All Forum Posts by: Brian Graham

@Cylas Brooks

I would like that. We should definitely get together sometime. Didn't mean to spell your name wrong. Was in a hurry!

Good luck with your situation!

@Cylas Brooks

Hey Cylus, I'm local to Tulsa as well.

For your first property, Cozy (software) is a good place to start. You'll need to upgrade to something more robust when you have a lot more properties. But Cozy is great at this stage.

@Glen Leatherwood

Look up on YouTube,

FerdyKorp elementor.

It will walk you through how to build your own theme using Elementor for free.

Great for creating custom landing pages.

I'd recommend investing some money in your site eventually though.

Thrive Architect has a fantastic suite of themes and software in a big bundle that is quite powerful. State of the art opt in software, etc. Even membership site capabilities.

@Donte Handy Someone correct me if I'm wrong, but why not put in Airbnb style code locks? At least for the front door. They are expensive but in theory you wouldnt have to replace them. Just change the code. It seems like over a few years of turnovers this could save you if you are unwilling to DIY change out cheap locks.

@Jay Hinrichs Very informative response. I was a child when all that business went down. I didn't think about the fact that anyone without adequate cash could be locked out of the market potentially.

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So what that means is if you cannot build large cash stores in preparation. You should be finding partners and building a reputation with folks who DO have cash and may not be savvy investors themselves.

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The next best thing to cash is friends WITH cash.

@Cody Godfrey That really sucks man. Are there any local biker gangs you can pay to intimidate him into leaving?

I kid.

Probably.

I'd say proceed with extreme caution. You don't want to drive the guy into desperation where he may become dangerous to you.

Bide your time, keep a close watch on him, keep your blinds closed. All you can do in this situation is to make sure your place is secure and keep your wife safe.

I somewhat doubt cash for keys will work on an individual like this.

@Tristian Cavalli Your Vacancy expense seems super low. I analyze starting at 10% vacancy just in case. Probably will be closer to 6-8 %.

I would run the numbers at 10 and determine if you could weather the storm at those numbers.

Does anyone else agree or disagree?

I usually run expenses as

10% Management (For future needs, I'm planning to self manage)

10% maintenance

5% Capex (This seems low but I think it balances out with the high maintenance.

8-10% vacancy

Again, I don't have a property yet and these are numbers based on education and talking to other investors.

Hey Tristian, I don't have any properties yet and am looking for the same thing as you in the same city. SO take my comment with a grain of salt. 

It depends on your risk tolerance, but for me I wouldn't be interested in this one at that price. 

If you can talk them down in price I think it would be a great opportunity.

That being said, if you know you have the social reach to fill the house with roommates consistently and replace them quickly if they all left overnight; then go for it!

I'd encourage you to at least attempt a negotiation. Get in contact with the owners asap, build rapport, find out what they need/want the money for, and find a way to help them help you.

P.S Let's get together and compare notes. I've had an alert for Tulsa and Duplex for 7 months or so without any action. 

I would suggest focusing on rebuilding your credit, paying off bad debt (high interest debt 8% or higher) and work on saving 25k. Create that financial runway. I understand the desire to get started right away. I am in a similar situation. Find out what actions you can take for free, today, and get after it. Make new problems by taking massive actions.

Good luck and happy hunting.

Thanks for the tips! I will utilize putting myself in a winner's mindset before making the calls, so that it shines through.