All Forum Posts by: Heidi Hughes

@Josh Beller

Hi Josh!

I live in Northern California and have been investing in Tulsa for the last 5 years. I’m happy with my cash flow. But if you are looking for California style appreciation then you may be disappointed. I’d be happy to connect to discuss more.

Heidi

@Ken Latchers Thank you!  Your information is helpful.  I think I will try to go for monthly furnished.  Do you charge them back for electric, gas and wifi?  $225 a week comes out to $900 a month which is about what I get for an unfurnished rental in my area.  I am hoping to get more for a 2 bedroom furnished.   

Yes, @Paul Sandhu I have read that this is your practice...LOL

Hi @Ken Latchers I have considered converting it to a long-term.  But I have invested $ in all the furnishings and we do stay there on our frequent trips to oversee our other properties and to visit family.  Thinking of trying to market it as a furnished monthly rental to corporate travelers.

Hi @Michael Baum, thanks for that advice.  I am thinking of switching it up but it could be a risk of losing her.  I pay her $80 to clean a 2 bedroom house.  I am thinking I would definitely increase it if she only cleans and try to get her bill me hourly for handling any issues as you suggested.

Hi @Luke Carl, How much do you pay your cleaners and do they help when you have issues that you can't solve remotely?  How do you compensate them for help with non cleaning issues?

Heidi

I have been doing STR for several years locally and out of state. My out of state STR does not cash flow after all utilities, hosting fees, PITI, and supplies. It basically breaks even. I do most of the communication with the guests. I use a co-host to help with any issues that might come up (rarely have had any issues) and to clean. I pay them a 15% fee plus a cleaning fee. For those of you who self manage out of state STRs do you use a cleaning service to help with co-hosting? How do you compensate them? Or, do you recommend having a co-host? If so how do you compensate them?

Thanks for your input!    

Hi Cassi,

We like mid town area in Tulsa.  Our homes usually rent to younger people who like living closer to downtown, Cherry Street and Brookside where there are a lot of social activities.  We also have renters who are teachers in the TPS so they like living close to their schools.

Heidi

Hi Radu, 

We cover our properties for tornado damage, flooding and wind.  We carry a high deductible to help offset the cost to carry the insurance.  We decided we could afford the deductible but if something bigger happens we would be insured.

Heidi

Hi BP Tulsa Members,

We are looking for reliable and reasonably priced painters for exterior jobs.  I have 2 jobs right now that I need painted.  If anyone knows of a painter that they would recommend I would be grateful to get their contact information.

Thanks,

Heidi 

@Ryan Fortier Thanks for that.  I like that response.  I am starting to look at loan options and I am finding there are options that other than the traditional lending I am used.  So this might be the way we go.

Hi BP,

Feeling anxious about doing a 1031 on a property in CA.  We want to get out of the Berkeley rental market and are looking to diversify and get more cash flow.  Our long term tenant is looking to move, finally.  Feel like we need to seize the opportunity and sell.  Property may sell for around 1.1 mil.  We owe about 400K.  Would like to purchase at least 2 properties.  Maybe a multi family, but that seems hard to find in such a short amount of time.  Want to be in a market outside of CA.  We currently own 7 doors in Tulsa, Oklahoma.  It's my understanding we have to spend what we sell the property for minus fees.  That means we will need to finance the $400k. We are worried we won't qualify for new financing.  Self employment income is low last couple of years and we have several mortgages on other rentals.  We do have a good amount of dollars in retirement funds.  So what happens if we can't get financing?      

Was wondering if we should try to partner on one or both of the new properties? But I thought we have to hold new properties in the same type of entity so can't do a LLC. Is there another way to do a partnership?

Looking for thoughts and suggestions.

Heidi