COMMON PAINTING MISTAKES

The Austin area has historically always enjoyed a very strong rental market.  With attractions like The University of Texas and other universities, it being the state capital and the large number of state offices there has always been a demand for rental properties.  We have recently seen a surge in rental demand due to the growth in our area and the shrinking availability for mortgage funds.  I read an article just the other day that said 1/3 of all people who apply for a loan are getting turned down even with applicants having strong credit scores.  The mortgage market sure isn’t the same as it was prior to 2008.

INVESTMENT PROPERTY OWNERS:  There has never been a better time to own rental investments in our market.  There are several families who look for rentals as being the only option.  They may have needed to make a new start in a new city.  It’s is not uncommon to see rental applications with bankruptcies and foreclosures..it’s the nature of our reality.  Does that make them bad tenants…not necessarily.  My recommendation would to be to run criminal and credit checks…the main focus should be on the criminal and credit being secondary.  On the other hand landlords are seeing a very short list time.  Be sure to have the property feel clean and move in ready.  There are several options for tenants to choose from (depending on the area)…offer something that catches the attention of tenants.

TENANTS:  No matter what part of town you are in…be a prepared applicant.  There could easily be several applicants for the property you plan to call home.  Have your employment verification contact and any other references ready to go!  Also be prepared to put your applications fees and deposits in the form of certified funds.  You want to convey your interest effectively from the start.  If needed, have a letter of explanation handy for personal events that might from the outside portray you as “weak” tenant.  Landlords understand the nature of our market- ideal credit doesn’t always mean an ideal tenant…but have answers handy.

When I consider a home to have good bones I start with evaluating a structure from the bottom up.  Here in Central Texas we have several different types of soil so looking the foundation is the best way to start assessing a property.  Is it on pier and beam, does it have a solid foundation, are there any cracks in the foundation that are visibly notable?  Having a structurally sound base to the dwelling is extremely important…after all everything else rests on the foundation.

The next is to do a walk around the house and check the exterior was to make sure they form a complete envelope around the structure protecting it from the elements and allowing air conditioning to remain where intended…inside.  At this time you are also reviewing the condition of the windows as well.  They don’t need to be new to be considered good bones, but they should be intact.  Make sure you are paying especially close attention to the presence of wood rot, termite tunnels along side of the house, and places where rodents or water can penetrate the structure.

Lastly, is the review of the roof.  You may find it to be fine, but you might also find parts that are sagging…which can be fixed assuming the other components warrant a roof repair.

I know you are wondering why I am not mentioning much about the inside of the home.  It is a good assumption that most interior comestics can be easily changed over time.  It also assumes that at some point there will be a need to upgrade the different systems in the house over time as well…such as electrical, plumbing, and AC updates.  There are several home in the Austin area that I could point as having good bones…but also know that good bones is almost always synonymous with needing improvements or substantial cash outlay.

If you ever encounter a piece of property and care to take part in a free consult in regards to a structure being a good investment, just let us know!

Feel free to spread the word and share the power of this new tool with anyone you might know who could be interested in investing in the Austin real estate market.

We encourage your feedback on our new site and are always open for suggested maps that we can provide to make your search even more simplified.