~$1 per foot; homes rent ~$1K-1500. You have 1,000 sq ft homes you rent out at $1K/month? I see you're in Moore. Do you rent to college kids? (Isn't there a college in Moore?)
There's a 2 year college, but no real colleges in Moore. All of our homes range from 1366-1988sq ft. We do around $1 a foot OR 1% off purchase price, depending on size, condition, age, and what the market will hold. Has to meet at least one of those two criteria for us to purchase/consider it. The one renting for 1k is 1665 sq ft, and was purchased for around 91k, and has had the same tenants in it for 5 years, so obviously not gonna raise the rent on them, but if it opens up, our next lease will be higher, probably closer to $1200, but at the time, that was above our 1% per month based on purchase price.
Had a rental house once. First renter wouldn't call if there was something needing looked after maintenance-wise. Only after it got to where it was more expensive to fix.
Second one stole the brand new storm door and sold it to someone.
Second one stole the brand new storm door and sold it to someone.
Young families that have small kids that want to put them in a good school system NO pets!
That has worked pretty well for me.
I talk with the people for some time and ask all kinds of history questions.
My buddy will ask where they currently live and they tell him then he will say lets go look at your house.
He tells them if it is run down and dirty and all a mess he will not rent to them.
Many will back out and say you aren't going to my house.. yea well git! you are wasting my time.
That has worked pretty well for me.
I talk with the people for some time and ask all kinds of history questions.
My buddy will ask where they currently live and they tell him then he will say lets go look at your house.
He tells them if it is run down and dirty and all a mess he will not rent to them.
Many will back out and say you aren't going to my house.. yea well git! you are wasting my time.
I have 12 that range from $ 350 - 1000 a month.
The $350 one is a real nice 1 bedroom and the guys been there almost 30 years and maintains it himself.
Most of mine are in Gilcrease hills / Skyline ridge which is a nice neighborhood.
I buy fixer uppers and the most I paid was $69k for a 1750 sq ft brick from the original owner. All of the others I paid $50k or less.
This was in the last 3 years not 20 years ago.
You couldn't give me a duplex or triplex or apt building. I grew up around those as that's what my parents and grandparents had.
One renter gets mad at the other and they want you to be referee, then they both get mad and the good one moves out and you end up evicting the other one.
Don't provide a refrigerator! Don't know what it is but renters are constantly tearing them up.
If you got cash try the sheriff sale, but screw Tulsa county, they over appraise the stuff. You can buy good stuff at the Osage county sheriff sale because nobody wants to drive to Pawhuska. Gilcrease hills is Osage county.
Like was said previously if they got good credit they can buy.
I do a drive by of where they are living now and knock the door to see if they really live there. You would be surprised how many give a relatives address cause they live in a dump.
oscn.net is a must.
The $350 one is a real nice 1 bedroom and the guys been there almost 30 years and maintains it himself.
Most of mine are in Gilcrease hills / Skyline ridge which is a nice neighborhood.
I buy fixer uppers and the most I paid was $69k for a 1750 sq ft brick from the original owner. All of the others I paid $50k or less.
This was in the last 3 years not 20 years ago.
You couldn't give me a duplex or triplex or apt building. I grew up around those as that's what my parents and grandparents had.
One renter gets mad at the other and they want you to be referee, then they both get mad and the good one moves out and you end up evicting the other one.
Don't provide a refrigerator! Don't know what it is but renters are constantly tearing them up.
If you got cash try the sheriff sale, but screw Tulsa county, they over appraise the stuff. You can buy good stuff at the Osage county sheriff sale because nobody wants to drive to Pawhuska. Gilcrease hills is Osage county.
Like was said previously if they got good credit they can buy.
I do a drive by of where they are living now and knock the door to see if they really live there. You would be surprised how many give a relatives address cause they live in a dump.
oscn.net is a must.
Had one rental that was actually my first home I'd ever bought. Got married after a divorce and rented out mine, moved into hers. Every one of my renters were good folks, but only rented to people I worked with or their immediate family. If they were short on the rent, I'd get them to do some painting or something maintenance wise and let the rent go that month. Worked out well, and the house appreciated in value. After the last family moved out, sold it for a nice profit.
We have some friends that are in their 70's and have 3-4 rental houses in a college town in central California. THey do well with them and is a big source of their retirement. talking to them I was surprised when they said they will only rent to college males and will never rent to the girls. After their explanation, their reasoning makes sense. THey said that when renting to college girls they are very needy and will call to have every single thing repaired at all times of day/night. The sink gets clogged with their hair, they call. Something squeaks, they call. Etc, Etc, Etc. The boys tend to be a bit rougher on the house but they are much more self sufficient and will take care of the small stuff themselves. They also tend to rent for 3-4 years they are in college and have few repair calls over that time.
The nicer house you have the fewer problems you will have with renters. We bought a 1985 brick house for 117K and put about 14K in it and it would now appraise for around 160K and we rent it for $1350 month but that's probably too cheap. We had three people who wanted it the first couple days we listed it and we selected the person we liked the best. If a house is built around 1985 or later most repairs are easy and can be done with materials from Home Depot and earlier homes have plaster walls, weird wiring, bad insulation, cast iron plumbing, wood windows, etc. that are more difficult and expensive to repair/replace.
EXACTLY!
