Darrell Self

Investors continue to flock to the DFW area where it appears that prices have bottomed and relocations to the area are continuing at a rapid pace. Investors looking for cash flow on buying and holding as lease properties have the luxury of multiple lease applicants for every property that is in good condition. If you are an investor looking for cash flow and are tired of stock market losses. Or if you have money in the bank that is not giving you a return. The DFW area is a great place to look at diversifying that money and having a great return. Rents continue to rise and for 2012 are projected to go up by 6 to 8 percent. When was the last time you earned that type of return in the stock market or other investments. With what appears to be an upturn in the economy the record low interest rates ( it is a fire sale on money with these type of rates) a housing market that is priced well. What is the next direction for both prices and interest rates? With oil prices on the rise inflation is looming what better time to take advantage of the market especially the DFW market.

When you are searching for homes for lease in Allen or anywhere in the Collin County area and are looking at popular online posting sites or other posting[services not from listings sent to you by a real estate agent be very careful.

If you are looking at a lease and the price seems to good to be true it most likely is. For example this is from an email sent in response to a home listed for a home in a golf course community This home has been totally remodeled. All wood floors, new appliances, RO System and soft water and landscape service included. Great home has it all and utilities are included in the rent. The person had listed this home for 900.00 amonth with lawn care and utilities included in the rent? Sound to good to be true? Absolutely it is! There are hardly any apartments that offer all bills paid anymore in the Dallas area and throw in the yard care all for less than 1000 per month.

This home was valued at almost 200k and over 2100 square feet in an area where rents not inclusive of yard care, Rents in this neighborhood average about 1750 per month and unlike the ad mentioned there were no wood floors from what the folks could see through the windows. The person that claimed that this were their home also used the last name of the person on title but it did not match the whole name as it was a living trust. They claimed to be on mission in West Africa and wanted to be kind to others and lease out the home at far below market. They gave an overseas phone number and also stated that they did not list it with an agent because the agents they spoke with were dishonest and had removed the sign from the front yard. Who would take care of the maintenance issues? Where would you send your rent?

Here is some of the information notice the improper use of the English language and non capitialized wording.

You can reach agreement with me owner , because of the issue i experience with those dishonest agent We decide to left with the key, remote and the papers. I'm willing to rent out the home to a person who can promise me he/she will care for the house as we use to do when we are in the state and who is able to come up with monthly rent of $900 and a security deposit of $1150 ($2050) but Security Deposit first as a move in deposit and I will like him/her to assure me that the house will be properly managed. Concerning the lease, duration is minimum of 6months or according to the wish of -tenant need. I have received some proposals regarding the rent because it is located in a very good area of plano TX , but I still have to make sure it is rented out to someone who can take good care of it.

Here was their lease application note that it asks nothing of the standard lease forms that anyone locally uses,

RENT APPLICATION DETAILS

FIRST NAME:__________________
MIDDLE NAME: _________________
LAST NAME: __________________
PROFESSION: ________________
PHONE (____) __________
(CELL)PHONE (____) __________
(WORK)PHONE (____) __________
(HOME)KIDS _____ (YES/NO), HOW MANY ________
PRESENT ADDRESS: _____________________
CITY: _______________
STATE: ______________
ZIPCODE: ____________ HOW LONG? ___________IF RENTING
WHY ARE YOU LEAVING? IF THIS HOUSE IS BEING GIVEN TO YOU,HOW LONG DO YOU INTEND STAYING? ____________
WHEN DO YOU INTEND MOVING IN? ______________
IF YOU HAVE A PET,
NAME OF PET: _____________
KIND OF PETS: _____________
HABITS
DO YOU SMOKE? ______________
DO YOU DRINK? ______________
DO YOU WORK LATE NIGHT?

What type of issues might you have if you had sent the money to these folks? I am guessing it would be gone. Worse yet what if you actually moved in assuming they had a locksmith change the locks and you get a knock on your door asking what you are doing there and being greeted by someone in law enforcement. Just another reason you want to be working with a Realtor to help you in any type of residential real estate transaction.

If you are considering relocating to the Dallas Fort Worth area and are looking to lease a home, condo, or town home in the area instead of an apartment there are distinct differences you will want to be aware of.

With an apartment there will be a written application, a fee paid to do a credit and background check, this will also be the case for a home or other residential property. The difference becomes apparent with the amount of the security deposit due to your personal credit rating. With an apartment the cost might be a slightly larger security deposit or an extra month of rent due up front making your move a little more costly than with good credit. With an individually owned owned home your upfront cost with good credit will in most cases be one months rent as security deposit, and the first months rent or pro-rated amount of rent due at move in along with any application fee and pet deposit if it applies. In the case of poor credit the owner may require a security deposit of two months or more if the credit is poor enough.

With an apartment you may be able to "hold" the property for in excess of 30 days with a small deposit, In the case of an individually owned home once you have paid your application fee and have been approved the owner will require the security deposit (of at least one month's rent) to take it off the market usually for no more than a period of 30 days and they may ask for any pet deposit at that time also. Here is another difference at an apartment there may be pet rent per month in addition to the base monthly rent, in a few cases there will be monthly pet fees at individually owned homes though rare you may see this usually at 25 to 50 per month on top of the monthly rent. The pet fee so far is the exception rather than the rule, the pet deposit at at apartment tends to be somewhat less than the typical 250 to 300 per pet at an individually owned home(there are cases where you will see higher deposit required). These deposit can be partially refundable or completely non-refundable.

The Dallas Fort Worth area is red hot for relocation's so when you are looking at the monthly price of a home versus an apartment the leases on apartments tend to be more flexible based on what the property management company has at their disposal so what you see in print might have some wiggle room. On the other hand with an individually owned property these homes typically have a mortgage so the owner has little if any wiggle room in many cases and depending on the area (for instance Collin County) homes may me on the market for a few days sometimes less than 5 days on the market and have multiple applications. This will also affect the owners view of the value of their property so in many cases trying to save that 50 dollars a month may cost you that property you were in love with.

You need to keep in mind that with every application you make there is a fee involoved so you need to be upfront with any credit or other issues that affect you and document this. You also need to make sure you have the proper income documentation for your situation , i.e. 30 days of paystubs if you are an employee or tax returns if you are self employed. The bottom line is that you need a competent agent to help you in your hunt for that right lease property for you! I hope you find this information helpful and look forward to your comments positive or otherwise are welcomed and encouraged!

In residential real estate transactions, sellers commonly take pains to interview and to select a Realtor. They will talk to friends, get referrals, ask for references, and generally interview prospects. Buyers, on the other hand, tend to just respond to an ad, as if "University Park homes for sale" tells them anything they need to know about the professional with whom they will be doing business. By the way, University Park is a leading suburb surrounding Southern Methodist University in Dallas, Texas.

What Real Estate Homes For Sale Ads Don't Tell You

Let's continue this example... that advertisement for homes for sale in University Park, will most likely contain a nice set of photos, a brief summary of the property's major amenities, and a stated asking price. Certainly, those things are important and "eye catching" in making a buyer want to actually see the listing. There are many important things, however, to which that ad copy does not speak about the actual Realtor you would be working with, including the:

- education and training,
- market experience,
- professional focus,
- ethics practices,
- and area knowledge

If all you do as a buyer is answer an ad, you are going into an important and potentially expensive transaction essentially blind. The situation is made even more complex if the buyer is relocating to Dallas from another part of the country.

The Most Successful Transactions Involve Two Agents

The most successful real estate transactions are those in which each side is represented by its own professional: the listing agent for the seller and the buyer's agent for the buyer. That way, each side has its own professional representing their interest.

The listing agent is interested in selling you their client's house. Let me repeat that part: their client's house. The buyer's agent will go farther in helping the consumer to understand the implications of buying a particular property. The buyer's agent has much ore incentive to point out both pros and cons of a particular property.

If they are a good agent, they're interested in the long-term interests of their client. Thinking long-term is the way to build a real estate business and generate referrals from satisfied and grateful clients.

Buying a piece of residential property is likely the largest purchase most individuals will ever make in their lives. It means buying not just a home, but buying into the community in which that home is situated. A decision of that magnitude deserves -- in fact, cries out for -- the highest level of professional expertise and consultation at your disposal.

Buyer's Agents Work On Your Behalf

Buyer's agents protect the broader interests of their clients by helping them to understand:

- current market values,
- long-term investment potential,
- the implications of relocation,
- and, perhaps most importantly, the nuances of location, both in the immediate neighborhood adjacent to the property and in the broader surrounding community.

That University Park real estate ad, for instance, will not tell the buyer they are considering moving to:

- the top suburb in Dallas/Fort Worth according to D Magazine in 2002, 2004, and 2008,
- an area served by the seven campuses of the Highland Park Independent School District, all with "Exemplary" ratings from the Texas Department of Education,
- neighborhoods situated five miles from downtown Dallas that are highly regarded for quality of life issues,
- or that University Park houses carry a relatively low tax rate when weighted against some of the highest long-term property values in the city.

You most certainly care how many bedrooms and bathrooms the house has, but you care as much or more about the value of your investment and the quality of life you and your family will enjoy in and around your new home.

Realtors Are The Licensed Professionals

This deeper level of purchase consultation comes out of confidential discussions with a real estate professional who seeks to meet the client's:

- needs,
- tastes,
- and budget.

While the vast majority of Realtors sometimes work with buyers or sellers, most have a specialty. For the buyer, the question becomes a simple matter of:

- Do I want to work exclusively with someone who is trying to sell me something? Or...
- Do I want to work with someone who is going to help me buy the property that best matches my personal situation?

Consumers interested in buying a home should exercise the same degree of care in selecting a Realtor they would apply to the search for any other professional. Find a knowledgeable member of the real estate profession who will protect your interests and those of your family and who will help you to spend your money wisely and well.

Qualities To Look For In A Realtor

You want a Realtor who:

- fully understands both sides of the transaction process,
- does not engage in high pressure tactics over supplying real, useful information,
- actively assists clients in researching ALL available listings that meet buyer criteria,
- and who will inform you about the long-term implications of properties in which you are interested. If you are going to relocate to Dallas, you also need an agent who understands the special needs of those relocating to Texas.

Finally, buyers want and need a Realtor with excellent communications skills who is easily reached at any point in the search for or purchase of a property. A buyer's agent is not a luxury in the search for "real estate for sale in University Park," that professional is a necessity.