All Forum Posts by: Kevin LIVINGSTON

I have two rentals in the area for 7 years now. I run them and do most maintenance / upgrades myself. If your looking for the Broken Arrow area we should talk.

Great ideas thank you. We did a one year contract then discuss the rent to buy.

We have two rentals for three years now. One we just leased and the other is now available. (both came up at the same time).  We have a 3/2/2 house in nice area that is a little small but gets a lot of interest. We need to get really good renter because it has solid wood floors and damage to them can get bad fast. So I get a request today for rent to own. I have no idea on how this works other than reading in here today. I like the buying process on houses so renting with option to buy would be something I think would work.  The house is worth around 120000 rents for 1075.00 

 Question: What #'s can I use on a deal like this for monthly amount and money up front? 

Deanna,

Thank you, this is a great list. What else do you put in your Policy packet? sorry of topic I am also looking for a form someone is using to send after tenant has move away.  

Good point!

No I have only stated that the house would have to be move in ready by the end of the month. So we could save everyone as much as possible in this contract breaking. I really did not want to go to an eviction process it I could avoid it. I was thinking keys for dollars but now looking back I may have cost myself. 

So here is what I am looking at We had this house for 2 months (1 fixing it up to rent, 1 trying to rent it). We went through allot of people we wanted to rent to but they did not sign. Then we got these two girls. Rented it Dec 1st through 2/28 3 cold months. So now we get it back and rent it at a better time of the year. We may loose on some rent if it takes too long but I think we were a little high on the rent anyway.  So nothing lost at least but nothing gained.  I am not sure on the law on the rent and holding the deposit. I thought the deposit was separate in the eyes of the law. 

Thank you for your idea's they wee very helpful.  The girls have agreed to move out by the end of the month. So looks like we will get it back and can move on with out having to do an eviction. Should I press the matter for part of March rent?  I was in the house last month and it was clean so I do not see a problem with the deposit going back.

We did not want to keep the mother and boyfriend(no job) as renters.

We rented a SFH to two girls who split the rent. One has two kids the other is single. They have been living there for 2 months and have made separate payments each for there 1/2. I got an email saying the one single girl can not live with the other for moral reasons. We have also found out the other girl has had her boyfriend living there. ( not on contract). The single girl is a great person who we want to work with but there is 9 months to go,

I don't think this is going to end easy just a feeling on the mother of two with a boyfriend. Should I insist on a background check on him and then new contract? Raise the rent on it?

Should I offer to get both out and return deposit? If the leave it as they found it.

I want to avoid the eviction if possible and move forward.

Any idea's or suggestions?

Good point.  My thinking is this house is in great shape and the maintenance will be lower. Most of the properties we have been seeing in this range need alot of work and holding costs make this one look good.  But your right maybe I should take a step back and see where it goes.

Thanks for that heads up.

Johnna, 

I would like more info on this also. Could you give us the #'s one one of these options?

This seems to be a way to get better tenants.

Thank You

Kevin

Seller turned down our offer with no counter. They decided to list. I in turn gave another offer and waiting to see on it. 

We offered 76.000 which is more than we planner on in the beginning. Here are the #'s

Insurance 80.00 month

Taxes 1200

Water Sewer and Trash 65.00 month

no HOA

Heat and air I would guess 1200 a year

We will have the tenants pay Utilities.

Comps from sold last year 60-80 s.f. 

I know we can get 850.00 and maybe 900.00 rent on this one.

1100 s.f. 3/1.5/2 brick house roof 10yr old, heat. air and water heater new 3yrs  new insulated windows 3yrs

Stove micro  frig clothes washer and dryer all stay. nice fenced yard. 

On another note. We have been trying to get a second rental since January. We have been going for foreclosures but we keep getting beat on the bids.

One house we bid 123500 with financing and it sold for list at 117000. This makes us think we have to go in with cash to even have a chance. Any thoughts? 

We did have two offers accepted on owned properties but when we did inspections the repairs were to high. So we have spent 1500.00 on that so far. Good news is I went with the inspectors and have learned what to look for and how. As my son said I got Educated.