All Forum Posts by: Deborah Burian

Jon Holdman... so, pray tell... How do you have tenants deposit the money themselves?

For the OP... except for tax season and turnovers (less than 5%), maybe an hour a month, mostly around banking and bookkeeping, the occasional phone call, and rare craziness.

Joe Bertolino, that's the case here. We would never re-build, we would just find another house and they are readily available if you have some cash. We're in tornado alley and also, as it turns out, hailstorm central so insurance is sky-rocketing in the region. Lost 7 roofs in one storm last year... 50 cent and larger hail, windows shattered... we got a good look in real time at the coverage differences and the savings just makes sense.

Will Barnard... some of us manage our own properties and enjoy talking with tenants. Really... I do.

We have invested in OKC (single family) for 10 years. It has been a solid, solid market. We didn't suffer much from this last boom/bust cycle so prices didn't have as far to go down when it occurred. Oklahoma is a boom and bust town due to the heavy reliance on energy and lately, it's been boom. The town suffered mightily from the late 80's S&L meltdown that resulted in the Resolution trust purchases and it's sort of sick/funny to see the same properties in foreclosure. Right now, pretty much since the first of January, properties are selling like hot cakes with multiple bids and even some over-list offers (I've done it myself). For the last couple of weeks, every property I look at has someone else cruising it. Nonetheless, we are a relatively low cost housing market overall. Only you can decide how you feel about the long distance aspect.

Now... in the interest of full disclosure, and you can laugh if you want. I first heard of the "2% rule" at my first REIA meeting three weeks ago. We just do the math, and if they cash flow, we buy 'em.

Nope. I am fortunate to have trusted contractors and we have frank conversations about permits... plus the city has to put their green tag on permitted work so that's a fail safe.

Dawn A. What you said! It's a little scary but the insurance agent and the banker both thought is was the right thing to do as well. If your banker's on line, you're probably ok.

Al Williamson. You're on. Listened to your podcast the other day, did some research and just committed to converting all my RV insurances to ACV. Net savings in the neighborhood of $3000 annually.

Unless I'm working with a contractor I personally know and have used multiple times and trust implicitly... at least two bids for that price point. Whether you want it listed out or not is up to you, not the PM... you're the customer.

I am by no means a newbie so I've had my share of trouble tenants over the years but I remain proud to 'own' my business and like Brian Hoyt, in our market it's all available on line anyway. I don't think it's to our industry's benefit to demonize tenants. They're mostly just folks trying to get by like the rest of us. If you're worried... screen effectively.

Randy F., you probably use tape too! lol.