All Forum Posts by: Deborah Burian

I have joined and attend the OKC REIA group, have missed the last several meeting due to conflicts with the time but certainly plan to continue to participate. The meetings themselves usually feel like commercials to me but as others have said, the networking is worth the price of admission.

Pete Tam - leaving aside the whole question of Detroit... yes, my company does 15 year/20% down. Others are doing different things but this works very well for us. In the beginning we were able to do 15% LTV but times have changed as everyone well knows.

Travis Fisher - in my other company I have one tenant I do this for. She pays half on the 5th and half on the 20th, which are her pay dates. She was a long term tenant with a good history when she requested the arrangement so it was easier to say yes.

I knew the prior owners were having to pound on doors to collect rents and we're just not going to do that. I think it's important to teach tenants early and firmly, rents go to the post office, on time, if not on time, late fee must be included, if later than 5 days and we haven't communicated, there's going to be a problem. Having completed a thorough due diligence, I expected this to be a learning curve for them but am still surprised that on July 1st I received, count 'em, NOT ONE RENT CHECK!

If you want to be further amused, here's the post...

http://www.biggerpockets.com/blogs/3976/blog_posts/28517-rents-i-say-where-are-the-rents

If anyone has had brilliant success with this kind of transition, I'd love the feedback.

Seetha G - I have zero interest in Edmond and have had great luck in Oklahoma City with SFH, especially in the area of Warr Acres and Bethany. Great luck in the city also but that may be a little too blue collar for some folks. Personally, after purchasing rental homes in urban OKC for a while, I purchased my personal home there. The city has a lot of really terrific things going on. If you happen to read my posts about my tenants, that is a wholly different project, my SFHs are so boring, in a good way, that there's no need to talk about them.

We buy and hold, have been going about 11 years. Have attended the REIA a few times. Would be happy to connect.

Dawn A. - and you're both absolutely right. I'm just showing where the money is going :-).

Ned Carey - a valid point but I will physically move the funds to reserve accounts and I wanted to be realistic about what's coming out in the month. We do our tax returns on a cash basis.

here's a link that works...

http://www.biggerpockets.com/blogs/3976/blog_posts/28423-costs-revenue-for-june

It's July 1st! Canada Day! "OH CANADA, MY HOME AND NATIVE LAND..." Ok, got carried away there for a moment...

While it hasn't been a full 30 or 31 days, it is the end of the first business month for the multi-units we purchased. You can see a full accounting of that month posted here

[/url]http://www.biggerpockets.com/blogs/3976/blog_posts/28423-costs-revenue-for-june[url]

The short version is, after all revenue is accounted for and bills received paid, we have $281 left. For those of you who have purchased 'challenged' properties before, you know having anything 'left' is a miracle. This is less a miracle than cash accounting. Rents are in hand, bills are not all here yet.

Plus, the major renovations haven't really started. Getting anything done post-tornado is just taking a little longer. For instance, the roof. Scheduled for Friday. No shingles. Scheduled for Saturday "the crew is stuck at the dump." Really? There are still no shingles so I don't know what the crew was going to do when they arrived. Sunday... no shingles. Monday - crew, but no shingles. They were delivered on the wrong block. New plan, Tuesday. We'll see what really happens.