Texas Landlord

Renting Out Your Home:

Whether you’re looking to be the landlord or plan to use a third party to manage your property, the following will help guide you through the process.

CPA: Speak to your CPA to understand what tax obligations come with being a landlord.

Review Governing Laws: Make sure that you are familiar with the Texas laws that govern the landlord-tenant relationship. Tex. Prop. Code § 92.001 (CHAPTER 91) & Tex. Prop. Code § 92.001 (CHAPTER 92). Some highlights of this code are; exterior have one non-keyed locking device, peep holes, including the garage door, smoke detectors etc. Stay on top of any landlord-tenant related rules and regulations to ensure you are always in compliance with the law. Check your Owner’s Association and your deed restrictions (zoning) to make sure that you are allowed to lease out the property. Know if short-term rentals are acceptable.
Talk to your Moncada Realty Group Realtor® for suggestions on improvements! 

Insurance: Please understand that insurance for owned versus leased properties varies significantly. There are various insurance coverages to consider. We recommend consulting your insurance agent to confirm you have adequate coverage or ask us for a referral. Additionally, tenants must carry renter's insurance and provide you with the declaration page. 

Ashley Washington, Advisor for Houston Tullos StateFarm Insurance
(972)226-5419

Ashely@houstontullos.com

400 South Pascal Road, Sunnyvale, TX 75182

CMA (Comparative Market Analysis):  Your Realtor® will prepare a Comparative Market Analysis in order to find the best price range based on the current market. The CMA helps ensure that your property is not over priced or sits on the market too long.

Preparing to Hit the Market:  Make sure all major systems are serviced and prepared for tenants. Arrange for professional cleaning to ensure the home is ready for professional photography. Discuss essential details with your Realtor®, such as pet policies—specifying types and quantities allowed. Note that Emotional Support Animals and Service Animals are not classified as pets, and landlords cannot charge deposits or pet rent for them. These are among the considerations your Realtor® will address before listing your home for lease.

Find the Right Tenant/s: Your agent will help you find suitable tenants by managing incoming applications. They will conduct credit and background checks, verify employment, and recommend tenants with a strong rental history, no evictions, and no outstanding debts to previous landlords. It's recommended that the applicants' combined income is at least three times the rent. Ultimately, you decide who best fits as your next tenant(s).

Referral List: Whether you or a third party will handle maintenance requests, it's crucial to have a list of trustworthy repair professionals on hand. While you might handle some repairs yourself, others—like HVAC, roofing, plumbing, pool maintenance, foundation work, and electrical tasks—require professional expertise. 

Should you ever decide to sell, we would love to assist you through the entire process. Please contact me to further discuss what that would entail.