Like you, I once had to decide if I should become a real estate investor. It’s not an easy decision because money is at risk. But with the right information, it can work out for you. It worked out for me because I now own 66 rental properties that produce rental income.
1. A comparable rent report to let you know what the property will rent for.
2. If you have questions about whether your house is rent ready, we can schedule to take a look at it.
You can hire a handyman or contractors to do this if you have connections. If not, OKC Home Realty Services has maintenance technicians on staff with the training to handle most home repairs and maintenance. The hourly rate is about 30% less than the market average. We also have a wide array of contractors with whom we’ve developed long-term work relationships.
It depends on how old your house is, how long it’s been since it was updated, and how well the property has been kept up. You may have to make some simple improvements like replacing the carpet and painting it. Or, you may just have to get a good deep cleaning crew to clean the property. I’ve written a more comprehensive article about making your OKC property ready to rent.
The best way to locate tenants for your OKC rental property is to advertise on the right websites and place a rent sign in the yard. And follow up. That means answering calls and setting up tour visiting.
It’s very important that your property has a positive cash flow. That is, the income (rent) is greater than all the monthly expenses. Monthly expenses include mortgage payments, taxes, insurance, maintenance, and management fees. To determine if your rental property will have a positive cash flow, refer to this article.
Two words: Tenant Screening. Past behavior almost always predicts future behavior. It’s very important to get income verification; OKC Home Realty requires that the take-home pay of our tenants is at least three times the rent. It’s also important to check credit, get a landlord verification, and do a criminal background check. So how do you use all this information together to make a decision about a tenant? That’s what OKC Home Realty does on your behalf. That’s our job.
If the tenant stops paying the rent, you may have to evict them from the property. The key to doing any successful eviction is following procedures. There is an excellent article about eviction laws in Oklahoma and how they work.
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OKC Home Realty Services is a property management company that specializes in single-family homes to multi-family homes serving Oklahoma City and neighboring metro areas.
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