One of the first things many applicants want to know when applying for a rental property is what the All-County pet policy is like. Can they have pets? If so, what kind, and how many? What are the requirements?

Owners Decide
Whether or not a pet is allowed in a certain rental home is first set by the owner of that home. The owner decides if pets are allowed and if so, under what circumstances. So if you are interested in one of our homes, check the pet policy for the home carefully.  Each home will have different rules according to what pets are allowed, however, certain restricted breeds are not permitted in any of the properties All County Property Management Group manages. Find that list here

Pet Application
Once you find a home you’ll like to rent that has a pet policy that is right for you, you must fill out a pet application. This will be sent off to our team for review.

Submit Your Rental Application and Deposit
That’s all there is to it! Once you submit your rental application and deposit, all your pet’s information is brought along with you!

Upon move-out, you will be required to have all carpets cleaned by a professional carpet cleaning company. All County’s pet policy is easy, and will allow all family members to enjoy renting our homes, even the furry ones!

For Owners
If you are an owner, it is up to you whether you allow pets on your property (unless it is a legal service animal). We have found from long experience that allowing pets on your property will rent it more quickly, leading to higher profits for you. But since animals can be destructive, we leave this up to you.

As the investment property owner, you are able to set the parameters of which type and size of pets you allow or not.  The choice is yours.

If you have more questions on the All County Property Management Group, you can call us anytime at (817) 567-2500

There are many reasons why your family might be living off a single income. One of you is taking some time off because you have young children, or maybe one is currently on leave for some reason like school or injury. Or maybe you’re just single! Regardless of the reason, many single-income people/couples still want to invest in DFW rental properties.

After all, investing in rental property is a great way to replace your monthly income. And, if you and/ or your partner are currently living off one income, any extra source is likely desired.

Check out the tips below to find out more on how this can be made possible for you/ your family.

Purchase in Strategic Names

For those couples/ people that have an above-average income (despite it being a single-income household), consider taking advantage of one of the most common strategies used in property investments – purchasing in strategic names. By negatively gearing your investment and having the higher-income earning spouse (or only income earning person) make the purchase, you will be able to offset the full value of the tax deductions against your income tax.

Invest in a Family Trust

Setting up a family trust and investing in assets such as rental properties through it instead of your individual name may save you a large amount of money in household tax fees. Since the trust is tax-free, distributions can apply to lower-income families (such as a single-income home). However, keep in mind that the beneficiary of this family trust will need to pay the taxes.

Purchase Property Using a Land Trust

Another type of trust that may be beneficial for investing in a DFW rental property is the land trust. Since a trust is simply an arrangement in which someone holds something of value for the benefit of another party, a land trust can be explained as an arrangement in which someone holds the title to a piece of real estate (example: your Investment property) for the benefit of another party.

Get Life Insurance and Other Income Safeguards

If you are the sole income-earner, having income safeguards in place is essential to you or you and your partner’s financial security and stability. Should anything happen to the sole breadwinner in a single-income couple such as an injury, illness, or death, financial disaster can creep in quickly.
Having life insurance will secure the financial well being of the non-income earner and other family members should the sole income earner pass away. After all, if you invest in rental property and pass away leaving your partner without a job, and with bills to pay, food to purchase, shelter to pay for, possibly kids to care for, and a rental property to handle, they are going to need some sort of lump financial sum to help. Altogether, having financial safety nets in place is even more crucial when a single-income couple decides to invest in something as large as a rental property.

Tips for Investing as a Low-Income Earner

Just because there is one income earner in a couple/ or yourself does not mean that earner makes enough money to purchase investment properties left and right. However, it is possible to invest in DFW rentals as a low-income earner by following some of these tips:
• Understand how much you can realistically afford
• Come prepared with a large down payment
• Reduce your current debt as much as possible before applying for a loan
• Compare different loan types
• Use equity in any existing properties you may own
• Research the market and purchase prices for properties
• Have an emergency fund for rental property maintenance

Though many of these tips are similar to what any property owner should do before purchasing an investment property, as a single-income couple/ person, these tasks are more vital than ever before. When relying on one person’s lower-than-average income to pay for everyday life, in addition to a rental property, there is a lot of preparation that should take place before jumping in and purchasing a property.

There are plenty of options available for those single-income couples/people looking to invest in DFW. And, if the proper precautions are taken, becoming a property owner may not be as difficult as you might have originally thought.

If you find yourself a property owner that also works to provide for your family and you want a break from managing your property on your own, contact All County Property Management Company. We have over 30 years experience and a wonderful staff on hand to take the burden of managing the day-to-day tasks of your investment property.
 Check out our services here.

People love to buy fixer-upper rental properties in DFW and there are plenty of advantages to doing so. However, many property owners fail to weigh both the pros and cons of investing in a property that needs a little extra TLC.
So today we will show you both sides of buying a fixer-upper property so you can better decide whether to take on a project or invest in move-in ready.

Things a fixer-upper might need include:
• Light cosmetic work such as a fresh paint job or new carpet
• Roof and wall work
• Landscaping in both the front and back yards
• Foundational work
• Plumbing and/or electrical work

Pros of Buying a Fixer-Upper Property

The biggest advantages of purchasing a fixer-upper property is the price. For those that want to purchase an investment property but may not have the extra cash to afford move-in ready homes or for those looking for a great deal, a property that needs work is often a perfect solution.

Less Competition
In a popular and growing area such as DFW, it can be tough to grab a nice, move-in ready home for a reasonable purchase price especially in the current markets. This is especially true because many property owners don’t want to invest in fixer-uppers because they do not want to invest the time and money to make the property move-in ready.

Increased Positive Cash Flow
Buying a fixer-upper property at a lower purchase price than that of neighboring properties has the potential to generate more positive cash flow. For example, buying a rental home below full value price means lower mortgage payments. It also means more money in your pocket when you charge competitive monthly rent rates.

Property Tax and Loan Savings
Since property taxes are based on a home’s sale price, your property taxes will be significantly less if you buy a fixer-upper as opposed to a move-in ready home.

Cons of Buying a Fixer-Upper Property

Although you may be able to save money on a fixer-upper thanks to a discounted purchase price, property tax savings, there are possible hidden cost once the rehab work begins.
For example, you might start remodeling your property’s kitchen cabinets and then realize your entire kitchen actually needs electrical work. Or, maybe you will discover your antique fixer-upper home is covered in lead-based paint. If the home is older then there is a good chance there will be some rotten wood in the roof structure, mold, a leak, broken sprinkler system, you never know what you will find! Ultimately this means more money and more work.

Extra Work
Buying a move-in ready house means that you have the luxury of leasing the home to tenants right away. And that is one of the reasons they cost so much more. However, if you buy a fixer-upper, whether it needs minor repairs or an entire rehabilitation, there will be work involved which can often take several weeks to several months.

Sometimes purchasing a fixer-upper will cost you more in the long run than if you had just bought a move-in ready home. It is important you do your research before making a final decision on a fixer-upper property. This includes listing the necessary repairs and upgrades you will be making, and comparing the overall cost for these repairs. It is also wise to have the home thoroughly inspected before you purchase to decide if this is the right project for you to take on.

Conclusion

In the end, fixer-uppers will likely save money, and give you an edge in the rental property business. That being said, they are not easy to deal with and present numerous increased risks. If you are looking to buy a fixer-upper in the DFW area, make sure you look at all the factors before making your final decision.


In addition, if you are looking for some help managing your fixer-upper rental once it is complete, Give us a call! We would love to help you in managing your new investment property! With over 30 years’ experience, All County Property Management Group has the knowledge, experience, and staff to manage your rentals so you don’t have to!

Part 3: Reasons to Purchase Investment Property Under Your Own Name

Did you miss part 1 or 2? Click here to read the intro, Part 1 and Part 2 before reading this section!

Purchase Property Under Your Own Name

As you probably guessed, the most obvious way to purchase real estate (like any other form of property) is simply in your own name, without any other legal vehicle. Here are a few things to consider:

• Legal fees: Drafting the paperwork for either a realty trust or an LLC will require an attorney and other costs, which means more closing expenses. You can avoid the extra cost by putting the property in your own name.

• Insurance: Liability insurance is cheaper if the property is under your name, rather than being owned by an LLC. If you buy a single-family home under an LLC, your insurance premium might be twice the amount it would have been under a realty trust or in your own name.

• Mortgages: It can be easier to obtain a mortgage under your own name, because banks will want to be able to threaten your personal assets should you default payments for your loan.

The main drawback to buying under your own name is the liability. Your personal home and other assets are exposed to lawsuit risk. Be sure to obtain an appropriate insurance policy to limit your level of risk in case someone is injured on the property.

Conclusion
As you can see there are a few different ways that you can plan to purchase your investment property. The best thing to do is to discuss your options with a professional and get advise from others that have purchased their properties in these various ways! 

New to property management? Just need some guidance? Want someone else to do the work for you? Thats great! All County Property Management is here to help! We are one of the top property management companies in the DFW metroplex and would love to show you how we can help you! Please visit our services page to find out more information! 

Part 2: Reasons to Purchase Investment Property as a LLC

Did you miss part 1? Click here to read the intro and Part 1 before starting Part 2.

What is an LLC?

An LLC is a business entity that is separate from its owners, like a corporation. But unlike a corporation, which pays its own corporate taxes, an LLC is what some call a “pass-through” tax entity, which basically means that business profits and losses pass through to its owners, who report them on their personal tax returns (just as they would if they owned a partnership or sole proprietorship). Because of the unique benefits an LLC has to offer, it may be the best way for some investors to purchase property.

Other reasons to consider this as an option…

•Liability – Properties managed under an LLC have limited liability for the owner, meaning that should the property be subject to a lawsuit, the owners of the LLC can be sued only within the constraints of what the LLC owns, and not beyond that so your personal assets are typically safe.

• Anonymity – Although you can look up corporations online in most states and find out who the owners are, it’s a step most people don’t take. LLCs tend to offer more anonymity than realty trusts, unless you advertise the LLC.

• Commercial properties – If your investment property will have more than one tenant, such as a multifamily apartment building, or will house commercial retail spaces, it is wise to purchase it under an LLC. A property like this is subject to a considerable amount of risk compared to a single-family home where only one person or one family is there every day. Having an LLC as a double layer of protection is a smart way to make sure no one can come after your home or other assets, should your insurance fail to cover you in the event of an accident in a high traffic area such as those.

Drawbacks…
The main drawback to an LLC is financial: States charge an annual fee to file an LLC. Click here to learn more about starting an LLC and the fees involved here in Texas.

We are here to help!

If you have question about managing your property or just want someone to do it for you give us a call today! Also look at our services page to find out why All County Property Management Group is the perfect company to help you with your investment property needs.