Tag: Rental Property Austin

4 Timely Home Design Trends for Rental Property in 2021

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If 2021 is the year you become an investor, or if you’re already one and looking for ways to increase ROI on your investment, these four home designs should factor into your portfolio decisions in 2021. With the pandemic, people are spending significantly more time at home, and this influences home layout preferences and needs. Here are some home design trends you should look for in your next rental property.

Separated Spaces for Multigen

Open floor plans are not as popular if multiple people are sharing the same living space. Homeowners are looking for areas to do work, place video calls, exercise, and learn remotely, and you can’t do that all in one room. Think of the chaos! This is especially true with the rise in multigenerational families sharing a home, where each individual needs space and privacy for themselves. 

Wood-grain Elements in the Kitchen

Increased time spent indoors is influencing home materials. Homeowners are craving the outdoors indoors, and this includes materials that are organic and natural. This home design ties interior elements to nature and can be accomplished by adding wood-grain cabinets and wood countertops. 

Outdoor Solitude

The backyard has become a break room of sorts for adults and children, so homeowners are looking for entertainment. The items that gained popularity during the pandemic are fireplaces, fire pits, patios and decks, screened-in porches, and outdoor kitchens. While an outdoor kitchen can be expensive, it can be as economical as adding an outdoor refrigerators and dining areas to your rental property. 

Smarter Bathrooms 

Touchless appliances and self-cleaning appliances gained traction last year in smart technology. Motion sensors for lighting and smart temperature control for bathroom floors are some ideas that can increase ROI.

 

Contact us today to begin your investor journey. If you need help deciding what home designs increase your rental property’s ROI, reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

When is it Time to Hire an Austin Property Manager? | Cost Versus Return

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Investing in Austin real estate is a great way to earn additional income. Once you’ve purchased a rental home, made any repairs necessary to ensure it’s safe and up to code, and secured renters, managing one or two homes can be simple for the experienced investor. But as your portfolio grows, managing more than a couple of properties or expanding your investment area can be overwhelming. When is it time to hire a professional to manage your Austin rental property?

If you are managing properties, you are most likely looking for the highest return on investment and watching your costs carefully. Balancing costs with investment takes careful consideration, and property management companies are both a cost and an investment. Here are factors to consider when determining when to hire an Austin property manager:

Time Versus Money

Rental homes require attention, attention involves time, and your time is valuable. It’s easy to recognize that managing one or two properties requires less attention than working with three, four, or more units. If you have the time but not the money, managing your own rental homes makes the most sense. If you have the money but not the time, hiring a professional should be on your to-do list.

Time Equals Money | Expanding Your Portfolio

The time it takes to manage multiple properties is time you can spend focusing on other ventures including a separate profession, searching for new rental properties, or higher-level management tasks. Instead of taking urgent calls, answering tenant questions, screening renters, or fixing toilets, your time can be spent expanding your portfolio, marketing, or networking. If your time is more valuable spent elsewhere, hire someone to take those management tasks off your plate, and increase the quality of your output. 

Expanding Beyond Your Current Geographic Location

Investing in Austin could be where you start, but if your sights start to focus further outside the city limits, your expertise, capability, and desire to travel may start to wane. Diversifying your portfolio is a smart investment but also requires diversification in management to help subsidize your knowledge base, maintain properties, and balance your time. Expanding geographically would be a time to hire a professional. 
Managing properties in Austin can be a lucrative business, but the best landlords and investors understand balancing costs, time, and knowledge. If you are managing multiple properties, are overwhelmed with management tasks, or considering expanding your portfolio, it’s time to hire a professional property manager. Contact Dona Brown, Talk Property Management, for a local Austin perspective that can help you navigate the area’s investment real estate market, manage your property with experienced ease, and set you on a course for success. 512-721-1094.

How TALK Property Management Can Help Investors Reach Their Real Estate Goals for 2020

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A new decade means new opportunities and new investments to be made. 2020 is the year you can make a big change and see huge results. It’s never too late to add some simple additions to your New Year’s resolutions and set achievable real estate goals to set you up for the next decade. We’re here to help keep you on track and set you up for success!

1. Expand Your Horizons

Just as the times change, so do trends in the market. Investing in real estate allows you to learn so much about a variety of topics and makes you a well-rounded person, but it’s never too late to expand your vision and learn something new. Ask questions about a real estate investment type you’ve never tried, research short-term rentals, or dig into where the next up-and-coming neighborhood will be. If you need help researching, don’t hesitate to give TALK Property Management a call.

2. Focus on Time Management

The more investment properties you have, the larger your scope of responsibilities to take care of your tenants and maintain the property. As your portfolio and the number of properties you invest in grows, it becomes more and more important to build a team you trust to help you spend your time wisely. With TALK Property Management, we help you take care of all the day-to-day duties of owning a property and come with a great team you can always rely on.

3. Stay Informed

You never want to lose touch on how your properties are doing, what the current tax exemptions are, or any coming changes that could affect you. When you partner with TALK Property Management, we always keep you in the loop, and we’re never more than one phone call away to answer all of your questions.

If you’re curious about the services we offer to help anyone investing in real estate, check out our About Us page. We’re here to make sure your real estate investment is a success, so let’s get 2020 started off on the right foot! Give us a call at 512-721-1094.

A Look Back at Austin’s Construction Projects Throughout the 2010s

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Since 2010, there have been a ton of new projects and developments springing up throughout the city. With the start of a new decade almost upon us, we thought we’d take a look back at some of the buildings that weren’t around to add to our skyline just a few years ago.

The Austonian
From 2010 – 2018, this was Austin’s tallest building. The Austonian was the true start to showing how important and lucrative high rise residential buildings can be in Downtown Austin. The skyline wouldn’t be the same without the 683 feet condominium tower.

The Independent
In 2019, the Austonian was usurped in height by the Independent, standing at 690 feet, the building became the tallest in Austin and the tallest all-residential building in the United States west of the Mississippi River. The unique design is always brought up in architecture talks for its Jenga-like look.

Robert B. Rowling Hall
The University of Texas campus is beautiful and has a huge impact on the city year after year, but the new graduate business facility is an even bigger fixture. The 497,500 square-foot building connects to the AT&T Conference Center and Hotel.

Northshore
The 424-foot building has 38 stories, 439 apartments, and is a quintessential mixed-use development. The building comes with a private lounge, pool, concierge, and a variety of great amenities.

70 Rainey
The last ten years have brought particular change to the Rainey District. The tallest of the new towers to the historic Rainey Street is 70 Rainey, and it’s sure to be one of many luxury buildings to connect Rainey to the rest of Downtown.

The last decade has brought a variety of changes, and we know the next ten years can really evolve the city dynamic and skyline even more. If you ever have questions about where we see Austin going and what the changes can bring for your investment properties, don’t hesitate to reach out to TALK Property Management at (512) 721-1094.

5 Real Estate Investment Property Red Flags

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There are a lot of excellent investment properties out there, and while there are some factors that make a property great, there are also some red flags that may help you narrow down which ones you should avoid altogether.

  1. Is the floor plan functional?
    If a home is listed as a four-bedroom home, you want to make sure that all four bedrooms are adequately sized. If one bedroom is particularly small or awkwardly shaped, it may be hard for you to find tenants for that space. You’ll also want to consider the number of bathrooms. It’s unlikely that you’ll find tenants ok with sharing a four-bedroom home with only one bathroom.
  2. What neighborhood and school district does the home fall in?
    No matter how beautiful the home, if it’s in a bad neighborhood or zoned for a school district that doesn’t have a great reputation, you’re going to have a hard time finding tenants. Is the area in a high flood zone, close to loud businesses? These are all factors you’ll want to look into.
  3. Are there structural issues and damage to the property?
    Pay attention to if a property has uneven floors, cracks on exterior walls, etc., as this can be a sign that there are bigger problems with the structural integrity of the home, which can be costly to fix. You should also be looking for roof leaks and checking under countertops and sinks in the bathroom and kitchen for signs of water damage and mold, as this can be another sign that there are major repairs that need to be made.
  4. Have you been asked to waive your right to inspect the property?
    We can’t stress this enough. If a seller asks a potential buyer to waive their right to inspect and back out of the deal if they don’t like what they see, turn tail and run. This is a huge sign that something isn’t right with the property. It’s common for a seller to sell a property as is without making any repairs, but it’s not common to ask a buyer to lock into a deal without an inspection.
  5. Are you being met with resistance to see the inside of the property?
    If you’re having trouble nailing down a date and time to see a property or are even being kept from checking out the whole property, it’s a big sign that the seller is hiding something. The golden rule to live by: Never buy an investment property without seeing 100% of what you’re getting into and after receiving an inspection that gives you an idea of what the property will need maintenance-wise.

If you still have questions on investment properties, don’t hesitate to reach out! We’re more than happy to share some of the knowledge, tips, and tricks we’ve picked up over the years to make sure you make and maintain a great investment.

The Domain is Going to New Heights!

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It is said Domain Tower 2 will be 24 stories and have 330,000 square feet of office space. This second tower is a continuation of the plans to make The Domain Austin’s second “downtown” hub. As huge technology companies are seeing a need for larger space in close proximity to amenities they can offer to employees, construction companies are meeting those demands by expanding The Domain.

Overall, The Domain is about 300 acres of land split amongst a variety of offices, retail spaces, and residences. There are more projects coming soon, including a 20-story, 345,000 square-foot Domain Tower 3, and a proposed 22-story Domain Tower 4. The plan to continue development of The Domain includes a 15 phase plan, and Domain Tower 2 is just one step in the overall goal of bringing 3 million square feet of class A office space, 2,500 multifamily units, 50,000-square feet of restaurants, and a hotel to the area.

While no one has yet signed on to take over the office spaces in Domain Tower 2, there’s no doubt there will be a variety of companies interested due to its great location and competitive markets. The demand is strong and only continues to grow in this area. If you’re curious about how the area in North Austin has changed with the expansion of The Domain, give our team a call. We’re happy to give you a glimpse into how the area has changed and how it will continue to do so in the coming years.

How to Know if a Property is a Good Investment

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Deciding to jump into real estate investment is just the beginning of a variety of decisions you’ll have to make. You’ll be surrounded by questions and things to ponder and consider. So, what is it that makes a property worth buying in order to rent out to tenants? What should you be looking for in a great investment property?

  1. Quick turnaround time – By this, we mean that you should be looking for homes that you can buy and have a tenant living there in no time. It can be costly and unwise to invest in a property that will need a ton of renovations before you can rent it out. It’s recommended to look for properties that will generate enough rent in 10 months to cover all costs or follow the “2% rule.” This is the financial rule that states that your monthly rent should be at least 2% of the total purchase price of a property.
  2. Check out the number of days homes are staying on the market as well as what other rentals are offering – If a neighborhood is seeing a decrease in the number of days on the market for homes being sold, this shows that the housing market in that area is heating up and could be especially desirable. On the other hand, if you see rental properties offering discounts and deals, this could be a sign that landlords are having a hard time filling the spots they have open and that the neighborhood isn’t ideal for tenants.
  3. Look into what else is available in the neighborhood – Big businesses spend a lot of money to scout out desirable neighborhoods that will sustain their company. If a Starbucks, Whole Foods, or trendy business is moving in, it’s a great sign that the area is booming and will bring tenants looking for a place to call home. If you’re looking at places in a college town, you need to know that you’re more likely to have a high turnover of tenants – people looking to stay for 1 – 4 years while they finish a degree. If you’re targeting millennials in a city, target your home searches to walkable neighborhoods that are close to public transportation and restaurants/businesses.

If you ever have any questions about real estate and investment properties, don’t hesitate to reach out to our helpful team. We’re here to ensure that your properties and investments are well taken care of.

Loan-to-Value Ratio Explained

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If you’re considering buying a home, there will be a lot of delving into your finances in order to qualify for a mortgage. One of, if not the most, crucial factor to be approved for a mortgage will be your loan-to-value ratio. The loan-to-value ratio is pretty straightforward. It’s simply the amount of money you borrow from your lender, divided by the purchase price of the home in a percentage format.

The loan-to-value ratio is extremely important for lenders as it gives them a better insight into the risk they face loaning money to a prospective homebuyer. The higher your loan-to-value ratio, the higher the risk to the lender, which may play into the mortgage terms and interest rates the lender can offer you. While lenders also look at your credit score, they want to make sure that you have equity in your home and are willing to make a sound investment that you can afford.

Many lenders require that borrowers have a loan-to-value ratio of 80% or lower before they approve a loan, which means that they’re really looking for borrowers to put in 20% for the down payment.

If you’re worried that you could fall under the high loan-to-value client group, there are a few ways to lower your ratio and increase your chances of being approved and getting great terms for your home loan.

One way to lower your loan-to-value ratio is to save up more money in order to have a larger sum to put down for your home. If you can offer up 20% or more of the home’s value, you’ve already lowered the loan-to-value ratio and made yourself less of a risk to the lenders by proving you have a stake in your home. The other way to lower your loan-to-value ratio is to look at more affordable homes. Choose a home that you would need a smaller down payment for, and you’ve immediately taken care of reducing the loan-to-value ratio.

If you ever have questions about your loan-to-value ratio and choosing a property that fits your budget, give our team a call. We’re here to make real estate processes simple and easy to understand for everyone.

Choosing a Home Warranty for Your Rental Property

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Choosing a Home Warranty for Your Rental Property 

There are plenty of expenses when it comes to owning a rental property. New application fees, landscapers, and even the downtime costs associated with utilities when no one is residing at the property. There are many factors to consider when renting your property but the thing you may not have thought about can save you a lot of money and peace of mind. A home warranty.

Large ticket items, like your A/C unit, appliances, or plumbing issues, are not typically covered under your homeowner’s insurance unless in cases of natural disasters. When you have a rental property it is important to ensure maintenance items are covered. This is where a home warranty comes into play.

Saving you time and money, a home warranty company will take care of those maintenance nuisances that seem to happen when you’re least prepared for it. The service level plan you opt into will determine the amount of out-of-pocket expenses you can expect for a maintenance request. 

There are several home warranty companies to research and determine the best fit for you:

  • Choice Home Warranty
  • America’s First Choice
  • Select Home Warranty
  • Total Protect
  • HSA
  • Old Republic
  • Guaranteed Home Warranty
  • Landmark Home Warranty
  • Stanley Safe Club
  • Allied Home Warranty
  • American Home Shield
  • BFS

 While a home warranty can’t guarantee the best tenant, that’s our job, a home warranty can help alleviate the stress of maintenance repairs. When you’re ready to consider all the options available to you for your rental property and need help with professional management services, give us a call. 

TALK Property Management is a Company You Can Trust

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What makes TALK Property Management/Broker Different?

TALK Property Management/Broker is a full service company that puts your needs first. We are always just a phone call or email away. Ours is a company you can trust and rely on to take care of your investment and treat your tenants with respect.

TALK Property Management’s staff is knowledgeable, professional and courteous. Communication is very important to us. Whether your are an owner or a tenant, we keep you informed.

Our services include:TALK-Property-Management-Meaning

  • Monthly Accounting Reports
  • Automated Owner Distributions
  • Owner Portal with WebCloud Document Retrieval and Notifications
  • Multi Media Marketing and Leasing
  • Regular Property Inspections and Texas Property Code Compliance
  • Inexpensive Maintenance/Repair Vendors
  • Comprehensive Tenant Screening (Credit, Rental History, Criminal Check, Income Verification)

Give us a call and Let’s TALK! or click here to sign up for a free consultation.