Hello,
Can anyone would help me to understand how is the rental market in San Antonio? I have bought two properties and being on the market for rent since last two months but no luck. Both the properties are situated in 1500 post code which is a good area.
Your help will be highly appreciated.
Regards
ViralkViral Kanabar
http://www.maxtax.com.auHi Viral,
I (along with partners) also have a property in San Antonio that has been on the rental market for some time now.Can I ask who you bought your property from?Also who is the agent that is trying to lease your property?
Regards MartinThere are 3 types of people:1. People who make things happen.
2. People who watch what happens.
3. People who wondered what happened.Viral,
This “good area” that your property is in, how much did you pay for the home and how much are you asking for rent.
From my own experience and from learning from my business partners in the U.S, homes in the better areas do take longer to rent out and generally you dont get the same returns as in the low to mid neighbourhoods.I have learned that once you reach the $800 a month plus mark for rents, you are cutting out a large % of the rental market. I think you need to stay in the areas where the market rents are between $650-$750 a month.
I now know quite afew aggressive investors in the Texas market and have been learning how they operate. from what i can see, unless they pick up a bargain like a foreclosure etc with good equity in it, none of these guys are buying in the good neighbourhoods. You just dont get the high returns there.They are not buying in slum areas either, rather in neighbourhoods that are emerging.
I guess it all comes down to you goals and strategy-cashflow or appreciation etc etc ..
There are allot of investors buying aggressively in Texas right now. Not just foreign nationals but across the U.S as well so you really need to study where the rental demands are. You wont neccessarily find them in the best neighbourhoods.
Another factor is your property management as well. They play a huge part in the equasion.
Good luck with it all and I hope you get some tenants soon.
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web: http://www.gr8realestateinvestments.comthanks for your reply guys. But the agent i use is 21Century and they are well established. Also, rent I am asking is between 650 to 700. But i think, i just have to wait and watch? ??? or anything i can do from here?
Viral Kanabar
http://www.maxtax.com.auHi Viralk,
I wouldn’t let the property sit for more than 2 months with the same rental manager.some of them seem to put in abit more effort than others.
As you would know it can mean a difference between a positive and negative return over the year.Let me know if you need another contact
Hi Flash, Can you give me few contacts of other managing agents, please?
Viral Kanabar
http://www.maxtax.com.auHi Guys,
I don’t have any property in the Us but I will say that management in genreal is one of the most overlooked issues IMHO in realtion to property management.
I don’t envy the job that the managers have but there are certainly huge differences in the type of service that you can get from agency to agency and person to person within agencies.
Become a sponge the will be people on these forums who will be able to help you out of this jam (or at least you would hope there are). Get some phone numbers, make a few new pals. Investing is a team sport they say.
cheers
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Hey Viral,
hope yr well man!
Just out of interest did you get that property rented .its been 2 more months since you posted so was wondering if you got it sorted.
I have one im trying to rent too at the moment and know of others
.
Apparently Nigel has a service for people in SA.He may have a contact to take over yr leasing maybe? Do yr D diligence first though of course .Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Viral
As Luke said if you are having problems still let me know. Property management in the US is one of the biggest issues.
If you are still having problems please email me and i will put you in touch with some people who will help.
regards westan
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