All Forum Posts by: Staci Kou

@Drew Eldridge this is an amazing story!!! My kids are 8, 6, and 4 and when we are scouting properties/talking to tenants/etc they complain but I'm determined to expose them to the business.  I had never thought of them becoming investors before college~but now I will :).  Do you have a recent update?  Any more acquisitions or have your other kids jumped on the band wagon?  Love that you managed to instill the entrepreneurial spirit at a young age!

I stay away from condos, I'd look for a duplex, people in Norman prefer duplexes to condos, and I would run from anything with a condo association. It might be difficult to find an affordable duplex within walking distance to OU, but there are duplexes along Highway 9 (Trails neighborhood area) that I've considered-quick drive or a committed bike rider. I wasn't looking to house hack so I stick to SFH, but for you I'd look at a duplex in a neighborhood with good schools-so you can rent to students or a family. Apartments were overbuilt so rents will be low for a condo, people are willing to pay more for their own yard, even if it is small, and attached garage. I've been investing the past few years, and living, in Norman so that's my humble take, hope it helps. And congrats on getting started! It is a fun journey but you just have to stick to the numbers and be realistic as opposed to hopeful, as well as assume all repairs will cost MUCH more than you anticipate and take that into account. Also, OK revolves around the oil and gas industry, and with gas prices down, I'm assuming housing will take a hit and prices will continue to drop as they have been the past two years, so if you don't find anything now, waiting might be to your benefit. Good luck!

@Michael Lee ,@Will Gaston thanks so much! I passed on that group and got a signed lease from another group yesterday morning so it worked out well. Excited to have our first rental rented out and officially call myself a landlord!

Thanks @Will Gaston! This was my gut instinct but since this is our first rental, wanted to make sure I'm on the right track. It is for June 1 start date and I have others lined up to look at it so I'll go the, "Take it or leave it" route. I've showed it to a few groups and every group has had at least one person who says, "My parent is a lawyer and wants to see the lease." LOL upside is the bills will get paid, downside is it could be an annoying ride for me :)! As always thanks for your awesome feedback and sharing your knowledge!

Good morning! Thanks for the great info @Will Gaston!  Quick question: About to sign our first lease, all went well, background/credit check etc, then I get an email from one of the prospective tenants saying his dad is a lawyer and wants them on separate leases. They all know each other because they are all National Merit Scholars and they seem like good friends (hoping it is a studious group of 3!) so what are your thoughts. My inclination is no, it ups my risk and I can find a group who would all be on the same lease, but maybe I should consider it as they seem like a good group. Would love to hear what others think! Thank you!

Thanks @Carolyn Fuller! I just had someone apply through cozy and it worked well. If they sign, I'm planning on having them pay through cozy as well. Thanks @Liz C., good to know about cozy over Buildup. With one property I want things as simple as possible

Thanks @Will Gaston, good to know about AirBnB, and yes I have come to the conclusion that outside of summer we just have to wait it out. We paid well below market for the house because it wasn't listed until early August after investors had already bought, so we can stomach waiting it out till summer. If I had known this would be the issue, we wouldn't have had to kill ourselves with the quick rehab, but lesson learned! Thanks for all of your awesome advice!

@Will Gaston, you need a podcast! Thanks so much for the info!!! Do you have something in your lease preventing tenants from AirBnBing to others on Game Day, Graduation weekend, etc? Also, any suggestions for renting when it isn't summer? We found a great deal and closed on a SFH Sept 1, rehabbed as quickly as possible, and had it listed for rent for mid-October. Absolutely no interest, I was hoping for Spring semester rental worst case scenario, but all of the interest is to pre-lease for summer. Thinking we have to cut our losses, and pre-lease for June, while it sits empty. Ready to get on the summer rental schedule! We have learned so much already as this is our first property but wow, some lessons are hard to learn! :)

Hi all, working on renting out my first unit! Do you have prospective tenants fill out a hard copy application, and then send them to Cozy for screening? Or Cozy has everything needed, including prior landlord info?  Everyone who has contacted me so far has been a college student and they don't know how to use pens, lol, they want everything online. Just making sure I'm not missing something, like prior rental history, if they do it all through Cozy.

Hi Brick, message me and I'll give you the info I have.