stats, the median home sales price is $480,000. This is $2,364 less than the previous month. If you’re ready to buy as a homeowner or an investor, read what you’re paying for in your closing costs.

Title Company Fees for Homebuyers in Closing Costs

These are the following fees your title company will charge you and what you are responsible for paying as the homebuyer.

Escrow Fee

The buyer and seller will pay their own escrow fee to the title company to process the sale’s closing.

Endorsements

Endorsements are expanded coverage with a title company’s insurance policy to help cover the specific needs of the transaction. Depending on your title company and unique situation, this price can be as low as $30 or as high as hundreds or thousands of dollars.

Recording Fees

Once the sale is finalized, documents need to be sent to the county. This can range from $120 to $160, but it will depend on the county.

Appraisal Fee

The buyer typically pays for the appraisal, and it can range from $500 to $700. The lender you choose will most likely want an unbiased third party to appraise the property to ensure the property’s value matches the contract price.

Credit Report

A buyer will pay the $50 to $75 fee for their credit report to be pulled.

Lender’s Document Preparation

This $100 to $120 fee is paid to the lender for creating and organizing all the closing documents.

Escrow Accounts for Homebuyers

If you’re putting down less than 20% for a down payment, the lender will require you to place your taxes and insurance into an escrow account at closing. As a homeowner, you will pay your taxes and monthly insurance to your lender directly using the escrow account. When the taxes and insurance are due, the lender will use the money from the escrow to pay them on your behalf.

Homeowner’s Insurance

Depending on the property and the coverage you choose, the price can range from $900 to $2000 per year.

Property Taxes

At closing, the seller will pay the buyer a year-to-date prorated amount for taxes. For example, if the closing happens on October 1st, the seller will give the buyer credit for ten months since the seller owned the property for ten months of the year. The buyer is then responsible for paying the difference between the credit and the total tax bill at the end of the year. Your lender will require several months of taxes in the escrow account.

If you’re ready to buy or invest in Austin area real estate, contact us today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Summer 2021’s Hottest Decor Trends for Austin Homes

Posted on August 12, 2021August 12, 2021 by author

Summer is here, and it’s time for your home to reflect the temperature change! These decor trends are timeless and regret-proof, as they’ll go with anything already in your home.

1. Throw Pillows

Throw pillows are the quickest and cheapest way to upgrade your seating area. Enhance a neutral couch or chair with a bright color or bold design. You can layer complementary hues and textured fabrics to add depth. The beauty of pillows is all the fun shapes and colors they come in!

2. Duvet Covers and Sheets

New bedding will transform a bedroom, plus it’s a fun way to keep you and your bedding clean. Options include a botanical print, graphic designs for a contemporary look, or patterned sheets and sham for a more subtle approach.

3. Bath Mats and Towels

Another easy and hygienic change is a new towel and mat set. Earth-inspired hues and unique textures like terra-cotta or clay-colored bath towels will give you a spa-like feel in your own bathroom. For maximum comfort, make sure they’re absorbent and soft on the skin!

4. Bowls and Vases

These small decor items will enhance a room when they’re strategically placed. It’s essential to find the balance between clutter and decor when choosing bowls and vases. That’s why stylish and functional pieces are recommended. Examples could be a painted bowl or plate, an antique mirror, a sculptural vase for flowers, etc.. Sculptural vases and planters are the trends this summer.

5. Rugs

A new rug will add comfort, protection, and style to any area and flooring type. Area rugs are great for families with children because it helps soften the room, while also offering a chance to add in a new color, pattern, or trend into the room. The summer trend is neutral color palettes with an over-the-top texture like a plush pattern.

6. Accent Lighting

Lighting can easily be changed, even on light fixtures you own. Options are buying a new light fixture to follow the trend or adding a new shade to your existing fixture. It can be as inexpensive and creative as you’d like.

If you need help decorating your property for renters this summer, contact us today! As part of our services, we make your property ready; whether that’s decorating or remodeling, we do it all! We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Hot Summer Color Trends for Austin Investors

Posted on July 13, 2021 by author

If you’re looking to spruce up your home for summer or need some summer inspiration for decorating your investment property, check out these hot summer color trends from HGTV.

1. A Touch of Spring Green

Spring Green is a vibrant mix between turquoise and sea green. This color works best as an accent when surrounded by primarily neutral colors. It can be just a pop of color like pillows or larger by choosing a furniture piece with this color.

2. Regal Purple

Regal purple can easily be used all year round for decor, but it especially pops during summer. You can even incorporate outside when you use fresh lilacs or liatris to accentuate the purple in the room.

3. Blue

Blue is a great accent color as well since it can have a masculine and feminine appeal. If you don’t want to commit to painting with this color, let accessories do the job for you. A blue rug with matching pillows and accented table settings is a great option.

4. Sunny Yellow

Mimic the sun’s bright hues with a shade of daffodil to brighten up any all-white room. This color pairs great with white, black, or navy and can quickly transform a space into a cheerful room.

5. Turquoise

We already mentioned blue, but we need to mention this particular shade of blue: turquoise! This color complements mid-century modern furnishing to help give the room a retro, urban feeling. The beauty of this color is its versatility in using it by itself or toning it down with muted hues.

6. Slate-Blue

The opposite of turquoise is slate blue, and it’s also a great color for summer too! While not as bright and cheerful as its blue cousin, slate blue can represent coastal inspiration and ocean waves, making it a hot summer color style. This color works best when paired with neutral furniture and accessories.

7. Yellow Green

If you’re looking for another color to make your home pop, yellow green is the color for you! This bright color pairs well with browns and creams and can be combined with darker shades of greens as accents. Yellow green will add a whimsy, graceful touch to your room.

If you need help with your rental property, contact us today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

10 Popular Decorating Styles for Austin Investors

Posted on June 10, 2021 by author

If you need help decorating or furnishing your property for future tenants, try one of these popular decorating styles!

Transitional

Transitional can be defined as an elegant combination of traditional and contemporary looks. Because of its simple style, it can appeal to people with different design styles. This style featured sophisticated furniture, serene hues, updated classics, and materials like marble and quartz. It works well with coastal or farmhouse styles too.

Traditional

Tradition is a blend of history, heirloom antique, rich woods, plush carpets. A traditionally designed room should feel warm and welcoming. A traditional design style will have antiques, a refined color palette, intricate architectural details, and materials like marble and wood. This style works best with these styles: rustic, coastal, or Mediterranean.

Contemporary

This style is whatever is current and new. This style is the complete opposite of traditional style because it embraces negative spaces, strong shapes, and clean lines. Contemporary style is defined by current trends and designs, open space, and minimalism. This style works best with rustic or coastal styles too.

Modern

A modern design style focuses on form and structure like smooth surfaces, glass, chrome, and black leather accents. This style has an emphasis on ample negative space, a clean color palette, and minimalism. This one works best with industrial, midcentury, and farmhouse styles.

Midcentury

This style emphasizes strong shapes and clean lines and combines the past with the present. Decorate with a midcentury style by having clean, uncluttered spaces, natural wood, graphic patterns, and organic shapes. Modern and industrial styles work best with this one.

Farmhouse

Farmhouse combines rural architecture with modern comforts by utilizing hardworking furnishings and natural materials. This style features wall paneling, sliding barn doors, natural and historic colors, and simple, functional furniture. It works best with modern, rustic, industrial, and transitional styles too.

Rustic

Rustic is inspired by Mother Nature’s woods, plains, rivers, and lakes. Popular features of this style are exposed wood beams, brick and stone, natural hues, and rugged furnishing. This style works well when combined with farmhouse, traditional, contemporary, or industrial styles.

Industrial

Industrial is usually seen in urban lofts and converted industrial spaces but can be used in a home when you use industrial finishes and decor. Typically defined as gritty, industrial is also characterized by salvaged and found elements for decor, wide-open space, exposed raw materials, and a neutral color palette. It combines well with modern, rustic, farmhouse, and midcentury styles.

Mediterranean

Just the word itself makes people think of sandy beaches and vivid oceans, and the goal is to recreate those cool and breezy or rich and warm locations in a property. Key elements of this style are a rich, earthy color palette, natural materials like wood, brick, and stone, and colorful tile. It works well with traditional and coastal styles.

Coastal

Don’t get Mediterranean confused with coastal! Coastal style is inspired by the beach and utilizes natural light, natural materials, and a casual tone. You don’t have to live by a beach to make coastal work for your property. If you decorate with coastal colors, whitewashed surfaces, bare wood floors, natural materials like linen, cotton, and wicker, you’ll get the theme across. Coastal style works well with traditional, transitional, contemporary, and Mediterranean.

If you need help with your rental property, contact me today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

3 Popular and Affordable Home Improvements to Add Value in 2021

Posted on April 8, 2021 by author

Home improvement projects were all the rage during quarantine as more and more people spent time indoors. But the trend isn’t stopping yet. Many are taking advantage of the savings from lockdown and improving their home’s comfort. Discover Home Loans survey revealed that 58% of people are planning home improvement projects this year. 83% of those said a more comfortable home was their primary motivator. Here are the most popular and affordable home renovation trends for comfort this year.

Bathroom Improvements

According to a HomeAdvisor survey, a bathroom remodel is the most popular planned renovation this year. The bathroom is a place we spent a lot of time in, so it must be comfortable, efficient, and practical. Modern toilets, faucets, and showerheads are aesthetically pleasing and also help conserve water and lower costs.

The average bathroom remodel cost last year was $13,401, according to HomeAdvisor’s True Cost Report. While this may seem like a lot, this is more economical than a kitchen renovation that costs an average of $35,000.

Interior Painting

HomeAdvisor reported that interior painting was the most popular project and the second most planned project this year. This project has an average cost of $2,007, which is the best inexpensive upgrade that significantly impacts the home.

If you’re painting to sell your home, it’s best to choose neutral colors. Neutrals will work with any style and help the buyer visualize their furniture in your home.

New Flooring

This popular and affordable project is the third most planned renovation project this year. It has an average cost of $4,680. Replacing old and worn carpet, tile, or wood will increase the home’s comfort and add a unique design feature. This is beneficial since it makes the home more attractive if you’re selling.

If you need help choosing materials or what high return on investment projects to implement, contact me! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Important Factors to Consider When Buying a Foreclosed Home

Posted on March 1, 2021 by author

Foreclosures are often the investors’ go-to’s when they’re seeking a bargain-priced home or wanting to flip a house. And while they’re a solid option, foreclosed homes are very different from traditional resale homes. Let’s take a look at some of the important factors to consider when buying a foreclosed home.

The Dangers of Foreclosed Homes

While foreclosed homes can save you money, they come with baggage. Most foreclosures were not cared for properly and will require some work before becoming livable or sellable. This is common with vacant and abandoned homes, which makes up almost all foreclosed homes since the pandemic began.

Foreclosures are sold “as-is,” meaning that the owner of the property will not perform any repairs on the property. Another challenge could be the legality tied up into the property. Sometimes foreclosure properties have liens or judgments filed against them. This is a claim for the home due to unpaid taxes, repair bills, and more. When that’s the case, you’ll need to pay these off before buying the house.

How To Get A Good Deal

If you find a foreclosure property that catches your eye, here’s what you need to do next.

1. Get Pre-Approved for a Mortgage

Unless you have an all-cash offer for the seller, getting pre-approved is a crucial first step. All cash offers are appealing because they usually mean a quick close.

A loan pre-approval letter shows the seller you’re qualified, prepared, and are a safe bet to follow through on the deal. As your real estate agent, I have a list of reputable lenders, and I’m happy to share that information with you.

2. Research

You’ll need to research the home and the area. You can investigate the house through property records found at the county clerk’s office, and you may be able to avoid paying for liens placed against the property. You’ll also want to look for any improvements to the home, its ownership and sales history, and its assessed value with the county.

3. Get a Home Inspection

A home inspection will help you better understand the property and its flaws. As your real estate agent, I can also help with evaluating the property.

Once you have more information about the property, work backward to come up with an offer price. The rule of thumb for home flippers is purchase and repair costs should not exceed 70% of the home’s expected after-repair value.

This is just the tip of the iceberg, and there are many more important factors to consider when purchasing a foreclosed home. Contact us today, and we’ll happily guide you through the process: (512) 721-1094 or dbrown@talkpropertymanagement.com.