All Forum Posts by: Ryan Ahlgrim

Are there any landlords out there with a good running list of tenant proof materials, products, tips, etc. they try incorporating into all their rentals? A common one is vinyl plank flooring since it's waterproof, comes with an extended warranty, lasts longer than carpet, and needs less upkeep than ceramic tile. Another is washable paint which allows you to wipe wall surfaces down with warm soapy water versus repainting everything. What else is being used to keep the cost of wear and tear down?

Look for a lender who will service the loan and not sell it on the secondary market. They tend to be more flexible when it comes to rental properties especially while you're building a portfolio. Gateway Mortgage is excellent in that regard.

I'm a licensed agent getting ready to list my primary residence for sale. The idea of paying the buyer's agent a full 3% is giving me a bit of heartburn considering I'll handle the majority of the work. How have other agents selling their own property handled this? Also, would an agent recommend listing their house FSBO off the MLS or will you reach more qualified buyers listing the property on the MLS? If I go the FSBO route I'd still disclose my status as an agent and pay my broker's fee. Figured I'd better mention that before someone else pointed it out. Thanks.

John Anderson that's why I said talk to your lender first. I just went through the process of deeding properties over to an LLC and my lender worked with me on everything because I came to them upfront.

Good luck ever collecting from that guy. Best option might be to assess the total damages, make a plan to fix everything and correct course, then figure out a better way to manage properties from out of state.

For landlord accounting use a property management software program like Buildium or Rentec Direct. It helps track all income and expenses per property and is a big help at tax time. For flips (and maybe wholesaling) you'll probably treat all income and expenses like someone who's self employed. In that case Quickbooks might be a great option. Ask a CPA to confirm that.

It all depends on how their financed so ask your lender. If they're commercial loans the bank might ask you to refinance into the new LLC/Inc name. If they're personal 30 year home mortgages they'll most likely tell you no since they typically don't lend to corporations. You can quit claim deed your properties from your personal name into your LLC/Inc at the county assessor's office. It might cost $13 per document. Pretty easy process. If you have contracts in place in your personal name you can either ask to redo the contracts or have all parties sign a contract amendment that states all business is being handled in the LLCs name now. Maybe call an attorney who specializes in business law and ask what's the best way. Usually those guys don't mind answering simple questions like that just over the phone.

You don't need a license to be a contractor in Oklahoma unless it's MEP related.

One last reminder about the meetup tonight in Tulsa. See everyone there.

A quick reminder that the next meetup in Tulsa is this Thursday at 6pm at The Boxyard downtown. Please RSVP above. See you guys there.