All Forum Posts by: John Kunick

Well, good luck!

What are your goals?  Just not clear based on what you have posted.

Jasen, it doesn't seem clear what your objective is?  Is it to invest or live?  In terms of livability, I personally prefer the Tulsa area.  Invest?  Either area is really hot IF you do it the right way.  If you invest in the right areas and manage the right way, you can make either work.  We own bunches of properties and have no problem renting them out in a few days and getting premium rents.  I have two properties that are becoming available the first of June.  I started marketing them this weekend and already have 20-25 inquiries.  Got several showings and doubt either one will still be available by the end of the week.  It is crazy how hot the market is.   But, you must buy in the right areas and manage them in the right way

Joe Mullis with Associated Mortgage Corporation

Joe Mullis is outstanding!

Associated Mortgage Corporation

We've been fortunate to do very well with rentals here in Tulsa area. I've also helped two investors from San Diego buy and manage properties here. Their ROI is so much better here and their cost of entry is so much lower.

BTW, when I say we extended the terms, we kept the rent and security deposit the same, but made the ending date of the lease one year from the new date (think there was only three months left on the existing agreement).  Therefore, I got an extra nine months of occupancy, but it included a new roommate (which I vetted).  The new roommate paid the exiting roommate their portion of the security deposit.  Also, when I have a roommate situation or boyfriend/girlfriend living together, I will only do the lease with one person.  They are the primary designee for all matters and they have to work with the other tenants to collect rent.  I have helped the primary tenant do sub-lease agreements with the other tenants, but in the sub-lease it explicitly states that the agreement is between the primary and secondary tenants and has nothing binding with the landlord.

I totally agree with Jon Pitcher and have had a similar situation and did exactly what he suggested.  In essence, we agreed to make the current lease null and void and started a new lease which extended the terms.  It was a win/win.

Hi Dustin.  Call me.  I do a lot of investment properties in Tulsa and live here.  Have helped others as well. 

Hi Ryan, hope you are well..  I've never actually done one of these, but have had a couple of people, who were not current tenants, inquire about my willingness to do it.  Bottom line:  I am not willing to do it unless I've already had them renting from me for at least one year and know who I am dealing with.

Now that I've got a long history, I would be willing to do this, but only if the tenants were VERY good and demonstrated a desire to stay long-term and follow-through on all aspects of the agreement.  Basically, this would switch them from being a tenant to a potential owner - and change my role from landlord to short-term financier.

Like you, I've heard various ways of doing his.  But, I would insist on a 5% down payment, a $200 per month rent premium that would go towards their equity, a fixed time to pull trigger and they get their own financing and also that they are now responsible for all repairs up to a set limit.