All Forum Posts by: Richard W.

N.A N.A I just got a new tenant in my Lawton property but had to accept pets to make it happen. With the gov't sequester and new base housing the Lawton rental market has really gone soft. Are you seeing anything like that in OKC.

Congrats. Has the recent weather damage affected contractors, materials availability /pricing. Will you be doing your own renovations?

Welcome Kristen. I have family in MD/VA and I like getting back there occasionally. I purchased an out-of-state rental near a base as well. I made my decision based on the BRAC report that showed an increase in military personnel at the base. Surprisingly, my tenant ended up not being military but it still worked out well.
Definitely get educated here on BP, and d/l some podcasts as well. I listen to the podcasts in my car, when I ride my bike for fun, and when I would normally be listening to music. When I feel like I've overdosed on BP, I put it away, and come back to it later.

Look into the Property management companies that will be handling the rental. Maybe your realtor has an in house PM. See about getting a PM contract sent to you so you see how they work and how they charge you for different services.

Ask about base housing. IMHO you don't want to compete head to head with base housing. An issue I'm dealing with is the expansion of base housing nearby.

Good luck.....and go 'skins!

Great call, I learned what VAs can and can't do to enhance your investing business. The call was much more in depth than I expected.

Pretty standard in the southbay area of Los Angeles. Granted the rents are high here, but its not uncommon to look at $2200/mo rental that is unlocked, and nobody is around. Just a stack of rental applications sitting on the kitchen counter.

Would anyone like to touch on some pros and cons of investing in OK or TX. Although I have a relatively care free SFR rental in OK, I'm curious to know if anyone has properties in both states or has a preference due to taxes, landlord/tenant laws, insurance rates, RE agent experiences, PM rates, etc. Specifically in regards to small multi family buildings.

Audrey,
I have sublet a room in my rental in the past as well. After a week, I noticed my new roommate drank alot and she also disclosed that she wanted to bring her kids over to the house. Needless to say, I was a bit surprised she had kids. I told her the home was for adults only, and she should move elsewhere. I wasn't around much, and she moved out after two weeks. About a month later i found out she had used one of my credit card courtesy checks fraudulently, which I had her prosecuted for. Make sure you lock up your property while your tenant is still in your home. Also, I have an electronic keypad lock on my front door that allows me to change the entry code whenever I get new roommates. Good Luck, and do not underestimate your tenant's ability to steal from you, or let her dog soil your property in bizarre ways if she is angry.

Marco SantarelliNed CareyBrandon TurnerThank you for the input. Ive seen other postings by you and have embrassed your suggestions. Much appreciated.
Ali Boone I really enjoyed your website. I'll be in touch.
Deborah B. Thanks for reaching out, Im eager to hear what you have to say about OKC.

Hello BP,
Ive been lurking on the site for a week and making my way through the the suggested reading. What can I say, Im a bit overwhelmed at realizing how much I dont know. I bought a SFR in Oklahoma in 2005 and was fortunate to have a great tenant all this time. My tenant will be moving out in May, and my PM has told me the rental market has gone soft due to the fact that the local Army base has built alot of units in the last couple years and is aggressively marketing them to their troops. Looking back, I see I should not have payed retail for an investment property. There has been very little appreciation in the home, even though its in a good neighborhood and the CF is about break even. I want to acquire a 4-plex in TX or other landlord friendly state and ride the cash flow wave to paradise....am I late to the party? Can I make it happen while holding down my day job?

If anyone needs some boots on the ground in L.A. please connect with me. I spend alot of time in the south part of LA County traveling around for work. I would enjoy helping someone out while learning from them as well in order to make it a win-win!