All Forum Posts by: Joe Miller

Thanks everyone for replying! I think I am going to try doing one of the bedrooms myself and see how it goes/how long it takes me then go from there!

@Bryan Devitt The area I am going to be covering is about 1000 sqft most of which is fairly square. The bedrooms are 11'x11' and there are 3 of them. The living area is open to the kitchen area and is ~15'x16'. The kitchen is a galley style with an eat in dining area which will require some cuts I am sure. I've pulled up the current baseboards because they were in poor condition so once I have the floor laid out Ill go ahead and install the baseboard. I know from what I have been reading I need to leave some space at the edge of the floor for expansion... I've never dealt with this type of flooring but I am a generally handy person. Just concerned with my time frame I am getting in over my head. Thanks for the reply!

Hey everyone! I am currently about a month into my house hacking adventure here in OKC! So far everything has been going well. I have definitely learned that everything takes more time than I'd expected when it comes to working on the house. So my question is I am planning to rip out the worn/stained carpet and lay down a pad and nice wood look vinyl floor! Under the carpet is a cement slab which seems to be in pretty good condition. My question for y'all is how challenging is installing a floating style vinyl floor (tongue/groove) and if I am primarily only installing on weekends and for an hour or two after work do you think it'll end up taking weeks to do? (this is in my unit, other half is occupied)

Based on y'alls experience what is a reasonable price/sqft for an installation if I think the project will end up being too much to handle all myself? I have been quoted $1.89/sqft as long as the subfloors are level.

Thanks!!

Hey Everyone,

   I am getting ready to close on my first deal Monday and have been reading about how to handle the tenants security deposits i will be receiving. Based on what I have found online it seems like deposits in the state of Oklahoma are typically deposited into an escrow account that may or may not be interest bearing. 

Would I contact the bank about setting up a specific escrow account? I had assumed I would just need separate savings accounts in which to store each deposit.

Any incite would be appreciate! Thanks!

@Fred Heller I agree that it is poorly worded. I will likely run it by a lawyer, just want to make sure that my first deal is done properly to set the standard moving forward. Thanks!

@Kim Meredith Hampton I just today got a hold of the agreement between the current owner and the management company indicating that the contract could be terminated with 30 days written notice. My only concern was because the management company was listed on the lease/collected rent for the unit etc...I am guessing this is standard?

So as long as I notify the management company and everything is turned over to me at closing I am not violating the lease by essentially changing where the rent gets paid to? Just notify the tenants in writing and take over management moving forward... 

Thanks!

Hi Melissa,

   I am in the process of closing on a duplex and just recently had my inspection done. What led me to choose the company that I did was a few things. Firstly, excellent reviews online regarding the extensiveness of the inspection and ease of communication between parties. Second a major factor for me being that attending the inspection was difficult was the report. The inspector I choose had an extensive report with photos and arrows pointing out the exact issue being identified. I think that even if you are attending having a report like this is valuable. I would always ask to see a "Sample" report. The final reason that I choose this inspector was unlike several of the other places I called where I was given a voicemail or put on hold this inspector or one of his co-inspectors always took my call and assisted me with whatever my question was. Hope this helps, best of luck! 

Hi Everyone,

   I have been reading through the forums a ton trying to find some information about this but I haven't really had any luck. I am getting ready to close on a duplex this month. I will occupy the one unit but the other has an existing tenant/lease. Before I close I am trying to determine if I can legally get rid of the management company and take over management myself or if I have to wait until the lease expires to do so. (Keep the lease just change where the payments/phone calls etc are made to)

The owner is an out of state investor who is difficult to get a hold of but the listing agent emailed me the following, " There is no term between the owner and the management company and you are able to take up managing the property directly after closing if you choose to do so. Deposits will also be transferred if that's what you choose to do" 

My concern is the lease is stated as follows, "This Contract shall be deemed as a Tenant lease Contract by and between XXXX Property Management , ”Owner” or “Landlord”, which is a business entity of limited liability status, and XXXX (Tenant)" I am concerned that despite there being no agreement between the owner and the management company it seems like the lease is between the management company and the tenant. 

Does anyone have any experience or insight with this? I want to be sure I am not doing anything wrong by taking the agent at her word. The management company's 10% fee doesn't make or break anything for me but being I am right next door I would really prefer to self manage if possible/legal.

Thanks!

Thanks everyone for the information! The unit I will be moving into will become vacant at the end of June at which point I will be moving in so I don't plan to execute on the clause. However, I am wondering about the other unit which its lease runs until December and is managed by a property management company. I am just unsure about if because they are built into the current lease if I will have to keep them thus incurring that additional expense. Should I call the company to find out more information about this or communicate with the seller to see if they know? Thanks!

@Tom Gimer Regarding the management company what exactly do you mean... Because they are the ones handling the property under the current lease do I need to remain using them unless I revise and get a new lease? 

Thanks for the reply!