OkcShooter, I have several questions if you don't mined.
I have always been interested in rental properties. So much so I'd love to do it for a living someday. Out here in my area homes are just too expensive to make it a reality. My wife an I always plan on moving and that move will most likely be to the Tulsa area. I have a family friend whose son make a good living renting home in the Tulsa area. I think he owns about a dozen and has flipped about the same as well. Another retired couple out here owns 3-4 duplexes in a smaller college town in central CA and they do well and have a lot of restrictions on whom and how they rent.
Here are my thoughts so let me know if you think the idea is sound. I know you said you tend to buy middle,to higher income homes to rent. My thoughts are, as well as I'm sure there are more than several others already doing it, is to buy cheaper home in close proximity to, say, U of Tulsa and go that route for income property. My thoughts are that smaller two and three bedroom homes would have the propensity to attract students or graduate students and families that want to live off campus. Most would require high end finishes this saving some initial, more expensive capital. Screening for the "right" tenants would be key though. Our friends that have the duplexes in the college town seem to have the screening down pat. Here is what they told me. They will,ONLY rent to males. Absolutely no females. Their reasoning seem logical. When they first started they had female renters. The learned quickly that when the smalles thing went wrong with the home they make a call for fix. Didn't seem to matter the time of day or night, they called. Hair stoppage. In the sing or shower, hook came off the wall, small water drip under the sink. Stuff like that. Their theory on renting to boys was that, although they tend to be a bit harder on the home, they typically will get very few calls for small problems. Sink clogged, the males will fix it. Small leak they take check it and tighten something down or will even replace a small inexpensive part themselves.
Our friends did say they tend to end in keeping a bit more of the original deposit when they move for repair and replacement items but is a much better option for them getting so few "fix it" calls. They also mention that most male renters, if they have a good relationship with them will rent the same home continuously for 2-4 years while they are in school.
One more thing. Do you know of a website for forum dedicated to people whom are landlords like yourself? Thanks in advance.
I have always been interested in rental properties. So much so I'd love to do it for a living someday. Out here in my area homes are just too expensive to make it a reality. My wife an I always plan on moving and that move will most likely be to the Tulsa area. I have a family friend whose son make a good living renting home in the Tulsa area. I think he owns about a dozen and has flipped about the same as well. Another retired couple out here owns 3-4 duplexes in a smaller college town in central CA and they do well and have a lot of restrictions on whom and how they rent.
Here are my thoughts so let me know if you think the idea is sound. I know you said you tend to buy middle,to higher income homes to rent. My thoughts are, as well as I'm sure there are more than several others already doing it, is to buy cheaper home in close proximity to, say, U of Tulsa and go that route for income property. My thoughts are that smaller two and three bedroom homes would have the propensity to attract students or graduate students and families that want to live off campus. Most would require high end finishes this saving some initial, more expensive capital. Screening for the "right" tenants would be key though. Our friends that have the duplexes in the college town seem to have the screening down pat. Here is what they told me. They will,ONLY rent to males. Absolutely no females. Their reasoning seem logical. When they first started they had female renters. The learned quickly that when the smalles thing went wrong with the home they make a call for fix. Didn't seem to matter the time of day or night, they called. Hair stoppage. In the sing or shower, hook came off the wall, small water drip under the sink. Stuff like that. Their theory on renting to boys was that, although they tend to be a bit harder on the home, they typically will get very few calls for small problems. Sink clogged, the males will fix it. Small leak they take check it and tighten something down or will even replace a small inexpensive part themselves.
Our friends did say they tend to end in keeping a bit more of the original deposit when they move for repair and replacement items but is a much better option for them getting so few "fix it" calls. They also mention that most male renters, if they have a good relationship with them will rent the same home continuously for 2-4 years while they are in school.
One more thing. Do you know of a website for forum dedicated to people whom are landlords like yourself? Thanks in advance.
