All Forum Posts by: Cassi Justiz

I have tried it out a few times and haven't had any issues. I haven't gotten to do any self-showings with my new smart lock box, but I have done a few with a regular combo box. I will not confirm a self-show appointment or give out a combo until I get a copy of the photo ID. I also check everyone on our court dockets to make sure they don't have any charges that would concern me with them having access to the home. I have people text me when they get to the house and that's when I give them the combo. I also have them text me to confirm that they've locked up and are leaving the house. They could technically take the key or come back after the fact, but I haven't had anyone do that. 

We haven't had any issues with self showings, but we are also dealing with B+ homes in nicer neighborhoods. 

The lockbox that I purchased allows me to do one time access codes that have a usage window, so that is going to make it a little more efficient and secure.  

Hey @Erica Larence-Penna, 

I went through a similar situation. I moved from Texas to Oklahoma and turned my primary home into a rental property. At the time I had never done anything more complicated than renting to my roommates, so the thought of being a "landlord" from another state terrified me. I hired a property manager for 4 years and just took back over management this month. During that time I acquired a handful of properties locally and have been self-managing them with no issues. The hardest part of property management are the turn-overs, so if you have someone that can help you with that then you shouldn't have any issues. You also need a solid list of contractors that you can call when issues arise, but it sounds like you may already have that in place. 

My big deciding factor to take over management was looking at my rent rolls/maintenance requests. That house was built in 2003 and I've already replaced several of the "cap-ex" items. Over the last 3 years, I averaged about 1-2 maintenance calls a year on this property. My property manager was taking home almost as much as I was to make a couple of phone calls a year.  

I'm in the middle of a make-ready now and it hasn't been bad at all. My parents are helping coordinate the make-ready and I'm paying them an hourly fee. They are taking care of stuff that has to be done in person like putting the lockbox on the door, checking up on the contractor weekly, etc. Everything else I am handling remotely. I'll be doing self showings for leasing and e-signatures for leasing. 

It's definitely something that you can handle yourself, but you'll just need to decide if that's something that you want to do. It would be much easier for me to just collect rent checks, but for me it's worth the $2000+ a year to handle the management and leasing myself. 

@Ivan Melendez, 

Welcome to BP! House hacking is a fantastic way to get started in real estate! Duplexes are a great option, but don't write off single family homes either. No one knows what the market will look like next year, so it's a great idea to start learning the local market now. There are quite a few meetups in the OKC area, so tap into that network and you will learn a ton by next March!  

@Dan Weber Yes. It's in there and we even go over it with the tenant when they are signing the lease. 

We have a sub section under lease terms that spells out the re-rental fees. It basically states that a re-rental fee of two month's rent will be charged if the tenant moves out for any reason prior to the end of the lease. 

YES! We do an early termination fee equal to two month's rent. A lot of people just do a one month's rent, but our properties are a little higher price points and can take a little longer to re-lease than lower end rentals.  

Thanks for sharing! What a cool opportunity.  I would love to see some before and after pictures! 

My first degree was in nursing. Then I pursued a BA in psychology and then MA in Healthcare Administration. 

Working in a professional and administrative setting definitely helped me treat real estate as a business rather than a hobby. It also gave me the confidence to handle with contractors and tenants despite being a "newbie." The W2 income in the beginning also helped me save for down payments and qualify for the first few loans. 

On the agent side, having a background in administration (and psych) has helped tremendously. I was quickly able to recognize the importance of working with other professionals. I don't have any patience for bad vendors. Real estate can be incredibly emotional, so having a background in psych nursing helps me handle a lot of the day to day "crises" that arise. 

Hey @Aaron Miller, 

Welcome to BP! There are so many ways to make real estate work and it sounds like you are definitely exploring a few options. I would probably advise against cashing out your retirement accounts to get started in real estate. Many times, the first few deals that people do are not necessarily the best ones. Many times people get into real estate and then decide to change their mind a few years later. You want to make 100% certain that you are all in on real estate before you start tapping out your retirement savings. 

I say this regularly, so I'm sorry if it's repeat info. But I would start networking locally to see what other investors are doing. You may get some good ideas on how they got started and find a plan that you can replicate. 

Hey @Jason Falkner, 

I'll shoot you a message with some of the QIs I have worked with. They've been pretty easy to work with even though I personally don't do too much with them as an agent. The clients usually do all of the initial set and then title company coordinates the rest. 

You may also talk to your preferred title agents. I have done 1031s with both Chicago and OCA. They've been really smooth. 

The biggest thing you'll want to do is set up property management and change your insurance policy over to a landlord policy. Some people feel comfortable with managing from a distance, but most people choose property management. 

You'll also want to make sure the home is "neutral" so that it appeals to a wide range of tenants. (Neutral paint colors, easy to coordinate or other flooring choices, etc).