All Forum Posts by: Tracy Streich

@Shalini Dawar I am not sure the specifics for NJ but typically you do not need a license to manage properties you own.   You need a license when managing properties for others.   Good luck. 

@Lara White is correct.  In Oklahoma you do need a RE license to wholesale real estate contracts.   

@Brian Leseberg  If your portfolio is growing you need to be using a software that will allow online payments.   Technology has allowed you to move beyond giving a bank account and trying to figure out who actually made the deposit.   Search the forums.   There are plenty available.   

@Amber Straub there are several threads on here for PM software.   If you are self managing don't over think it.   You need to store info, collect rent and keep all correspondence in one place.   Buildium, Rentec  and a few others will work.   Don't get bogged down on wanting the cheapest option.  You need and option that will work for you that is less that hiring a professional PM to manage it for your.   If it cost you $100-150 per month it will be well spent money.   Best of Luck. 

Most of the local title companies will do this deed for you and charge about $150.   

@Greg Snell  If they are a professional company they should have an owner portal that you can log in anytime and see I current update.  PM cannot make the tenant pay their rent but there should be a process on their side of what they are doing when the rent is not paid.   I would call and ask what the process is and where they are in the process.   Ours goes like this: 1. Late after the 5th.. Notices certified mailed, emailed and posted.   2.  If not paid in 5 days (will depend on local laws) it goes to the attorney.  3.  Attny gets the court date and sends notice as well.  Depending on back up at the court this takes 2-4 weeks.   4.  Writ of possession and this is done by the sheriff for us, another week.   Then we get the house back.  All of this is done to get the tenant to pay the rent but we cannot force them to pay up.   All of these items are on a time clock.   The key is start ASAP.   We can stop it any time if they pay but we can never really speed it up.   So again,   they are lated, what is the process and where are you in the process.   Sounds like they need to communicate better

@Ralph Justiz  Thanks for the shoutout.  

Just a reminder you have to be licensed in Oklahoma to manage for others.   This does not mean they will do a great job but it is at the very least the minimum standard from where you need to start.   I do not see Nano Investing as registered with the Real Estate commission unless they are operating under a different name.   @Ryan Edwards you may have some additional insight.   You can always look up a potential PM on the website.  oklahoma.gov/orec

If you are willing to make a quick drive to Tulsa we are hosting and evening with David Greene the host the BP podcast on May 21st.   See link for details or check Tulsa events on BP

https://www.eventbrite.com/e/building-a-portfolio-in-2024-ho...

David Green will be here in Tulsa!   You do not want to miss this.   Use the link to reserve your spot.   Seating is limited. 

https://bit.ly/3JCkUSe

Welcome to Tulsa real estate investing! Tulsa is a prime investment destination, with rental rates averaging around $1.00/sqft in the metro area. This rate fluctuates based on location, property condition, and amenities. New construction tends to command even higher rates. If you have any questions or need further guidance, don't hesitate to reach out.