All Forum Posts by: Will Fraser

Howdy @Waylon Smith, 

TBH I'm not sure what book the 2% rule would have come from.  The 1% rule is the ubiquitous rule of thumb that is most commonly discussed in investing circles as the "quick and dirty rough guide", and it will work for many investors.

I'd venture to guess that the 2% rule would work for all investors, since a $150k home that generates $3k monthly in rent would be spitting off an insanely favorable amount of cashflow.

Ultimately it all comes down to what makes an investment workable for you.  I've invested in $17/door cashflow deals that others have walked away from, and I've walked away from $500/door cashflow deals that others are jumping at.  I'm confident that most investors with reps can say the same and it all comes down to what makes a deal a win for the individual investor.

Most people I know who own in Eden are terrified about violating the county's STR ordinance . . .yet the county seems very clear that they cannot effectively do anything about the unlicensed operators (last number I saw was that there were only 38 licensed STRs in the entire county, and at least 1,000 known STR units operating there).

If you do set out to STR in Eden, do it with the highest degree of excellence and help us set the best precedents possible so that we can demonstrate to the community that hospitality can lift all boats, not just sink them!

I've had my share of hesitations about Pricelabs in the past but I'm further down the road now and I couldn't be happier with the results.  

Set yourself up with a habit of reviewing the data sets weekly and making adjustments to your base price and minimum as needed.  The better you familiarize yourself with the data sets it utilizes the more you'll see the value of the software.

It is prone to user error, though.  So, be a good student of it and it will be a great guide for you!

A police report usually helps greatly with these things, so if you haven't already filed one I'd recommend it.

How has the disposition of personal items gone so far?  Have you been able to get in touch with family of the deceased?

@Jane H. with a bit of scale you could use a service like Property Meld  to facilitate your maintenance items and pursue a review for each maintenance item.  Once a tenant reviews a vendor on a particular maintenance item it serves as evidence that the item was complete (or the lack of review can demonstrate that it is still pending)

Hey @Clint Koehn, I'm sorry you've had this experience with a Property Manager in OKC :( 

Folks like Tracy and I are trying to drain this swamp and make property management in Oklahoma City a light thing and not a toxic drain.  

For today though, there've been lots of good thoughts above, so I'll only add this:

- it's tempting to think that you've missed 3 years of increases, but in reality rents are down fairly aggressively in late 2022 and early 2023, in some pockets pulling back to 2019 levels.  You may find with your particular home that the real effective increase over your current least amount is less than you think it will be, and you'll not have a tough time moving the tenant up to this amount.

Whichever way, let the numbers tell the story.

 Howdy, Mary!

Anything will cashflow if you put enough down, so if you're looking at a 50% loan to value loan on a property then I'd recommend anything in Gilbert, Salt Lake City, Denver, etc.

If you'd like to limit your cash-to-close by using a higher LTV loan and you still want it to cashflow then you'll almost certainly be constrained to operating it as a STR (short-term rental) for a season.

When looking through this lens I really like places like Salt Lake City, Broken Bow, OK, and Lake Eufala, OK  

@Anna Sam, howdy!

I'll not jump on the dogpile here, as most good points have already been raised.

I will contend with the idea that property managers are rent collectors.  Were that the case then we should all be SOL thanks to the glorious ACH transfer.

In reality, that is a small piece of the role, and it fits within the total package of stewardship, which is perhaps a better and more wholistic thing to expect of your manager.  

@Lloyd Spencer if you want someone who specializes in the small multifamily space then you'll likely want someone who doesn't manage large multifamily properties.  They are different beasts altogether and often the large multifamily PM fee volume is too good for PMs to turn down. 

However, don't be too easily convinced that you are paying "above market rates" without know what the market rate for that particular niche is.  As you well know, it's different than single family or large multifamily, so might the fee norms be different?

Hi @Darryl E Johnson!  Welcome to the Bigger Pockets forums!

I'll assume that by "Better" you mean faster, more effective, more efficient, and possibly even more profitable.

Hire a really ridiculously good Property Manager. 

That should do the trick.