You Want Rental Income
But You’ve Never been a Landlord
Real estate can be a great investment, but there are risks:
- Like paying for the repairs.
- Or not collecting rent while you wait for the property to be rented out.
- Or being confident you can rent it for enough to cover all the expenses.
Plus, not knowing how to find the right tenants, make repairs, or do an eviction if need be.
Any of these can make you feel anxious and scare you away from a great investment.
You can hope that a rental property will be a wise investment, but what you need is solid information to make your decision.
You need the right information and team when you are becoming a real estate investor.
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.
We'll Provide You with the Right Information. We're on your side.
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.
Frequently Asked Questions - Get Rental Income
How can you get maintenance and repairs done on your OKC rental property?
You can hire a handyman or contractors to do this if you have connections. If not, OKC Home Realty has maintenance technicians on staff with the training to handle most home repairs and maintenance. The hourly rate is about 30% less than market average. We also have a wide array of contractors with whom we’ve developed long-term work relationships.
How can you get your OKC house ready to rent?
It depends upon 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.
How can you find a tenant for your OKC rental property?
The best way to locate tenants for your OKC rental property is to advertise on the right websites and place a for rent sign in the yard. And follow up. That means answer calls and set up showings. There is more to it, but it’s not rocket science. It’s work. I’ve written a good article about how OKC Home Realty quickly leases properties.
How do you know if your OKC rental property will be profitable?
It’s very important that your property has a positive cash flow. That is, the income (rents) is greater than all the monthly expenses. Monthly expenses include mortgage payment, tax, insurance, maintenance, and management fees. To determine if your rental property will have a positive cash flow, refer to this article.
How can you be confident that you’ll get a good tenant for your OKC rental property?
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.
There is an article about how OKC Home Realty avoids picking bad tenants.
What if my tenant stops paying rent?
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 how OKC does evictions on this website.
Get specific information about Property Management Services