Trisha called me today and updated me on the status of my various Oklahoma properties.
My property manager is set to meet with the appraiser at Rental #1 on Thursday. That should be the final step needed to get the refinance rolling. Well, then all the paperwork needs to be signed, but that's just mailing things back and forth.
Rental #2 still has some work that needs to be done to get it up to spec for the Section 8 inspection. However, the tenants are all sick with the stomach flu, so no work can be done until they are better. The Section 8 inspection was scheduled for this week, but that will need to be rescheduled. It also turns out the fax to Section 8 to raise the rent to $460 from the current $439 did not go through. Trisha re-faxed the request, only this time asking for an increase to $500 a month. She says the property was rented for that in the past, so hopefully, it will be accepted. If it is, it'll really boost my ROI.
I must say that, apart from the issues I was having last month, I am feeling more comfortable with my property management company. It seems the PM is helping nicely with getting the appraisal done. Additionally, even though Rental #2 is still in escrow and not technically mine yet, I'm being kept up to date on the repairs and Section 8 re-inspection process. Further, the repairs were started without my asking and are being paid for by the seller. I'm starting to reach a good comfort level where I can just tell them what needs to be done and they take care of it and I don't need to worry about it anymore. To be perfectly honest, I attribute a large part of this to Trisha joining the PM company, an event I like to think I help play a small part in :-)
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