All Forum Posts by: Ben Scott

Hey @Mary Ainsworth, congrats on the deal. What part of town is your property? Local agent, investor and PM here. Happy to connect.

Thanks @Lara White! And also not familiar with Ironstone as I'm in the OKC market. Congrats on the purchase @Kathy Creighton-Smith!

If you're worried about liability for the rental, you could always look into an umbrella policy with your insurance company. Of course, you'll want to take steps as you scale, but I"m not sure its worth the time or investment to set up entities and pay attorneys, etc with one rental.

I've used P3 Accounting in OKC. Specialize in real estate and cannabis

My opinion: the one bedroom units will have higher vacancy and turnover. Your best bet for a long term tenant is a 3/1 or 3/2. Those tenants tend to have families that don't want to disrupt schools, friends, etc. I don't have any numbers on vacancy rate but I will admit demand is slightly down relative to last year at this time. 

Hey @Vincent Ho, it might be difficult to find a duplex under $150k that doesn't need work. You might look in south Oklahoma City, Midwest City, Mustang and Del City in the $100-150k range. The areas with better schools tend to be north of $225k. 

In our market, 8-10% of gross rents if fairly standard with a lease fee of 50-75% of first month's rent

I'd say if the tenant really wants the issue addressed, they can make time to be there and/or schedule with the vendor. If you're going to self-manage, I'd keep the fact that you own the property under wraps with the tenant. The tenant doesn't need to know who owns the unit. Then you can always blame 'the owner' if need be. Keeps a bit of emotional separation there if you don't have a PM

Hey @garrett, please send me what you have as well!