All Forum Posts by: Alyssa Dyer

I always tell people to start with the end in mind. What’s your goal with investing? Cash flow to replace income? Tax benefits? Assets to pass to family members?
ideally all of the above happen, but usually people have a single goal in mind as a starting point.

Usually the goal will help narrow down markets. For example, I wouldn’t invest in NYC if cash flow was my goal, and I wouldn’t invest in OKC if appreciation was needed to hit my goal).

Once you have your goals defined and know the strategies that’ll help you hit your goal, narrow down to some markets that help with that goal.

From there, interview some teams (sales, and management companies). I generally suggest making the final call based on a team you can trust. Because great teams will make average deals perform but bad teams can yank great deals.

If you end up looking for a cash flow market, I’m happy to chat about OKC. If you end up looking in other markets I’m happy to help refer you to some people I’ve work with. Good luck!!

1 Vote

New York City, New York

I’ll echo @Nate Sanow and @Nathan Gesner

1. Just make sure whatever you come up with is lawful.
2. we do right of entry. It allows us to enter when we need, but requires us to give proper notice (24 hours) to our tenants.

When I first started out I thought that the paperwork needed to outline exactly what I’d do and how and when. But the issue with that is that you’re held to what you outline as much as your tenant is. It can lock you into doing things that aren’t the best use of your time or restrict you from doing what needs to be done. That’s why we’ve leaned more into language like Nathan mentioned. It allows you to do what you need, when you need to do it, but doesn’t lock you into anything unnecessary.

0 Votes

Quote from @Chase Fritz:

Hey everyone,

To all those in the Oklahoma area, is anyone familiar with some good wholesalers? Would love to get in contact with them if so. Thanks a lot

Honestly, Facebook groups are best. Facebook is super annoying, for sure. But I’ve held onto it because of the real estate groups I’m part of. The market here is pretty tight knit and the activity in those groups is a good way to get your foot in the door to those relationships.

0 Votes

Oklahoma City, Oklahoma

Quote from @Nate Sanow:

Quote from @Eric Boshart:

I've seen a lot of investors in the DFW metroplex move to Oklahoma to look for deals as Oklahoma is still generally affordable. Places like Lawton, etc.

That’s definitely true, but I’ll say anything multifamily in Tulsa and probably OKC too typically tends to move privately. It’s more of a who do you know market in that regard

100% agree with you on this

0 Votes

Jacksonville, Florida

Quote from @Katie Anderson:

How do you account for closing settlement charges and expenses such as escrow fee, title insurance, wire/notary fees, recording fees, items payable in connection with a loan (on the seller side), appraisal fees, etc... Do you itemize these various items under insurance, legal/professional fees, bank fees on your COA or do you book these as direct costs of goods sold? Is there a reason to keep these off the individual project/investment proforma and put in overhead expenses; or should the opposite argument be made?

Thank you!

what type of project are you doing? Buy and hold or flip?
and are you referring to escrows, or title/lender fees?

I always hate talking to my attorney because their answer always seems to be “it depends”, haha. But that is my answer here. Some costs are acquisition costs, others are escrows, etc.

*I am not a CPA

0 Votes

Quote from @Tanner Nelson:

Hello, My business partner and I are breaking ground on our very first flex space project in Mustang, Oklahoma in the next 3-4 weeks. We will have a total of 20 1,000 sqf shop spaces each unit will have a 14' overhead door, heated/cooled bathroom + office space & designated parking.

The goal is to build, lease up, put under management then sell to an investor that would like to buy them all as a turn key investment. We have only done this with single family rentals up to this point so my question is how would I go about targeting investors that are interested in this class of real estate?

Thank you in advance for any info you can provide!

How long do you have before you’re ready to offload it? Timeline will impact your options.

0 Votes

Quote from @Jay Ben:

Hello everyone, I was told you can hire a broker to list a property on the mls when having it under contract. I am wondering if there is a way to check if it’s allowed in other markets. I am in Los Angeles and I heard it’s not allowed in California but in Pensacola it’s apparently allowed? Anybody have more info on this? Thanks!

A little late to the party here, but you’ll just want to look at the state law, the broker’s listing agreement and their agreements with their local board and the MLS.

listing agreement: this document just outlines the agreement between the broker and the seller for the property being sold

MLS: if the broker is part of the MLS, they have to follow the rules and regulations of the MLS. Most post their rules and regulations online so it will be easy to find.

board: a lot of brokers are also realtors, if they are they are tied to a board and the rules of that board.

state law: I’m in Oklahoma City, so I have to follow Oklahoma Real Estate Commission. All their laws are online so it’s easy to pull them and see what’s allowable.

in theory, you don’t have to do all this homework. Your broker should know the regulations. But if they don’t this is what you need to look into to do your own homework.

0 Votes

Saint Petersburg, Florida

Quote from @David Marino:

Hello all. I started reading many of the free resources available on here and have learned a good deal and that I also need to learn a lot more. I plan on making a career shift soon (still within the same industry, just a different aspect) and with that I wanted to try and make my money and assets work for me as best as I can. So I thought a good starting point would be some kind of multi-plex with myself living in one of the units.

However, because my transition is still very much in flux I don't have any grasp on where I will end up location-wise (as well as other aspects like what my income will be, work schedule, travel requirements of the job - which is very possible - or even a definitive timeline) I cannot really look into the market of a certain region or make great projections. What would you recommend to someone like me to do to try and prep - as best as possible - for making this a reality? I also have a grasp on that the market is well, not great at the moment. Interest rates are very high and prices haven't gone down all that much. What should I be looking for as an indicator that things are starting to shift in a better buying direction - or to look for in opportunities that may offset the current financial situation?

Other kind of small question - I saw a lot of podcasts available that are from respected members of this community. However, a lot of them seem to go very far back. Are there any that you would recommend? And if so, how far back into the podcasts show records should I start listening? Will I find some of the information out of date from say - 2-3 years ago?

Thanks to anyone who is willing to help out!

Starting out is so fun, but it can feel like drinking from a water hose, haha.

1. Read Books + Listen to Podcasts. Any content BP puts out is trustworthy.
2. Make some friends doing this. Online or in person. But a couple people to bounce ideas off of can be incredibly helpful.
3. learn to run your own numbers. I learned from experience, reading MREI, and bigger pockets. The baseline numbers in books and online are great, you’ll just learn to narrow in over time. I saw kiera mentioned being happy to help. We work together so I can echo her thoughts there. A solid spreadsheet goes a long way

4. If you aren’t managing yourself, find a great PM. If you manage yourself, build great paperwork. You can start with a template from BP or online, then have a local attorney modify if to your needs/market. I read Buy It Rent It Profit when I first started and it was helpful when I was a “DIY Investor”
5. don’t try to time the market. You can’t, especially if you’re newer. You can win in any market, but only if you know your goals and understand the market you’re in. Build your goals + plan to hit your goals, then see what the market is doing and find your spot to win in that market.

Also have so much fun with it. Make money. Meet some cool people. Learn some hard lessons. Rinse. Repeat. ✨✨

0 Votes

Quote from @Matt Speer:

Serious, yet simple questions:

Question 1: If you found out your property management company had an average days on market of over 40 days would you immediately fire them and look elsewhere?

Question 2: If you answered yes, to question 1, what do you look for in a new property manager?

Question 3: How do you know your new PM isn't just a good salesperson?

Man, without context it’s tough. real estate isn’t usually black and white.

who sets the rent rate?
what’s their leasing criteria?
what’s going on with the market?

ultimately, if it’s high I’d say it’s worth having a conversation with the PM. But I’d make sure it’s a conversation, not an interrogation. Communication and clear expectations (from manager and PM) are important for a property to perform and the investor to feel good.

0 Votes

Quote from @Chase Fritz:

I'm on the hunt for a great CPA in the Oklahoma City area. I would love someone who is an active real estate investor and is trained in tax strategy (not a requirement but the more first hand knowledge the better)

Anyone got any recommendations for me? Thanks!

Kenny Whitehead is great. Last we talked he was thinking about closing his books to new clients but hadn’t made that decision yet.

0 Votes

Oklahoma City, Oklahoma

All Forum Posts by: Alyssa Dyer

Alyssa Dyer has started 27 posts and replied 1209 times.

Post: First time investor and which markets

Post: How is your "Inspections" clause worded in your lease

Post: Wholesaler recommendations for OKC..?

Post: Looking for markets that cashflow for Multi family apartments

Post: Accounting for Closing Costs?

Post: Flex Space investing

Post: Can a wholesaler hire a realtor to list property on MLS

Post: Questions from someone just starting out on figuring how to start

Post: Would you fire your PM if their days on market avg was over 40?

Post: Anyone got a great CPA in OKC...?