All Forum Posts by: Paul Choate

Rocky Griffin please contact me and let me know what you are looking for. I have a few extra houses in the Shawnee area as well as some leads from my marketing I can't take down at the moment.

@Brian Tran

We have a couple meet ups here in OKC for BP members. Watch for them under the community tab and networking events. There is one this coming Tuesday.  

Good luck!

December 2016 meet up will be on the 27th at noon at Dot Wo. Hope to see you there! Watch for the announcement around the first week of the month. 

I'm in Oklahoma so I don't know the area or the conditions at the property but for the projected income and the risks you are taking, I would offer closer to $300k and plan on $100k to get it up and stabilized. 

Don't hesitate to start even lower. I would check comparable sales in the area. I generally shoot for $20k per unit all in to get those gross numbers. 

I focus my investing on low cost, high cash flow properties and you need to make sure you buy them right. Good luck. 

November Oklahoma City Meet Up

November 22, 2016 at noon

Dot Wo, 6161 N. May, Oklahoma City, OK 73112

EVERYONE WELCOME!!!!!!!!!!!!!!!!!!!!!!!!!!

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 discuss the local market and activities of the local investing community.

All experience levels are welcome. Most of the attendees have properties and are generally buy and hold folks. Most of us are in a growth phase. (Hint: great opportunity for wholesalers to build their buyer's list.) We welcome newcomers and those with little or no experience. I find myself motivated by discussions with a variety of individuals. We are basically a bunch of real estate nerds geeking out together.

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.

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

Hire a new lawyer. The automatic stay is limited in the case of multiple bankruptcy filings just for this reason. It won't be fun or cheap but it is not unlimited and it can result in fraud claims against the debtor if the are not actually trying. There are fancier terms but you will have to get an attorney to navigate this. Find one who practices a significant amount in bankruptcy law. Most of the good ones are specialists. You need to be all over the time limits and the attorney needs to understand the debtor is playing the game.

You could contact the trustee and inform them the lease is still ongoing. Most trustees are reasonable and they probably don't know there is another party (your current tenant) involved. After you call them, send them a letter stating the same. There are a lot of reasons why it may or may not be included in the bankruptcy estate- which is why the attorneys are passing you back and forth. These things are very fact dependent/ local- state law dependent and rarely litigated. It's usually not worth it for anyone. You are obviously encouraged to hire a lawyer if you want/need to. At a minimum, you may drop the value of the bankruptcy estate below the lowest amount the trustee will seek to recover by bringing the current tenant's interest in. If this is the only recoverable asset in the case, cutting it in half may make it not worth going after. (In the districts I practice in, the line is around $2k.) you should check with your current tenant and see who they think the deposit belongs to (I.e. Who paid it?). Their testimony will matter and they will have a big problem if you give their money away. There are some trustees who try to bluff anyone they can into paying questionable assets into the estate. This can be easy money for them. It is cash in your account that takes one letter to get. You might call your former tenant's attorney and see if they can give you insight into what kind of trustee you are dealing with. I am not giving specific advice other than to contact more people and get more info. I am not licensed in your area or trying to give legal advice. Good luck !

Please send me the info. I work in this area. Thanks!

@Brad Isley

Since you are replacing them with different ductless systems, would you say your problem is with a specific unit? Or do you have so much sunk costs that you are sticking with them?

What is your experience with installation and maintenance other than mold issues and the sensor?

@Brad Belyeu

Notice is great but don't let it keep you from coming. 

The place we meet at has a table for about 20 people. We usually have between 12-16 people coming so we are ok if you don't know for sure. Sometimes we just have to sit closer!