All Forum Posts by: Bryan Korf

Thanks for the mention @Mark Turney I need to make it to this meet up, but I have too many things booked for tonight.  I will make it to the next one.  @Deren Huang thanks for setting these up.  I will keep an eye out for the next time there is one scheduled.  

Thank you all for the input.  I was leaning towards the pet deposit and added rent to allow them to have the dog.  They have been great tenants and I want to keep them there for years to come, I understand that they might not stay but I am willing to take that chance with this couple.

My current tenants have approached me to ask if the could have a pet. My current lease with them states "No pets". They are GREAT tenants that pay the rent early every month and take very good care of the house. Their lease is up for renewal in 5 months and I would like for them to sign another lease with me. I am surprised they are asking me before they just brought the dog there because most of the posts I have read makes it sound like tenants that are honest about this are very rare. It would be an outside dog, so I am considering having them sign a pet addendum and letting them have the dog without collecting an additional pet deposit. I plan on taking current pictures showing the current condition of the property and drafting into the addendum that they are liable for any damage caused by the pet. Will this addendum be enough to go back on if things do go bad and there is damage?

Just sent you a connection request.

I just finished my first flip in the Tulsa area.  It was a 3 bed 2.5 bath 2300 SF full remodel.  My wife found it on a Craigslist listing by a wholesaler.  

We already had the financing in place before we made the offer.    Make sure you can act fast if you are going to make an offer or your credibility will go down the tube if you make on offer and you can't back up the financing.  

I acted as the GC and the majority of the labor on the remodel.  This was good and bad.  I spent a ton of time working on this house which took away from my family because I was too cheap to pay someone to so something I could do myself.  This also extended the time it took me to finish the job.  Total turn around was 10 months.

Make sure you know your numbers VERY well before you make an offer. Make sure your ARV is spot on. I have over 20 years of experience in the construction industry and I still went over my initial budget because we decided to put high in finishes into the house as we were going. Be prepared for unexpected changes with a contingency line item in your budget.

We made a good profit on the flip, but I firmly believe that we did that when we bought the property.  You can make any house beautiful with the right materials and and some elbow grease, but if you pay too much, you are setting yourself up for failure before you start.

You are looking in all the right places.  We live between Bixby and Jenks and love being out there, but as others have said, it is more of a country setting.  I have a 3 bed 2 1/2 bath in Broken Arrow that is getting ready to hit the market that has been completely rehabbed and is really close to shopping, restaurants etc. and is in a very nice neighborhood.  PM me if you want to come take a look at it.  Welcome to Tulsa and good luck to you.

Originally posted by David Schneider:

Hi BP,
I'm working at developing a marketing profile for a wholesaling business in the Tulsa, Oklahoma area. (keyword rich. =D)

Is it absolutely necessary to have your LLC created prior to doing deals? Is it even strongly recommended? I know I need to set up a trust and an LLC as my business shelter, but right now it doesn't make sense to spend that kind of cash before I have actually anything to protect.

I'm committed to the long run investing, so I know I will need to do it. But can I wait til I have my first profit?

David,

How has the development gone? I am currently looking for rehab opportunities. Let me know if you have anything available.

What happened with these properties? I am looking for rehab opportunities and would like to see if you have anything available that would work for my model..

Jon - Thanks for the warm welcome to BP. I am doing some research to see what the note payoff is and if it makes sense I will make them an offer. I talked to the owner last night and she said the she would like for someone to buy the property so I will talk to her and see what she needs to pay off the note. The term preforeclosure is what I used because of Zillow. I'm not sure if that is correct but it said they have been served a notice of default. I have been attending the sheriff auction and keeping an eye on the list of foreclosed properties and it isn't on there yet. Thanks again for your response.

Wayne - Thanks for the info too. I appreciate all the help.

We have found a property we are interested in but don't know where to start. I have contacted the owner and they filed bankruptcy and moved out of the house. I know who the original lender is and the attorney for the bank, but how do I submitt a bid? Do I need to have an agent present the bid to the bank? Any help would be appreciated.