All Forum Posts by: Callum K.

@Andrew Hejtmanek If the bank bought the house back at the sheriffs auction, then they will likely list it.  I would check out the Tulsa county tax assessors website first and find out who owns the property.  If its not in Tulsa county, then the Wagoner County Assessors site will likely have it.  Once you do that, you can usually call the banking institution's real estate or foreclosure department and get more information.  Often they have a several week to several month period between the sheriffs auction and getting it listed with an agent.  I know people who have also put a letter on the front door with their contact information requesting the listing agent and/or owner to give you a call to discuss purchasing it.  I'd tape it to the door in hand writing so they know its not just a mailer or wholesaler looking at it.  Hope this helps

@John Kunick, I was in the same boat as you were.  I had a carpet completely destroyed by several dogs and it didn't cover it and for my longer term renters, the $250/pet didn't go very far, so I switched to the monthly pet fee because most of the apartments in town do that.  It has been a tremendous success.  I can't think of anyone griping about the pet fee, but I have had some people try to circumvent the fee.  The biggest hurdle I deal with now is when people tell me they got rid of the pet and want the rent reduced.  I take them for their word, but when I catch or find out that it wasn't the case, I have a heart to heart with them.  Threatening or jeopardizing the relationship doesn't achieve anything imo.

@Damian Young I go for the longest leases possible.  If I can squeeze a 2 year lease, I go for it.  Now I try to get close to a 2 year lease while making sure the lease termination ends in the spring or end of summer.  Everyone tells me the summer is the best time to rent, but all of my data tells me otherwise.  Also, people try to get discounts by signing two year leases but I tell them that what they are doing is locking in the rate for two years.  This is Oklahoma, so insurance ALWAYS Increases and taxes never go down.  Whether you own or rent, if they plan to be there for a while, its better to lock in the rate now.  People don't ever dispute that argument.

I'll be there.  Thanks for setting this up.

Hi Damian.  I'm born and raised in Tulsa, so I am very familiar with the metro.  Most of my properties are in the suburbs (South Jenks, BA, Owasso, Bixby) and are renting for $1200+/mo. To answer your questions, I typically use one month rental rate as the house deposit.  Sometimes I bump it a little higher so that tenants don't assume that the deposit is the last months rent.  As for pets, I started out with a $250/pet refundable pet deposit and that was a disaster, so I changed it to a $250/pet fee (non-refundable) and that didn't work.  Currently I am at $25/pet/month and surprisingly nobody has had any issues with it.  That results in higher rental rates above market rate which has been nice.  

With respect to laws, google the "Oklahoma Landlord Tenant Act".  That has most of the information you will need.  Lease templates and other documentation/information can also be found at the Oklahoma Real Estate Commissions website.  As for reads, I would honestly surf this site.  Its free and has everything you need in my opinion.  The biggest hurdle I see is that people dont take the step and dive in.  If you are thorough and active, the risk on losing money is low.  best of luck!

Great idea.  Thanks J. Harvey!

Does anyone know any eviction serving companies in the Oklahoma City, OK vicinity?  I have heard one can hire someone to evict someone but I can't find any businesses anywhere.  Please do not refer any attorney's.  I am seeking turn-key eviction (post the pay or quit notice, appear in court, be available for physical removal, etc).

thanks!

Yeah, it's pretty bad here. Although we are beginning to see some opportunities in Oklahoma. Mostly I see wealthy people living paycheck to paycheck trying to sell their expensive homes because they lived beyond their means. I'm hoping to seize the opportunity and buy some more rentals in the next year or two

its possible.  You should probably do your homework before you dive in. BP will help educate you on how to do that, but probably wont tell you whether one place is a good place to invest.

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Seriously?  A post discussing legal risks while also containing a disclaimer that clearly tells the reader that this is an advertisement.  

@Jason K Green  I agree with @Leo Kingston.  Start with the OK secretary of state and set up your partnership with them.  File the EIN number with the IRS, then go open a bank account and last but not least, put together an operating agreement.  If its with your brother (assuming you are close to him) then I would do it myself and save the additional costs.  Total cost to do all this is your time plus $104 (if you pay by credit card).  Not too bad.  Just don't forget to renew your entity each year with the state.  Its only $25, but is easy to forget.  goodluck!