All Forum Posts by: Chase Busick

@Benny Weksler yeah I recommend doing a trial for tenant cloud. I think it'd be beneficial for you to just play with it & see how it goes. Can do this before having any tenants sign up. I'll most likely do the same.

I have used apartments.com for 5 years & know many others use it too, then progress to other options like tenant cloud, buildium, etc. when they are ready to progress. I also need to look into rental beast since through my MLS, but Idk if option for eveyone.

Apts.com is free, you are able to advertise on there for free & pay if want. The online payments are free & reports to renters credit. Their online system is good for beginners that don't want to pay. They syndicate leasing across many other popular websites as well. You can upload docs, take in maintenance requests. Their screening reports are ok, but if you are planning on doing the leasing you can probably do additional checks.

I think that Zillow also is starting a new platform for ongoing management as well.

Usually I will advertise leasing on Apartments.com, Zillow, Facebook Marketplace. Then just by doing that, it goes to 10+ other websites.

 Makes more sense. Yeah, I agree that it probably wasn't necessary especially if that was the amount of labor hours he claimed. Also knowing someone like a home inspector to scope lines too can help. I know here in Oklahoma there are a couple that only charge $150-200. But still, I think that determining the person's reliability is in question.. I know some will charge higher if you aren't present. 

I agree with @Payton Haight & @Bill B.

I answered a similar question for a plumbing issue for someone else a minute ago.

I think that referring back to the lease is essential. Shutting off the gas is a easy thing to do in most cases (at least for Oklahoma). You can probably walk a tenant through this if it were one of mine, or get somoone out their ASAP if it's inside where a carbon monoxide poisoning situation or something else can occur. The PM also should have sent out their maintenance man out to inspect or inspect themselves. Get their opinion if it needs to be hired out if they don't already have a licensed plumber come out.

This is a crappy situation because there is definitely some lack of accountability on the PM to ensure that the situation is handled in the best way it should. It would be terrible to have to do something that results in major financial costs when it could've been done for less if it was something simple. I would have also ensured you get additional opinions. If a tenant does something & makes a major decision for a repair, but didn't report it up properly even if it was an emergency can still be on the other party. This goes the same for the manager when they have to inform you if their estimates go over the spending limit in order to get an approval.

Ensuring you uphold the PM to a standard is essential. I had to fire the previous one I had while I was deployed because of similar situations that happened & I wasn't informed until a much later date. Most PM companies are too busy if they manage a lot, or make the most of their money from sales.

Robert, this sounds like a little messy situation. Apologies that you had this come up.

First of all I'd refer back to your lease. They most likely should have properly reported it to you if it was an emergency that way you can handle it, hire the proper personnel, & make the decision when you are advised of the situation. Them hiring it out themselves is on them in my opinion, because that probably goes against the lease on major repairs & how things will be conducted since it is your home & not theirs. Them being frustrated that the water isn't draining & they can't take a shower doesn't remove them of the responsibility of properly reporting it up to you so you can ensure the best course of action is taken..

For example in the lease I normally utilize in the Alterations & Additions section, Loss of Services, maintenance & repairs, & general provision - it goes over the proper reporting procedure as well as the guidelines for maintenance & repairs will take place. It also states that tenant must notify landlord of any discrepancies especially if it is an emergency. Granted there is more legal jargon & worded better in the lease, but this covers both parties in most situations. 

Considering that the tenant had them come out without your consent & did the work, it sounds like it should be on the tenant. Now I am not an attorney, so don't take this as legal advice & I recommend seeking out an attorney in case if more stuff comes from this. Because with your decision to not pay the rest & put it on the tenant can stir up some commotion on both the company not getting their money & putting the bill back on the tenant. Not to say that this is how it'll go down, but there are certain boundaries that the tenant definitely crossed that can be a breach of contract as they did not have the legal authority to hire out the repair when it is your home...

And just because they may be inpatient, & that it happened potentially on a holiday weekend doesn't mean they have people do major repairs behind your back & expecting you to pay for everything. Because they could be saying that it is corroded, buttt that doesn't mean that it needs to be fully replaced in order to get it back In working order. 

People can also say one thing without also providing proof of evidence that it actually needed to be done. With that being an extensive repair, I would be extremely upset that they went around to handle it on their own without the proper authority. I don't like being taken advantage of, and I don't trust companies that may say one thing is needed when it actually doesn't. (It's like when you take your car into a mechanic, & just because they can get an idea that you don't know anything they may try to sell you on replacing XYZ when they were all fine. This happens a lot with contractors & companies in order to keep a constant steady flow of work. Not saying this is prevalent, but you definitely have to protect yourself & trust those you hire to protect your hard earned wealth & assets). This is where you would have preferred to go with your preferred professional/contractor to get their opinion, then go from there if it is absolutely necessary. 

Sorry for this being a long post.

 Always maintaining good communication with the tenants, and following your standards during the leasing is very important to ensure that you have a smooth sailing ship.

I like @James Carlson's post & summarized it very well.

I think maintaining a good sense of boundaries are always good too. Getting referrals from your prior tenants can always help & decrease the amount of time in between vacancies.

Usually situations can get sour when things go neglected, handled wrong, bad communication through a particular situation, etc. I think staying on top of inspections, whether quarterly, semi annual or annual is a great way to maintain the property. You can follow the Landlord on Autopilot book tips & tricks. Usually if something turns bad, being empathetic & understanding is great.

If you are thinking about expanding, eventually you will probably run into leasing issues eventually. Always try to stay consistent with all marketing, screening, processes & following the standard for fair housing/equal opportunity to try not to discriminate.

Bethany, this is a valid concern. It is still also a somewhat busy time for many CPA's catching up on extended tax returns. Even though that is not an excuse to reply back, they can always get busy especially if they are a very small business or solopreneur. Getting on & answering questions from clients, then scheduling them in should be a priority since they are in a service business as well.

Are you looking for anywhere in particular in Oklahoma?

In OKC, there is Chrisman & Chrisman, P3 Accounting, & Plan Group. I do utilize C&C, but in an unbiased opinion they do a great job just as much as the others. There are a ton of local investors in OKC that utilize all 3 as most invest themselves. They also have teams that will service clientele & can always answer emails, hop on zoom or phone calls for strategy sessions etc. I know that many investors utilize P3 Accounting for their bookkeeping services for investors. But usually bookkeeping in general can be an expensive thing to outsource for newer investors but is something to consider when doing initial consultations with them. No obligation too, but I'd recommend chatting with multiple when you search that way you can see who y'all best match & align with in y'alls goals, vision, mission & lives.

I hope y'all find someone to help support y'alls journey!

John, this is a great post & is something that a ton of people normally deal with, especially when first starting out within the first few years.

You will want to for sure attend as many real estate related events/meetups in your area in order to bounce things off of people in your local market. This will also help build your community in your investing areas, get new deals, get better referrals to vendors, agents, managers, investors, & contractors.

Contractors will always come & go... Even if they are phenomenal, you may start to see that they will be raising their prices or get too busy. Always giving them referrals & a consistent stream of work will ensure they stay on your good side. Also becoming friends with them to see what they need, how they are doing, how their family is doing is always great.

I am kind of in the same boat with being in the middle ground. I have personally GC'd & hired out GC's to get the job done. I think that a great GC will ensure everything is done to the best quality. Unfortunately they do come at a price & you still have to inspect their work as they do get busy. Staying in consistent communication with them is essential & is like hiring a PM where you have to stay on top of ensuring they are looking out for your best interests & not allowing your asset to slowly degrade away.

You should always protect yourself with getting an inspection & having professionals within their field give you their perspective. Finding a good agent & wholesalers are important to get you the deals you are looking for. If you are not looking to incur as much headache, then targeting more homes that are already rent ready is worth the price. Also taking a look into more creative financing options like assuming loans, owner financing/owner carries are something to consider. Home's with higher days on market can be a sign that they are priced incorrectly or something is inherently wrong or not matching up for the area.

I know that we all want the next killer deal, but we never want to force it & get into a bad deal. So always focusing on ensuring you are financeable is important when the opportunity arises. Better perfecting your investments & strategy is also something very important to consider. There are still a ton of other ways to diversify & invest.

 Chris, you definitely found a popular & growing market. 

Growing up here in OKC for over 28 years, I can remember how certain parts of town were & how much they have improved up to today! It's equally amazing to see how much gentrification that is happening, but at the same time raising prices for everything & making it harder for others to live... While almost all the people that are on the upper end don't care about those aren't doing as much as them or being productive members of society. If you decide to invest in OKC, please ensure you maintain high ethics, quality work & service - while contributing to other things that are investments outside your own bottom line.

Within the $200k price range there are a ton of opportunities out there scattered about the city. You can really dive deeper in the city & choose a better location after learning about your other goals, vision, & aspirations are... 

Like are you wanting to be present within your investments, manage them, what quality homes you are looking for & in what quality of town. Are you wanting to ensure that the home is in more of a homeowner area or renter area. The demographics are changing so much across the city that you can't really just hone down to one area, unless you are living here & want to be say 20-30 minutes away. Having people within your corner to go to bat for you is insanely important. Let everyone know if you are still in need for help or are currently looking for deals & your criteria!

@Mason Vitalis, such a great post!

I agree with a lot of your points and think that for those that are starting out can learn a ton just from reading this. I feel like those that are more open to doing it themselves, is good for them to start out small to learn so they can manage the manager.

In my experience, when I was deployed & hired a PM company it was good until they started taking on too many rentals to manage as a company... Then they started having things fall through the cracks, since their main revenue producing activity was sales. The communication piece is huge! I ultimately took back management because of a couple major move-outs where I was informed almost after a whole month after it happened! That was not a fun experience, especially while I was doing another project. 

Managing the manager is going to be a constant process, as they will not take care of the property as much of the actual owner. But working yourself out of the job & having degree of separation from the tenants to the manager, or to the owner is extremely beneficial! 

 Yeah Tricia, 1.8 is not that good. Your PM should've been on top of that one, but is nice to still let you know. 

Andrew's comment right below your reply was good, because some states have different laws & preferences towards landlords. Eventually if don't have anybody qualified, then yes you may have to sacrifice & lower the rent.

Luckily it is easing into summer so hopefully you can find someone fairly soon as more people are moving. Eventually if the days on market for the listing gets too high I'd start questioning your PM more to see what they're doing... Like marketing, open houses, how many contacts they're making, how well they're advertising is, etc.