The most significant decision a landlord can make is who to rent their space to. The difference between a good tenant and a bad tenant can make or break your success as a real estate investor. Failure to properly screen tenants can wreak havoc on your finances, from your savings to the value of your property to even your happiness. To retain your sanity as a landlord, follow these simple steps and reminders when screening potential tenants.  

Screen Every Potential Tenant 

The biggest mistake you could make is skipping the screening process altogether. No matter how nice or put together the potential tenant is, it puts you at considerable risk when you do not go through with the screening process. Finding out essential details of the applicant, such as criminal history, credit scores, and eviction history, can make you think twice about the supposed “perfect fit.”  

Confirm Their Identity  

It’s true; people use fake IDs, passports, and other means of verification to secure a rental. Confirm a person’s identity with a photo id whenever possible.  

Confirming Income Sources 

Don’t just take someone’s word for how much income they take in. If a potential tenant can’t pay the rent, it will become apparent no matter how well they cover it up. Always require proof of income by asking for pay stubs or a written letter from their employer. 

Require Previous References  

No reference, no problem? Think again! If the potential tenant isn’t renting their first apartment from you, they should have some reference for you to call on. Why might there be no references? The tenant could have previously wracked up a property damage bill, being late on rent, evicted, and the list goes on. Always require references! 

Avoiding these common mistakes will be time-consuming but worth it in the end when you have a high-quality, long-standing tenant. Tenants are easy to come by, but the good ones take a little bit more work to find. When in doubt, always do more research.  

Are you looking at starting your journey as a landlord? With Beyond 404 Realty in Forney, Texas, Anthoney Hanks is the local Dallas-Fort Worth area expert on finding potential rental properties. Anthoney is an investor himself and loves to help those in his community start the journey towards financial freedom by becoming investors. For more information on this, please visit our website www.beyond404realty.com to get started.  

Being a landlord isn’t just collecting rent checks and sitting back. There is a lot of work involved in keeping a property up to date and in good shape. As much as we wish our tenants would treat their apartment like their own, they don’t, and that means that repairs are common in between tenancies. What are the most common types of repairs you will have to make, and how can you prepare for them?  

Water Leaks 

Whether the water leak is under the sunk or around the windowsill, you will encounter this issue at some point. Water can cause thousands of dollars in damage to your home now and in the future, so it’s essential always to take these repairs seriously and act on them promptly. Even small amounts of water can cause mold to grow, which is expensive to remediate if left unchecked.  

Smoke Detectors 

All smoke detectors must always be in working order – especially in high traffic areas such as bedrooms and kitchens. Keep batteries in your tool kit when visiting your property to change batteries when needed.  

Toilets 

A more common problem than landlords wished – bathroom issues. Baby wipes, cleaning pads, cotton balls, paper towels, and much more get flushed down the toilet by tenants causing problems with the plumbing and septic if you have it. Always remind your tenants what is okay to flush and what is not.  

Pests 

Ants, roaches, rodents, and other creepy crawlers find their way into nearly every home. These critters can cause massive damage to your property. When you receive a complaint or request to remove pests take it seriously! Hire a professional to get the job done right the first time – it will end up saving you money in the long run. 

Hot Water 

When tenants lose their hot water, it’s likely a problem with the water heater. If a new water heater is needed, you’ll need a plumber to replace or repair it. 

Garbage Disposals 

Garbage disposals are convenient when they work but can quickly become a nuisance for landlords when they are not working. Tenants may drop items down disposals that don’t belong there, causing the disposal to malfunction. The best way to reduce the number of garbage disposal repairs is to remind your tenants how best to use them by leaving a best practices sheet when signing the lease. 

Preparation is critical when you are a landlord. Although there is no way to anticipate everything you will encounter, you can be prepared for the abovementioned problems.  

Are you thinking of investing in your first rental property? Anthoney Hanks with Beyond 404 Realty in Forney is a local expert on investment properties and will be able to guide you through the process with ease. Check out our website at www.beyond404realty.com for more information.  

You purchased a home that belongs to a Homeowner Association (HOA), now what? Homeowners associations are rising in popularity in many neighborhoods to maintain a cohesive and polished image throughout the community. HOAs have always been common with condos and townhouses but now are gaining momentum with stand-alone single-family homes. Why? Let’s go over the basics of an HOA so you can see why they are often a preference for new homeowners.  

What is an HOA?  

HOAs are a group or an association of homeowners within a neighborhood or development, typically condos, townhouses, or newer planned developments, like the neighborhoods that surround golf courses for example. These associations establish and enforce rules and regulations for members of the association. In addition to enforcing rules, the HOA is responsible for certain things around the development or property that could include the following – landscaping, plowing, shared spaces such as pools, gyms, tennis courts, or common buildings. To fund these endeavors the HOA charges a monthly, quarterly, or annual fee to all households within the HOA. 

Who Makes the Rules? 

The rules and regulations that form the HOA include an outline for the board of directors for the HOA. The rules and regulations specify when and how frequently board members meet as well as how many seats there are on the board. The rules and regulations also include members voting rights. Have an agent help you review the rules and regulations of an HOA you are thinking of entering so they can help better explain the neighborhood and its reputation.  

What Can HOAs Restrict? 

With the many benefits of an HOA do come with some downsides. The most noticeable downside for many homeowners comes with the HOA restrictions. The HOA has covenants and restrictions. These covenants and restrictions can govern quite a bit of your daily life around your home. It’s important to consider everything you might do around your home now and in the future and see if it fits within the guidelines of the HOA. Some restrictions that can be imposed are below. 

• Fences 

• Home Businesses 
• Outdoor Sports Set-Ups 
• RV/Boat Parking 
• Parking of older vehicles in the driveway 
• Laundry lines 

• Landscaping styles 
• Paint colors  
• Mailbox style 
• Lawn signs 

What happens if you repeatedly found in violation of rules? The HOA will issue a fine. Stay safe and read those rules before you buy! 

What are the Benefits? 

With the rules and association drama, some may wonder, “Why even bother?”. There are many upsides to belonging to an HOA. They can include the following. 

• The rules and regulations deter negligence of property 
• The curb appeal of the entire neighborhood is boosted 
• Community connection and involvement 
• Higher property values 
• Lawn care (with some HOAs) 

Now that we have discussed the basics of an HOA you will be prepared to ask the right questions if you were to find a property that was in an HOA. Remember, read all the rules and regulations carefully before placing an offer on the property, and always ask an agent for help understanding them where needed. 

Are you looking for a property in the Dallas-Fort Worth community that is part of an HOA? Beyond 404 Realty specializes in helping bring Texas home, one family, at a time. Reach out to us today to talk about finding your dream home in the DFW area, including Forney, Talty, Crandall, Kaufman, and beyond. Anthoney Hanks with Beyond404Realty.com. 

Simplify your monthly rent collection. Stop waiting for the mail to come or for Friday to visit your tenants to collect in person. Have you ever looked into an online rent payment tool? With the rise of digital payments, why not? Rent payments sites can link directly to your account, simplify the process, and keep an accurate digital record.  

Allowing your tenants the alternative to pay online gives them the flexibility to do so whenever and wherever they may be. If you choose an online payment site, this site will act as a third party between you and your tenant. 

What Tools Can You Use? 

Paypal offers convenience as most people have this app already installed on their phones. Tenants can make monthly payments from their phone, tablet, or computer.  

Rentler FREE online payment tool allows your tenants to split roommate payments, automatically report rent payments to build a tenant’s credit, and send digital rent reminders/late fee notices. 

Venmo is another app that most of your tenants have already downloaded. Venmo features a request tool where landlords can send transfer requests to their tenants on the day rent is due. 

Avail allows you to set up each tenant, enter their monthly rent and due date, and add a separate late fee if paid after a specific date. This site also allows you to schedule security deposit payments with new tenants and due dates. 

PayLease.com  Tenants set up an account and can make payments each month or set up an automatic payment schedule to occur on a specific date. 

PayYourRent.com PayYourRent currently offers eCheck and credit card payments. Tenants can make individual payments or schedule recurring payments monthly.  

.  

Rentigo Payment by eChecks and credit cards and allows tenants to schedule recurring payments. 

What Should You Do? 

Check with your accountant and see if this is a good option for you. Do additional research to see which tool best fits your tenant demographic and needs.  

Are you looking to become a landlord? Anthoney Hanks with Beyond 404 Realty in Forney, Texas, is your local expert for the DFW community when it comes to finding an investment property. Visit his website at www.beyond404realty.com for more information and to schedule an appointment. 

Were you among the millions of Americans in 2020 that started spending more time at home? This shift in time that most spend at home has led many to reassess their financial situations and location, especially with plummeting mortgage rates leading many to wonder – should I keep renting? 

Should You Move? 

Undoubtedly, buying a home is a daunting life-altering decision that leads to many lifestyle changes. It would be best to consider things such as your flexibility, stability, career growth, and family expansion. It seems like too much to consider, so you end up just renting for another year – but is that still worth it? 

At What Cost? 

The cost of a mortgage and the cost of rent historically were very different. Still, with high rent costs, it’s often cheaper to own your own home, even after considering property taxes, maintenance, and utility costs.  

What are the costs? According to the real estate journal, The Ascent,” Mortgage payments cost less than rent: In 2019, homeowners paid $7,229 towards their mortgage, including interest. Renters paid $11,979 in rent. Overall, homeowners with a mortgage paid $4,750 less.” That is a huge difference! The difference between you going on vacation or a staycation.  

But according to the data from the U.S. Census Bureau’s Consumer Expenditure Survey, in 2019, homeowners with a mortgage paid $8,609 more a year on total housing costs than renters. Total housing costs include mortgages, real estate taxes, property insurance, homeowners’ association fees, utilities, maintenance, and other items. These expenses are often billing renters have the luxury to avoid.  

What are the Benefits of Renting? 

With every situation, there are pros and cons including homeownership. When looking at the pros of renting, you have great flexibility, your landlord pays for significant repairs, you avoid closing costs and property taxes, and you can often move for a change of scenery.  

What are the Cons of Renting? 

You’re not building any equity, you cannot customize your space as much as you would like, rent prices are volatile, your landlord could sell the property, and you don’t have a sense of permanent security. If these are all issues for you, it might be best to invest your money in a home of your own.  

What Should You Do? 

Take into account your situation. Think about where you see yourself in a few years and develop a game plan. Speak with local experts in your real estate market to better understand how you can prepare for deciding to switch from renting to owning. There is nothing better to be than prepared! 

Are you located or relocating to the DFW area? Anthoney Hanks with Beyond 404 Realty (www.Beyond404Realty.com) would love to assist you through the process and help you find your dream home and beat the cycle of signing lease after lease!  

Pets are part of the family. Many Americans are among the 67% of households, or some 84.9 million American families, own at least one pet according to one recent study. That number is only growing with the recent boom in pet ownership due to many working remotely. Many pet owners will not even entertain the thought of looking at an apartment or home that is not pet-friendly. Excluding pet owners from your potential tenants could rule out an entirely viable market of renters. 

Pros and Cons of Allowing Furry Friends  

Just like any situation, there are pros and cons to allowing tenants to bring along Fido. You may worry about property damage or insurance issues, but you cannot neglect to look at the benefits.  

1. Higher Rent – many pet owners would be willing to pay a higher monthly rent to be able to live in a home that works for them and their animals. You could also add a monthly pet fee to the normal rent.  

2. More tenants to choose from – the list of potential tenants will be longer. You will be able to choose exactly the right fit for your property.  

3. Better renewal rate – tenants will not want to go through the painstaking trial of looking for another pet-friendly rental. They will be happy to stay where their whole family can stay together.  

4. Responsible pet owners equal responsible tenants.  

With that all being said there are some potential downsides to allowing four-legged companions.  

1. Property damage – this can be anything from scratch marks on doors to a lingering odor in the rugs.  

2. Noise – dogs get excited and bark to protect their home. 

3. Potential injury to other tenants. 

What can you do to be sure you pick the right tenant with well-behaved pets? 

The Interview Process 

During the normal interview process of credit checking, background checks, and criminal record checks, add in a pet check. Consider conducting an interview in person where you can meet the pet for yourself to determine if they would be a good fit, are well behaved, and have responsible owners.  

Some questions you may want to ask: 

1. Is your pet left alone for long periods during the day? 

2. Does your pet go outdoors for exercise? 

3. Are they spayed or neutered? 

4. Who looks after the pet when you are away? 

5. Has your dog had any obedience training? 

6. Is your pet properly licensed with the city and state? 

7. Has your pet been vaccinated?  

8. Do you have a vet that you visit regularly? 

9. How does your pet react with other pets? 

Asking these questions and some of your own will help you get a better idea if this pet and tenant are a good fit.  

Final Thoughts 

Whether or not you choose to rent to tenants with pets you should establish clear guidelines in your leases regarding pet ownership and responsibility. Consider all the factors mentioned above before you make the final decision on allowing dogs and cats in your rentals. Remember, careful tenant screening is your best bet at getting an amazing tenant and a friendly furry companion. Anthoney Hanks with Beyond404Realty.com. 

When you hear the term “The American Dream”, what comes to mind? Many will say the ability to own your own home. It is perhaps one of the biggest investments someone can make throughout their lifetime. Many see buying your first home as a milestone in your adult life, why then have many millennials put off or disregarded purchasing a home? 

Market Value Surges  

Most secular sources agree that a mortgage should not exceed over 25% of the household’s monthly gross income, with a percentage higher than that it might bring into question the ability to maintain the payments during harder times. With the current market, most areas are experiencing a hike in housing prices with the rise of wages trailing far behind and not keeping pace. This means that those millennials who are 5 -10 years out of college are still struggling to close the gap between their wages and the average home price.  

Debt it High 

With the average millennial in their late 20’s to early ’30s in 2021, most have been working at paying down their student debt for some years. Unlike generations past, however, the debt that millennials have acquired during college years is high and causing a financial burden on many. According to the NAR, more than 50% of prospective home buyers under the age of 36 noted that student debt delayed their plans on purchasing a home. Other sources including Apartment List noted that most millennials without debt needed on average 7.6 years to save for their first down payment while those with a high student loan debt rate needed to save for more than four more additional years. All of this factors into why debt is causing a slow down in millennials with college debt in purchasing their first home. 

They Think Long Term 

Millennials as a whole are sustainability-minded. They like to think of how things will affect them for years to come and even their children. Unlike generations past when a starter home was an acceptable first home, many millennials want to be more particular and find a home that they can grow into as time ebbs away rather than moving and purchasing a new one to suit their future needs. 

They Have High Standards 

The rise of social media, home design shows, and home design magazines have been immensely influential with millennials and their counterparts. Millennials are constantly confronted with the “perfect” home on their social media feeds and television programs that they watch. With this, it creates a desire to have the perfect home. Millennials will wait longer to find a home than other generations because they will want to check off most if not all of their boxes, even if those boxes are purely from a design perspective. 

They Crave a Community Environment  

Millennials want to live, work and play in one central area. Gone are the days of long commutes and moving between communities. While millennials take their time to get established they will seek out a community that feels like home to them, often renting and trying it out so to speak before making the move to purchase a home there. 

The bottom line is that millennials are purchasing their first homes at a much later age than generators prior, partially due to cost and partially due to the shift in our culture. When working with a millennial client be sure to fully understand their needs, wants, and desires to better assist them.  

Are you a millennial in the Dallas-Fort Worth area looking to work with a trusted local agent? Anthoney Hanks of Beyond 404 Realty would be happy to help you find your dream home and make the DFW community your home. See our website for contact information regarding this. 

The city of Terrell, established in 1874 is now home to over 16,000 residents just 25 miles East of Dallas. Terrell is home to a multitude of local businesses, employing over 11,000 hard-working Texans. The city is well known for its Southern charm and modern amenities.  

Are you a long-time resident of Terrell or are you new to the area and thinking of moving in? Terrell is an amazing place to settle down and plant your roots. The school system is close-knit and provides a great education for its students. Being within 25 miles of Dallas, the location is ideal for commuters who want to be close to the city, but still, have a piece of quiet land to relax on at the end of a stressful day. 

Terrell is known for its rich history with the Pacific Railway with cotton production as well as a host of other notable sites that include The Griffith Homeplace Museum, OK Corral Ranch & Arena, Terrell Ghost Walk, British Flying Training School Museum, Terrell Heritage Museum, and many local parks. Shopping and other conveniences are a short drive from any home with factory outlets, grocery stores, and other shopping all located within the town.  

When making your next move consider living in Terrell – you won’t regret it. Anthoney Hanks with Beyond 404 Realty is a local expert on Terrell real estate and will be happy to assist you in your home search. Reach out to us on our website at www.beyond404realty.com, fill out the contact form and we will get started on finding your dream home.  

Your long and tedious house search yielded the perfect property and the offer you made was accepted – congratulations. The next step in your journey to homeownership is getting through the home inspection. This is your opportunity to look the home over and find any issues with the home that you otherwise would not discover until living there. Take this time to pay close attention, listen to the inspector, and the advice of your trusted agent. Below are some of the steps taken during an inspection and some helpful tips to use along the way. 

What Happens at a Home Inspection? 

The home inspector will look at all areas of the home including the roof, foundation, plumbing systems, heating systems, and much more. The inspector will take detailed notes and photos to put into a written report for you and your agent to review afterward. If there is a glaring issue the inspector will bring it to your attention and explain what can be done to remedy the issue.  

What Do Home Inspectors Look For? 

A full list of what your home inspector will investigate according to the American Society of Home Inspectors (ASHI): 

1. Heating system 

2. Central air conditioning system (temperature permitting) 

3. Interior plumbing and electrical systems 

4. Roof 

5. Attic, including visible insulation 

6. Walls 

7. Ceilings 

8. Floors 

9. Windows and doors 

10. Foundation 

11. Basement 

12. Structural components 

Who Pays for the Home Inspection? 

Typically in most regions, the buyer will contact a home inspector of their choice and pay them directly. If you do not have a preferred home inspector your agent will be able to make a recommendation of a trusted professional. 

How Long Do Home Inspections Take? 

The length of the inspection differs from home to home based on the size, age, and thoroughness of the inspector. Generally speaking most inspections last between 2 and 4 hours.  

What Happens After the Inspection? 

You and your agent will review the inspection report provided by the home inspector. If the report shows few or expected problems, the home buying process and closing date should move ahead smoothly. Your agent might suggest asking the seller to deal with minor issues and repairs before the closing. If there is a more serious issue your agent will guide you through the next best steps. 

Whether this is your first home purchase or your 10th, a home inspection is not a step to skip over in the home purchasing process. We wish you luck as you continue towards your goal of homeownership. 

For local assistance in the Kaufman County area of the Dallas-Fort Worth community, Beyond 404 Real Estate can be your trusted local real estate agent. Our real estate office is located in Forney and home to agents with vast knowledge on all things home-related. Give us a call today to help you along your journey. Anthoney Hanks at www.beyond404realty.com