All Forum Posts by: Alyssa Dyer

This is great. What bank did you work with on the refi?

Lots of good responses here. 

Most managers I know collect the funds from Section 8 and then pay out to owners on the same date each month. 

One of the most annoying things about working with Section 8 is just the old school communication. They'll mail you to notify you of inspections. When they do that, they just give you a time frame of when they're going and the PM and tenant have to be there. Mentioning this because you definitely want to have someone who can go to those on short notice when you get your letter in the mail. If you go the self-management route you might be able to find a newer agent who is cutting their teeth in the industry and looking to make extra cash. Just pay them like, a flat fee or an hourly rate or something to help with in-person things.

I agree with @Drew Sygit about confirming operations when you're vetting. Each management company operates differently, so they're not all going to be a fit for you. I'd get a really good idea of what you want, and then just interview until you find that. But if you know you want to self manage and have the time to do that, then just develop a good relationship with a new-ish agent. Let them know you're looking for help until you can hire someone. You can do most of the work, and they can just be there for on-call work. 

How were you burned by past PMs? Sounds like repairs and/or rent collection might be concerns of yours?

Dude, I had such a similar experience. I was renting for a year while I finished a rehab and was traveling a lot. I decided to rent our my extra room to make some money and be sure I had someone at the house as much as possible when I was traveling. Since my experience was so good I decided to turn another property into an airbnb. It's still been a great experience, but what you're saying about expectations for renting just the room being lower is spot on. 

Hey Tri, fair questions! Tornados freak me out way less than earthquakes. But that's probably just proximity, lol. Insurance covers tornados. 

What are your goals with investing? If you're looking for appreciation, OKC is a no-go. But we're a good "slow and steady" market. 

It sounds like you're doing the right thing. Get to know the market and the people working there. Get a feel for insurance rates, appreciation, taxes, pros, cons, etc.

For some reason it's not letting me tag him, but Eli Davis with The Property Center is in Lawton. He has agents and property management there! 

We've seen a strong push for newer construction lately (2000 or later). My theory is that with construction (labor and materials) getting so much pricier in 2020/2021, it hit owners with lower end properties. Small repairs weren't so small anymore, haha. So they're looking to newer houses in hopes that the repairs won't be so aggressive on their bank accounts. 

That's mostly just speculation from my friends and clients, so take it with a grain of salt!

I love this area. Have you looked into short term rentals at all? I just started doing short terms last year and the ROI has been really, really stellar.

Good find. I've noticed that same thing with new construction rent rates. As the neighborhood develops and the house ages a tiny bit, I've seen steep drops in the rent rate. But it seems like they even back out as the neighborhood establishes over time. Seasonality seems to impact new construction more than my B/C class areas too. Not sure if you've noticed that same thing! 

I've had some investors have luck with blanket loans, but those can be tough if you're not adding value. Are you buying established properties or distressed?