Investing in Oklahoma City Real Estate Part Three-Property Management

For years I managed myself the investment homes I owned in Oklahoma City. As a property manager I wasn't good. First I had a hard time getting tough on late payments. I am a sucker for a hard luck story. Second, I don't like to handle the little stuff that renters throw at you, and some are very trivial. In other words, I had not master the classic lines taught to be in CRS 204 by Jock Barker when payments are late and they have another excuse, "That just doesn't work for me". The reply "why not"? "Because it doesn't. Sounds easy doesn't it, but somehow we just can't get the words out. Investment real estate is great for building equity on the payments of the renters, and cash flow for retirement, or even you kid's college education, but renters are renters for a reason, and they will drive you crazy, bank on it. So in Part three on investing in Oklahoma City real estate I want to tell you why you need a property manager, and use two of my managers to show two differennt types of companies I use, and why to look for them.

If you manage you own rentals you have a fool for a client. Ask yourself this question, what do I primarily do to make a living. I bet it is not managing rental properties. Second, how much time would you like to spend with your family or recreation instead of managing rental property. Easy answer, all of it. If you are not one of those perverse control freaks, hire a property manager. Don't want to pay the fees? The first time a renter is a month late on payment and you have to pay money to file eviction, and take the time to go to court and defend your position as a landlord, how much are you saving? How up are you on the Landlord and Tenant Act? How much time does it take to assemble crews in every possible repair request? Repeat after me, invesment property is PASSIVE income. If you pay a property manager a $1000 a year for a property, for me that is about 3 hours of my professional services in real estate. Please understand that your time is more valuable, and your peace of mind is even more so. If you had a property that has a tenant that pays you in advance, and never has a repair then manage it yourself. The other 99.99999% is best left to a property manager. Let me detail two of them for you.

Prime Property Management. Prime is a large company headquarted in Dallas. The have a main website at www.primeprop.com and a local one for Oklahoma City at www.primepropokc.com. Josh Farmer is my rep and can be reached at 405-537-5252. I first experienced that superior service with them managing two properties of mine I own in Baton Rouge. It is like not owning properties at all. I forget about them because they handle everything, I get a statement every month on the 10th like clockwork, and my funds are elcetonically transferred to an account. Property management is not just checking credit and criminal records to get you a good renter, it is also handling the financial end with perfection. Prime is an example of a company that can handle many properties with distinction. In two years I have had over 200 properties transferred to them from my investors. I haven't received a phone call of complaint in that time. Prime also handles Tulsa in my state, and are in Dallas/Fort Worth, Houston,, Austin in Texas, and the Phoenix area.

PMR Property Management. PMR is a mother daughter team and there website is www.pmar.net. There philosophy is not to handle any homes that are more than a 20 minute drive. First, in Oklahoma City that may mean a 30 mile radius. We are spread out and have one of the best road systems in the country. But even with that PMR has no desire to branch out and become big. They are a great example of how personal anddetailed a small company can be. It is important that you match yourself up with the kind of company you feel good about. If samll and personal is your thing then a company like this is what you want. Like Prime, PMR has first class acoounting, and handle all details without you spoending time on it. Both these companies are almost invisible to you, and that is what you want. Spending your time on primary career goals is where you best spend every hour. So if you want a less corporate feel contact Rose and or Lori through the website.

If you are interested in buying residential real estate that cash flows, please contact me at joe@joepryor.com. Before I finish this seven part series, I will be blogging about 40 properties that owners will carry for you. The details are coming, and this weekend I am on a safari to see them all.