Testimonial - McKinney

I'm honored that you chose me to help acquire your beautiful home. I knew expectations were high, and I’m happy beyond words that everything moved quickly and smoothly to secure the house you really wanted.

“Mark came highly recommended, and he didn’t disappoint. His expertise coupled with a fast turnaround time in DFW's competitive rental market, allowed me to secure a home that I "really" wanted! I didn’t have to settle!

He was available during the entire process and I appreciated that! I will definitely use Mark again should the need arise.”

- Camille Liggins

McKinney

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #GoogleReview #McKinney #CollinCounty #review #testimonial #Lease #veteran #McKinneyISD

Why Landlords Should Want Housing Choice Tenants

Here are some bullet points from “5 Reasons Why Section 8 Tenants Are the Best Renters” 

by Shae Bynes

  • For investors, turnover and vacancy are the biggest expenses. Housing Choice program minimizes turnover and vacancy.

  • The Housing Choice program is also Housing and Urban Development, Section 8 (HUD Sec 8). 

  • The majority of Section 8 (Sec 8) vouchers are for families with children.

  • Section 8 renters typically stay for five to 20 years in the same location. For landlords, this means little to no churn, very few (if any) empty months with no income, fewer listing fees, no extensive remodels, and more savings over time.

  • Most Sec 8 tenants have no criminal background. They merely want to live in a quality house in a nice area and rent from a good landlord.

  • “Often, a housing voucher is a tenant’s golden ticket to a neighborhood free from drugs, gangs, and other negative influences. A gateway to a better quality of life for the entire family. So, when they move into one of my houses, they usually stay for many, many years.”

  • HUD promises on-time payments

  • “Payments come on time every single month via direct deposit into your business checking account. HUD doesn’t give excuses about late rent. The money is there. In fact, their housing assistance payments have been consistently funded in full for decades and hold billions of dollars in reserves.”
  • Housing Choice vouchers - “Housing choice vouchers allow a tenant to live anywhere that accepts vouchers. This makes up the bulk of the Section 8 program. Only households with a monthly income less than 50 percent of the median income for the area in which they reside can apply for the program.”
  • “HUD sets and maintains median income values for each region of the country, and the data can be accessed on HUD’s Office of Policy Development and Research website. Vouchers can be used for multiple-unit housing, single-family homes, or townhouses.”

  • Landlords Receive Protection from Tenants’ Financial Hardships
  • If a tenant goes on unpaid medical or maternity leave from work, HUD covers the payments while they recover. Landlords won’t face a need to evict or have an unexpected vacancy as could arise with other tenants in the same situation.
  • HUD protects the landlord’s near-term cash flow. It also helps the tenant through a tough time.

  • Section 8 Rents Can Be Higher
  • HUD has a predictable and reasonable “fair market” rate based on zip codes. Check your property zip code at their documentation system. 
  • Tenants pay a fixed amount of their income and HUD pays the difference. This means Sec 8 tenants can afford more expensive rental properties in upscale zip codes. Sec 8 tenants help keep the rental comps high rather than dragging them down. Meanwhile, property appreciation equally matches the primary market.

  • Long Section 8 Waiting Lists = Short Vacancies

  • Once a house is approved for Sec 8 habitation, it can be filled quickly by a qualified tenant at the “fair market” rent.
  • There is a ready, willing and able list of Sec 8 tenants ready to move where they are welcome.
  • “Keep in mind that public housing authority social workers also conduct thorough screening of all waiting list candidates. And it doesn't stop there—if you have an issue with a tenant or family member, you have extra recourse outside of eviction. In addition, you can contact the social workers directly to mediate any issues with a tenant who's stepping outside of the lease agreement.”
  • Landlord requirements: Property must be inspected for basic habitability and approved for the program by HUD Real Estate Assessment Center (REAC) employees. There’s an annual inspection thereafter. The tenant is also motivated to help keep the property in habitable condition and keep their “golden ticket.”

I've Got Your Six! 

Avoid Scams

Lease and home purchase scams are a fact in DFW and have been for several years. These are sometimes called "Phantom rentals" or "Hijacked rentals."  I’ve personally stopped customers from throwing away thousands of dollars on a scam. As always, if it sounds too good to be true, it probably is.

Photo illustration by 

Mark M. Hancock / The Beaumont Enterprise

Swindlers from around the world cheat people out of their money through the Internet. When there is more demand than availability for affordable homes, there's an opening to be cheated.

Please read the story and watch this series of videos by NBC DFW. Then, read the information below.

This post was originally about lease scams. Lease scams have mutated into home purchase scams. The set up is the same, the difference is the scammers want earnest money checks rather than deposit checks. Both payments can be thousands of dollars. They collect these cashiers checks from multiple victims (tenants and buyers) and disappear. This is why it's vital to double-check and verify any home listing on my website at DFWmark.com.

Warning signs:
• The price is too good to be true.
• Property is advertised online through a 3rd party such as Craigslist rather than the Multiple Listing Service (MLS).
• The "landlord" or "property manager" (contact) says he or she is "out of town/state."
• The contact ignores calls, texts or email inquiries on an active property.
• The contact gives a lockbox code directly to a potential tenant.
• The potential tenant is allowed to tour the home unaccompanied.
• The sign at the house is different than the online "agent."
• The sign at the house offers a home for sale rather than for lease.
• Search engine check (Google) for the property finds more than one owner or property manager.
• County Appraisal District (CAD) search finds different owner.
• Payment is requested via electronic transfer (wire), Bitcoin or gift cards rather than certified check delivered in person to a specific address.

What to do:
• Meet with a licensed real estate agent or property owner in person.
• Check the County Appraisal District (CAD) to learn who owns the property. This information is public and easily available online by address in most counties.
• Ask for identification and license numbers. You can check the license number at TREC.
• Never send any money for a property that you or your agent have never seen in person.
• Read the contract carefully. Where will the payments be sent? To whom? Contact info for repairs?
• Ensure the lease is in your name and the property address matches the property you viewed.
• Never pay cash.
• Never wire large sums of money to anyone you've never met in person.
• Gift cards and Bitcoins are never a legitimate form of payment for an initial property lease and security deposit.

If someone claims to be a property manager, ask for their license number. If it's a house rather than an apartment complex, and they say they aren't licensed. Run!

Does a property manager have to be licensed? | TREC

Based on this information, I strongly suggest getting a comparative market analysis (CMA) by a licensed Texas REALTOR. The price and location of a lease property should be reasonable. If not, it's a problem. Scammers are getting closer to the market price, but they still show their hand (and snare the unsuspecting) by offering prices under market value.

Since you are a tenant or buyer, a CMA is almost always available at no cost to you if you have an agent. The listing agent or landlord pays your Realtor fees - trust and use your agent's expertise. Don't try to "go it alone" when you have an advocate.

Please see my posts about What to expect when leasing a house and What Buyers Should Expect in Texas.

I've Got Your Six!