All Forum Posts by: John F.

Create a vision or a business model. Demand upon yourself to make at least $200-$300 (or some other acceptable amount) net profit before repairs. Join an industry group (local REIA) and ask others how do they price their potential purchases. Talk to somebody who owns a vast amount (eg 100). One guy told me he never pays over 60x rent. Meaning if rent is 1000 a month, the most he pays is 60k.

In all our homes I install motion detector with lights in front and back . I install or hang sheets to cover the windows. I put at least two lights on timers (living room and MBR). I install a monitored security system monitored by a local company. I have a motion detector in an area that encompasses the most possible traffic pattern In the house. I meet the neighbors and tell them I'm the property manager and I am going to improve the property. I ask is there any way you can park one of your cars in my driveway at night? I go by daily and ck on the house and remove all the junk mail. Hope this helps. John. PS. I make sure the alarm system is on a cellular phone connection so if no one is paying for a Regular phone line (bc the house is vacant) then the alarm system still works!

In all our homes I install motion detector with lights in front and back . I install or hang sheets to cover the windows. I put at least two lights on timers (living room and MBR). I install a monitored security system monitored by a local company. I have a motion detector in an area that encompasses the most possible traffic pattern In the house. I meet the neighbors and tell them I'm the property manager and I am going to improve the property. I ask is there any way you can park one of your cars in my driveway at night? I go by daily and ck on the house and remove all the junk mail. Hope this helps. John

As a property manager active for over twelve years in two different states: no discount for multiple year leases. In fact, I insist on year renewals (not month-to-month after initial year expiration); 60 day move out notices (so I can market the property for $50-$100 more during the first 30 days; then $25-$50 more during the final thirty days). I am contemplating writing into leases a anticipated annual 2.9% rent increase. In short, I run my properties as a for-profit business and would anticipate increasing rents going forward - not discounting them.

We managed two 2/1s in Texas. The small 2/1 was always rented by those who only could accept 2/1s. Obviously, no one needing a 3/1 would bother. Rents were lower too. My larger 2/1 had 3 living areas. Meaning, a LR, sunroom, and basement room w closet. I advertised this one as a 3/1 (although it was a built 2/1 with a sunroom addition and basement room addition). I had countless more interest, charged nearly 50-75% more rent over our 10 yr managing period. Presently. We manage for investors a 2/2 which is in a 3/1 and 3/2 neighborhood and was vacant and on MLS For 14-16 months. 2s are simply NOT desirable and should command lower resale and rent prices. We remodeled the 2/2 to become a 3/2 by dividing an extraordinarily large sunroom into a smaller sunroom and a third BR. Needless to say, our visitor volume for potential renters is higher upon the idea it's a 3/2. Obviously those who don't like the idea of a fully walled, remodeled 3rd BR being a former sunroom don't rent from us. Those who don't care, rent and pay a 3/2 price. Sum: if you can chg a 2-2 to a 3-2 then buy the house. Truly I found the issue isn't number of BRs but number of baths! We manage a 3/1 and everyone asks where the second bath is!

Folks, I own 3 SFRs in Tulsa, OK. I've maxed out my LOC & have great credit. However, I wish to grow using sellers' OWC financing (avoid banks, hard money). How does one find investors willing to sell via OWC? Networking seems non-productive (Bc all I hear is "I'd do that too"). Thanks, John

I don't want my residents to fix anything. Not so funny story: had a resident attempt to fix a ceiling fan and couldn't reassemble it. I spent 40+ hours trying to find parts and attempt to reassemble it. Should have either (1) charged them for a whole new fan. (It's impossible to determine which part is missing!) Or (2) told them no more ceiling fan to be provided for their duration until their move out.