All Forum Posts by: John Kunick

Jeff, Tulsa is a great place to buy and hold.  I own lots of 3BR/2bath homes and manage them myself.   Sorry that no one is calling you back.  That sucks.

Agree, the demand for good rental properties is spectacular here.

Like, Rocky, I live on other side of Oklahoma in Tulsa area, we have concentrated on this suburban area.  Very stable market even when other areas tend to be more up/down.  Our rents and values have been rising slowly and steadily over last several years.  The demand for quality rental properties is amazing.  I can usually put a For Rent sign in the yard and have 25 calls in just a few days.

Best of luck!

Kyle, good luck and welcome! My wife and I have been able to become financially independent over the course of last five years by investing in SFH in the Tulsa area. One of the keys is we live here and are able to manage them ourselves. Know your target audience (not only the type of tenants you are comfortable with, but also the type of house that suits the tenants) and make sure you are comfortably capitalized.

@chriscavner

As I've always stated, it all depends on your goals and objectives.  Mine is long-term cash flow for retirement.  Interestingly, I just reviewed the market values of all of my properties.  Yes, they have all appreciated nicely.  But, so what?  I do NOT want to sell them as they are golden eggs.  So, I don't care one whit what the appreciation is.  What I do care about is the ability to produce consistent and increasing cash flow (property that is desirable in a market/neighborhood where rents will increase over time).  Know your goals and stick to your knitting!

Kody, we do the SFH turnkey here is Tulsa and get 15-18% ROI. Buying the right house in the right neighborhood is key. And then not over-paying for that house. Got to be picky.

Depending on how much you want done, I use a handyman who takes care of all of my day-to-day maintenance needs.  He also helps me with significant maintenance/remodels.   He is outstanding and is one of the keys to our success.  Fortunately, he has built up quite a network of sub-contractors (plumbers, HVAC, electrical) for those projects that need to be farmed out.  These sub-contractors are the ones that we found that do an incredible job and provide discounts for the volume we provide.  We have gone through a lot of contractors to finally find these.  His name is David Dietrich (Mr. Fix It) .  Send me an email request if you want his cell #

Hi Dylan, I have had the same situation and have read through the responses here and agree with them all - except the need (like in NY) to have an attorney.  In OK, you really don't need an attorney, but it might be prudent should any problems start to arise.

Here is what I have done to avoid issues:

• Put your "lease requirements" in the purchase contract.  All current leases must be provided and security deposits must be transferred prior to or at closing.
• Meet with all tenants prior to closing to communicate what is taking place and review the leases with them.  This will also help you get a "feel" for the tenants.  Make sure to communicate that you/they are legally obligated to the lease terms.  Ownership changes do not terminate leases UNLESS that is strictly spelled out in the lease agreement.
• Constantly communicate with the seller any concerns you have.  Ask them to provide all documentation of check-in lists, rent payments, etc..
• Once you close, communicate again to the tenants to make sure they understand who/how to make rent payments.
• As time goes on, you can then decide what steps to take should you choose to not extend or renew leases.

Hope that helps.

Please allow me to weigh in on this:  You don't take % ROI to the bank, you take cash.. So, it all depends on your situation and your goals. I'm an investor in my mid-50's who is looking to retire at 59. Therefore, I built a portfolio of high quality rental properties using 25% down so that I was always cash flow positive - which is very important if a market downturn should happen. Once I got to the desired # of rentals (that would produce the desired amount of cash flow should I not have any debt) then I stopped buying additional properties and started taking all that positive cash flow and paying down the mortgages in a systematic and targeted fashion. So, you may look at my ROI and say I'm making less than I could had I just taken that cash and continued to buy more houses, but in reality, I'm making a lot more CASH - which is what I can take to the bank and also what I will use in retirement. I don't pay bills with ROI!!! Please allow me to reiterate: It all depends on your situation and your goals!!!