All Forum Posts by: Tracy Streich

I think it is very important to note renters insurance and tenant liability insurance are two different things. We have a master policy that each tenant is enrolled in when they sign our lease. It is spelled out in the lease. They have 100k tenant liability insurance and 10k personal property insurance. It cost them approx $15 per month. We pay it and collect from them when they pay their rent. I don't have to worry about them canceling because we control the policy. If they want additional contents coverage they can get it in their own.

Tulsa has many good opportunities. When you say multi family are you including duplexes?

depends on the type of freon.  R22 is anywhere from $85-200 per pound. 410a Is much less about $40-50 lb.   If you have an old unit it is likely R22.  The stop leak is about $200.   

If your unit is really old and you have the cash you might consider upgrading to new unit with 410a.  You can throw away a lot of money on freon if you have a leak.  

My experience in this area is that you will not be able to make an offer before it hits mls if the bank is one of the larger institutional lenders such as Chase or Wells Fargo.  They are a machine and it has to work its way through the system.  If however it is a smaller local bank they want to the get it off the books ASAP and you might have a chance contacting the bank directly.   Go to the auction and give your information to the attorney bidding for the bank.   Good luck

As a PM we handle the coordination of the lawn care on multi family units and vacant single family units.   This is not included in the cost of the property management.   I am not sure if you are asking if the PM should cover the cost or if they should charge you for coordination of the mowing.   We pass through the cost of the mowing to the owner.   It really does not cost me anything to manage this because we use the same crew to do that work all over town.   I just add or remove it from the list.  

I do think it is best to let your PM coordinate it.  That way you know it is getting done.  Also it keeps all of your expense centralized on one statement instead of you having to track additional expenses separate from what you are spending through the PM.  I personally do not like having a tenant mowing on the multi family units, even a duplex.   If they don't get it done in a timely manner or do a poor job then everyone else complains.   In addition, we make sure everyone has GL insurance and workers comp if they are working for us. 

The tenant is locked in at that rate for sure.   If you think it is below market and you will not do the deal because of it negotiate it with the owner.   One year at $100 per month.   Let him know you want a rent credit for $1200 at closing.   With that said is it a good deal?  If so are you willing to blow it up over $1200?  

I would try to meet them somewhere in the middle and raise it slowly over time.   If they have been there 13 years you will be surprised how much repair the house will need when they move out.   Do you want to incur a big cost right now for turnover?  You have turnover cost and vacancy at a minimum to consider.   We manage over 500 homes and took a 3 month average on turnover cost and it is about $3.50 per sq ft in our market.   Not sure sure how that will compare to you.  But at 1,000 sf house is $3500 to turn.  Plus the headache of doing the work and showing the property.   Raise them $100 and do that every year and save the headache and move on the next deal.  

What does it say in your management agreement?   Most PM are more than willing to do the inspection if you want it and you are willing to pay for it.   Do not assume they are just going to do it for free.  I think that is where the breakdown happens between most owners and PM's.  This is why you need to read the contract carefully and discuss all fees up front when getting a PM.   Some include inspections and others things that others do not.   Do not assume.   Good communication at the start will make it a much smoother process. 

Becky. I have a lot of experience in The Broken Arrow area. Reach out to me via email and we can discuss

The lease transfers with the purchase.   You do not have to get a new lease.   If you were wanting to keep them long term I would say get them on your lease.   However for 2.5 months I would just leave it.   Make sure you read it carefully and see how much notice you need to provide them on the non renewal.