All Forum Posts by: Justin Hughes

depending on the zoning laws and the lay out of the building. If it's anything like the small town theatres in my part of Oklahoma it would need a lot of work to be transformed to an apartment complex and that's only if there aren't zoning restrictions. Check with city hall in the town and make sure the arsa is zoned for uses other than commercial. If not, you may try converting it to a motel/hotel and offer a weekly rate as a stadting place for people new to the area while they look for a good residential property.

thank you. I will re-evaluate and start again monday.

@Douglas Larson, as I mentioned, zoning is not a problem. This is a resort area, basically the summer home for the wealthy in the 4 state area. What I would like to know is what would be a good price on a property that can command a $500/mo rent?

And yes, I've got to start somewhere, and though I'm destitute now, I will be wealthy one day if I just keep pushing on.

Ketchum has no zoning laws, so the conversion to a duplex would not be an issue. The back room was rented out by the previous tenant and they shared a bathroom, which is why I would convert the bathroom to a full bath and rent it as a studio. Many of the economy living places around here do not actually have a kitchen. It is fairly common to see an economy rental with an already included hot plate and microwave. I could run plumbing and electric to allow for a sink and stove for an additional 3500, but that would still be less than 10k in remodeling to create a two unit rental. 500/mo is an average rent around here, I rent for 450/mo and my friend on the other end of town rents for 550/mo. What would be a good price on a property that would draw that much rent? I was less looking at the bargain as a rent house and more it's asking price below appraised value.

So I went house hunting today, and found 3 properties. One appears abandoned and run down, my construction experience leads me to believe it would need about 15k in remodeling to be marketable.

The other two I was able to talk to the owners today.

House #1-1700 sq. ft. 3 bed, 1 1/2 bath. Appraised last year for 75k, owner is retiring and is asking 55k firm. The property could be turned into a two unit with 5k in remodeling(just upgrade the bathroom and wall off) and rented as a 2 br/1ba, and a studio. Current owner gets 500/mo in rent, and with comparable rentals after the remodel it could bring in 700/mo. This property is well maintained and is currently being repainted, recarpeted, and retiled(which is why the firm asking price). I don't think the owner would be willing to be under contract for me to assign it to another investor, and I really don't have the funds to even put down a payment or any earnest money(don't really know the difference between the two).

House #2-2500 sq. ft. on 8 acres, with barn and shop on land. Water, electric, and septic. Appraised this year at 165k, asking is 140k. No improvements needed. Owner would be willing to parcel the land to the house and 5 acres so it would qualify for Cherokee tribal loans(like a VA loan for tribal members), and sell the other 3 acres separately.

My mentor advised me to try and get both houses under contract and start looking for interested investors. This is my first time even house hunting for an investment property, so I'm looking for any additional advice or opinions. I'm so excited but also very nervous, and would be truly appreciative for any guidance or encouragement.

(There should really be a tag feature for forum posts)

Tags: Oklahoma, Wholesaling, Wholesale, bird-dogging

@Andrew Stevenson. Welcome. I'm from Grand Lake (about an hour North of you) and looking to network. I am new to the BP community as well, and am also new to investing. My background is in marketing and advertising, so if you ever need any help in that area, let me know. Make sure you set up yoir keyword alerts (how I foind you), and I'll see you around.

Hey, I want to put together a network of investors in Northeast Oklahoma. This will function not only to help all of us find deals, but also utilize masterminds. We need to get some of these people who are struggling to make ends meet to experience financial freedom in order to improve the economy. Anybody north of Tulsa, west of Joplin, from Nowata to Claremore and all points in between, reply to this post, and we'll form the best real estate pipeline ever seen in Oklahoma.

Hey there BPers, I'm J. Harley Hughes(My real name is Justin, but I'm trying to establish a brand here). I got interested in real estate investing at the tender age of 10, when my grandfather offered me a summer job with his drywall company. I worked hard for him, and also paid attention to the other crews and learned a great deal. I also paid attention to my grandfather's real estate deals. I began reading everything I could find while I was in college, and decided that while I have many paths I plan on taking to reach my ultimate financial goals, real estate is going to be the cornerstone.

After years of study, and struggle to maintain a job paying more than slave wages, I have finally seen an opening in my local market. Because of my connections to the politics and policy of this area(My network hub in the area is an editor for a paper that prints every policy decision effecting Grand Lake), I realize now is the time to act.

I have found a woman who has offered to answer any questions, and guided me to the method I plan on using, wholesaling and assigning, and has offered not only support, but genuine guidance. She asked for nothing in return, but I did offer my marketing skills(radio guys are fantastic advertisers), and she has taken me up on an offer to help her sell an online business. Fingers crossed, I can get her a good profit in a short amount of time, and I am dedicating all of my marketing skills towards that end in the short term.

Brittany(my mentor) directed me to this site for a page on the process of wholesaling and assigning as a method of getting my feet wet in real estate without having any money or a good credit score. I began to explore the site, read the free guide, and decided this forum is a must-have tool in my development as an investor.

I have studied, but have remained in theoretical understanding, picking up the physics of pool but never chalking a cue. I accept any advice, any guidance, and as I learn through doing, I will be glad to pass my learned lessons on to others. I hope to be successful, and if anyone has any questions on marketing, advertising, or persuasive communications, I am glad to offer my assistance, at the same rate that your assistance is offered to me. :D

Peace, love, and abundance to all.

Harley