All Forum Posts by: Curtis Yoder

Callie, glad to see you jumping into the rental game. It can be very rewarding! It can also have some pitfalls. Unfortunately there is really no checklist. There are a lot of good resources for being a successful property manager and many meet up groups to participate in. I would encourage you to read everything you can related to property management and get involved in your local groups and find a mentor there.

I will be glad to share our lease agreement we use here in Oklahoma. I would recommend you run it by your own attorney to ensure it fits your needs. I do not buy rental properties with pools so you will definitely want to add something into the lease to cover that. You can also require a renter to provide renters insurance that covers any risks that you require.

We can also arrange a phone call with my property management team to answer any questions. We always try to help new investors and pay it forward!

I agree with Bill, include the pool and yard maintenance in the rent rate. Insurance is very important with such a liability in the back yard. Consult with your homeowners agent and umbrella agent. You can get yourself well covered for a reasonable fee.

i have a property that we intended to sell because it is a pool home in Florida. With the market changes we are seriously considering renting it. Based on the history of real estate, why sell at a discount when you can rent it for a few years and have a tenant pay down any loan you may have and capitalize on the increased equity and higher sell price later! Of course we are not guaranteed a higher sell price later but historically speaking it is more than likely! Good luck to you!

I am currently building 2 to 3 new BTR homes a year in addition to our typical purchases for long term hold. As the market has shifted to higher asking prices and rent has stabilized a bit, we are finding more control of our costs in simply building ourselves. My intention is to hold these long term. Less maintenance and an immediate solid return on investment. Many investors will turn over their portfolios after the depreciation is depleted, I have not yet considered that but will.

You are finding the market the same as the rest of us. There are not very many deals out there right now that will return good COC numbers. If you find one that cash flows and is a solid property it should be considered. I am a fan of "always be buying", you cannot time the market. Many of my peers are sitting out the market and not acquiring new rentals right now. I just can't wait on the sidelines as I believe this inflation will be pushing rents and wages even higher in the coming years. So these prices today will not seem bad at all when that happens. Just make sure you have enough cash reserves for maintenance and unexpected items to pop up. Good luck!

You could create a note payable from the tenant to you that would survive the sell of the property. Definitely have your attorney write it up so it is completely enforceable. I would not forgive $3,000 for a tenant to keep the property clean for showing. Keeping the property clean is an expectation that should be in your lease. Remember, most investors understand that this is an investment property and many of them are dirty. I cannot count the number of properties I have bought that needed a dumpster dropped off the first day I owned it to clean it up! Good luck to you on the sale!

I have heard that same thing my entire career. In my experience you should always be buying. There are deals out there, just a little harder to find this year. Do your homework, find a deal or two that cash flow, and never stop buying. You cannot time the market, no one can.

@Bryan Gwin How did this property turn out? Did you purchase?

Looks like a great time if you like remediation! I look for houses like this to purchase as I can usually get a better deal on them. As a contractor, I do not mind doing a full renovation. With a quick look at your inspection, I believe you will spend somewhere between 25 and 45 thousand to rehab this properly. Reach out to your local contractor or subcontractors and put a rehab budget in place. I would start with getting a WDO report, that could be a huge cost if you have active termites. If the numbers are still attractive after you add your renovation costs then go for it. Sometimes these kinds of houses can be a great opportunity to pick up quick equity.

Welcome to Tulsa Juan. There are a few different groups that meet around town. I will be attending the Tulsa Real Estate Investors Association meeting for the first time next week. You can find these groups on meetup.com. Feel free to reach out personally if you need any assistance or would like a tour of Tulsa and our market.

Hi Aj, how many units are you looking at and what is your timeframe? You can feel free to contact me directly if you wish.