All Forum Posts by: Cassi Justiz

I typically include reviewing lease information as part of buyer's due diligence. If it was a one time pet fee, then I would say it's misleading. However, if the tenant is paying $1000/month as a monthly rent payment then advertising the gross rent of $1000 isn't technically wrong.

I've ran into a lot of weird undisclosed stuff in leases like landlord supplied utilities and internet, incorrect rent amounts, landlord paid routine maintenance, etc. I always try to get a copy of the lease as soon as possible in the contract period so that you can verify all of the info. 

Unfortunately we also get tire kickers pretty regularly. Application fees help weed some of this out, but not all of it. I know some areas don't allow app fees, so just make sure you are still following your local regulations. 

I have also noticed that higher app fees get more serious candidates, but it doesn't necessarily weed out all of the weirdos.  The last leasing that I did we had 5 applications and only 1 qualified based on our minimum income, background and employment requirements. 

@Anil Dangol,

Sure! I'm happy to send you my lease renewal document. 

I think it can be a great market for buy and hold, but it's really going to depend on what your goals are. The market here is typically known for reasonably priced single family homes, decent rent to purchase ratios and steady (but slower) appreciation. It's a very strong seller's market right now, so we aren't seeing a ton of discounted properties. This makes the BRRRR strategy tough unless you plan to do your own marketing or work directly with wholesalers. But buy and hold can be a great strategy in this space.

It should be pretty straightforward. You'll go to a lender and let them know you need to re-fi into a non-owner occupant loan. You'll most likely end up doing what is called conventional financing instead of FHA. Pretty much any lender should be able to walk you through this process. You can ask for lender recommendations in your local forums and probably get a few good ones!

I typically do a really short lease renewal that has new dates and new rent rate. It states that everything in the original lease agreement and supplemental forms stay the same unless specified otherwise in this renewal form. 

The bill passed through the house but not the state senate yet. I shared the link for you to follow the progression. It looks like it passed with an overwhelming majority. 
I fully expect that it ends up passing through the senate because there is a big push going on right now to regulate some of the wholesaling activity. 

 https://legiscan.com/OK/bill/HB3104/2020

@James Wachob of course!

This is fantastic! I also encourage people to do street view of the block/area to get a "feel" for the neighborhood. Are there abandoned cars in yards, boarded up windows or do you see flower beds and painted shutters? Also, zoom out far enough to make sure the home doesn't back up to something "undesirable." 

Also I think it's important to research the school system the home is located in. In my area, there are some parts of town with decent homes and TERRIBLE public school options. It's worth knowing whether you are buying in a 1/10 district or a 9/10 district. Greatschools.com is a good source for this.

You are right that the city and developers are working to make Capitol Hill area an "up and coming" area. There is some cool stuff going on right now, but unfortunately I'm not seeing residential rents reflect the "up and coming" vibes yet. I would say appreciation is still very speculative. It could be the next cool place to be, but there are other areas that are also getting attention and positioning to be the next big thing. You need to make sure your numbers work at current rent/purchase price because it will likely be a while before you see enough appreciation to make it worthwhile as any kind of appreciation play.