Wednesday, January 30, 2008

Tulsa Rental Update

I finally got a few minutes to call my management company yesterday to see what the status of Rental #1 is. As I mentioned before, I noticed that they had raised the asking rent from $775 to $800. The $775 figure was itself a raise from the $750 it was rented at previously. So the place was empty during November and December when I was asking $775 and I was wondering why they raised the rent again, if it could rent at $775.

Turns out, they were meaning to contact me about this. They wanted to know if I was okay with renting to a Section 8 tenant. They think they can get $800 a month from Section 8 for this property, so that's why they raised the rent. If I was managing the property myself, I don't think I would do it. There is just too much work involved in getting the property qualified for Section 8, as Trisha found out. But since I've got a management company to handle all the work, I figured I might as well give it a shot. The only downside is I expect to get some more repair bills once the Section 8 inspectors check out the property.

Oh, and the woman I was speaking to at the property management company said she had been by the house a couple of times and it seems the neighbors like to sit outside and drink. Not a problem. Except they also like to throw their empty bottles into my yard! She talked with them about it and told them if they kept doing it, she'd call the police.

I know the previous tenants left the property right before the holiday season, so I expected some vacancy time, but I can't help but wonder if this has something to do with the property still remaining vacant. I know the previous tenants were Hispanic. Trisha has also noted how the new law has affected the companies she deals with in the area.

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