All Forum Posts by: Dylan B.

@Account Closed  I created this process guide for one of my local landlord meetups because people kept asking what they needed to do.  Hope this helps.  Good luck collecting money that tenants owe you when you are evicting them, once you start to garnish their wages they will typically quit their job and you'll have to repeat the process which is normally just not worth your time.   Not that any of this is not possible because it is but its just a pain in the butt. 

• Go to the County Courthouse
• When you have arrived, you will make your way to the Court Clerks office.
• Request the paperwork for eviction which will include:
• 1.  Forcible Entry and Detainer Affidavit
• 2.  5-day / 10-day Notice to Vacate.
• 3.  Civil Cover Sheet (for each tenant on the lease) (this document will stay with the courthouse)
• 4.  Affidavit as to Military Service
• 5.  (optional) Writ of Execution {After Judge gives possession of property have them sign, it will save you time}
• Leave copies of 1 and 2 with Sherriff or give to the process server of your choice. (Process Server is the preferred method)

Once this is done, your work is essentially complete, just need to show up for court! (Make sure the tenants were served!)

@Adam Egloff There are certain areas you want to stay away from south of i35/the river but that is the same to say for north of 35/the river.   I see more of a revitalization happening north than south near Bricktown. 

@Account Closed by law in the state of Oklahoma you have to allow until the 5th, afterwards you may charge a late few, in which I suggest you charge it every time your tenants are late and stick to it.  I would suggest starting the eviction process if you are not getting rent until after the 10th. 

I charge $50 dollars for a "standard" late fee.  In most counties the judge will not uphold a "per day" late fee charge.  There are a few ways that some investors I know of personally that will discount the rent if paid on time.  i.e. If rent is typically $800 a month if paid on time, however if they pay after the 5th then the rent is $900.  So from the way their lease is written they discount the rent if paid on time, however charge the normal price if received after the 5th.  Just their way of getting more than the $50 late fee and not technically charging a late fee. 

As for the lease renewal, I guess you could try to modify your lease and have your tenant sign off on it (document it well).  I would just leave their current lease alone and when it comes time to renew their lease if you want then change it and have them sign a new lease.  Or if they are on a month to month tenancy then you can just change it, have tenant sign off on it and the next month that new cause would go into effect. 

@Michael Bennett congrats on the first success! I wish you many more in 2019! Probably smart to get that first one down, create some processes/procedures, develop relationships with your core contractors and then start expanding! Where did you find this property? Wholesaler, MLS, direct mail?

@Account Closed What exactly is some of the language you don't understand?  

Hey @Jay Keehn have you set up your criteria for exactly what you are looking for?  Are you looking for fix n' flips? Rentals? Have you thought about where you want to invest in directly in Shawnee? Also what type of clientele you care to manage if you are wanting rentals?

@Mac Walker

Would love to meet up with you while you are in town.  I've been investing in the OKC metro are for several years now, also a licence agent. 

I agree with Rhett, think of the opportunity cost you are missing out on with such a long rehab.  Sounds like you need to work on getting your "Core Four" in order if you don't already. 

@Tahlia Derbigny  Also driving the areas when you are here is education in itself. 

@Melissa Williamson I would mimic what Cassi said.  I would say if you are wanting another job then go for it and get your license.   If you are just investing, I would say find a good real estate agent that knows your criteria and has value to add, possibly an investor themselves.  

Agents can set you up on searches on the MLS and you can refine your search from those auto emails. You will have limited access, but it should be all you should need as an investor.

The greatest part about having a great agent is that you don't have all the fees associated with having your real estate license.  I would also add that $2500 start up costs does not include all the extra reoccurring fees, monthly and annually.  You will also have brokerage fees, which vary from brokerage to brokerage.  

I can only speak for my state, I had 90 hours of course work which was all online and if I can recall, you are required to finish it in 6 months, then required to complete 45 hours of post license course work that year.  Then 21 hours of continuing ed every year after that.