All Forum Posts by: Paul Choate

@Jaren Woeppel a group of us meet in okc for lunch on the fourth Tuesday of the month. Set your key words for Oklahoma City and you should get the announcement. I will try to get it up today. No one is trying to sell something. Everyone is there to network and learn from each other. I have learned so much from it and found great partners. 

I am just up the road in Seminole, OK. I meet with a group twice a month in OKC. The are no sales pitches. We just talk about our current projects and the local markets. I learn a ton every time. We are meeting again on Tuesday. Pm me and I will get you the details.

@Jimmy Ogle

Sounds great! Thanks for that.  The evening meet up is mostly in @Theresa Nicoletto 's capable hands so we will talk but you should also coordinate with her. I will probably be a once a quarter attendee in the evening meet up due to the drive and kiddos.  

@ John 

@John Johnson

You are more than welcome to attend. I find I learn a lot from those who are just starting out.  

Date and Time of Event: 06/28/2016 at 12:00PM
Location: Dot Wo, 6161 N. May Ave., Oklahoma City OK 73112
Fee to Attend: Free

This is a networking event. We are having lunch and sharing our current projects, successes and struggles. There is no speaker or expectation of participation on anyone's part. Please come and listen or ask questions. We have very good discussions about the local market and activities of the local investing community.

This month is the 2nd annual post-delinquent tax sale reporting extravaganza! If you bid in the June resale in Oklahoma please come to share your experience with others. Based on our last meeting, this should take about 10 minutes as most people said they weren't doing it, but I am personally interested so I will plow forward anyway! 

Please let me know if you have any questions. Please let me know if you are coming so I can have a rough head count. Please come anyway if your schedule opens up and you did not tell me!

We are meeting on the fourth Tuesday of every month for lunch so put it on your calendars.

I apologize for anyone who came for the evening meet up tonight. We also try to meet on the second Tuesday of every month in the evening. I was not able to make it. I will always post when I can be there. If anyone would like to help make the evening meet ups happen, I would love to hear from you! I personally enjoy them but it is a bit of a drive for me. 

Keywords- Oklahoma City, Norman, Midwest City, Yukon, Edmond, Mustang, Oklahoma

Generally, the last day you can be in the house legally is the confirmation of the sheriff's sale. This is a hearing held about 30 days after the sheriff's sale. Even then, the deputy will give you 24 hours. On top of that you could tender your rent to the purchaser of the property (the bank generally) and that may give you some more time. I understand it is expensive to move but you should not be out any rent as you are probably going to be in the home more than what you have paid. You can always sue your former landlord in small claims for the deposit. You did not give the timeline as to how long you have been there but if the landlord did this within 30 days before the sheriff's sale, they are a pretty sorry individual. If you have been there longer, you should come out ahead rent-wise. 

I would get started on looking for a new place or talking to the purchaser at the sheriff's sale (probably the bank) about renting after the foreclosure is completed. If you actually offer them money, you may have legal rights as a renter but you need to speak to an attorney about your specific situation.  You should have until mid-july to work something out. Stay on top of the court case by contacting the Court clerk or checking www.oscn.net.

@Rhett Tullis

we will be having a meet up next week on Tuesday and discussing the tax sale coming up in June in Oklahoma. I will be sharing my experiences for the past three years. Details are posted under networking events. 

if you are in the area, we have meet ups on the second and fourth Tuesdays of the month. We have a very good group of people attending. If you are looking for someone/something in particular, message me and I can try to point you in the right direction. Good luck!

@Jeff Howard

You have found the key to the entire game. Most of my properties would be considered C or D by most people. I consider them C because they are not dangerous and I feel comfortable going there. These are smaller towns to the East of OKC. When I look at what turnkey guys are offering, I recognize these kinds of areas. They look a lot like what I am investing in. It's all about how much you pay to get in. You should always be able to sell out if you have to.

To answer your question, my numbers are all in meaning purchase plus renovation to get a tenant in them. I don't fix everything and I cash flow a lot of cap ex once it is up and running. Just make sure you see what is actually selling. There are huge variations between houses in these kinds of areas.

I average about $17,000 per unit to get it rent ready and $500 per month in gross rents. I budget about 30% for repairs and cap ex., 10% vacancy, 10% management (myself) and 10% for taxes and insurance out of the monthly rent. I am looking to make about $200 per door after all expenses. I expect to be able to pay off the initial investment in 5-8 years.

Make sure to watch for the real numbers out there. My first deal was my worst one. I bought a house for $4000 and put $30000 into it- not counting my own labor. I am so glad I did it because it got me going. Do the best research you can then act.