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All Forum Posts by: Jeff Howard

Jeff Howard has started 26 posts and replied 78 times.

Post: MLS .CSV Files (Oklahoma Cith MAR)

Jeff HowardPosted
  • Edmond, OK
  • Posts 78
  • Votes 6

Yes, I noticed that, but I am not looking for current data, and for rentals I do not need a lot of data. I am looking for data from the last 12 months to perform an analysis.  

Your comment is very valid, but I have ulterior motives. Is this type of data pull possible out of the MLS?

Post: MLS .CSV Files (Oklahoma Cith MAR)

Jeff HowardPosted
  • Edmond, OK
  • Posts 78
  • Votes 6

Odd question, but can Oklahoma City Real Estate agents download .csv files for the oklahoma city metro area?  

I am looking to see if i can get an excel file of the last 12 months worth of all property sales in oklahoma and the last 12 months of all mls property rentals in oklahoma.

Is it possible for a real estate agent to give me this data?

Post: Please Recommend a Beginners Book

Jeff HowardPosted
  • Edmond, OK
  • Posts 78
  • Votes 6
Originally posted by @Arlan Potter:

@Jeff Howard Have you been to the "Millionaire Possibilities" meetings in OKC. A lot of good info can be gleaned from meeting with other investors, and to network. A great group.

Where and when?  Thank you...

Post: Please Recommend a Beginners Book

Jeff HowardPosted
  • Edmond, OK
  • Posts 78
  • Votes 6
 @Matt Cramer:

Thanks, the ToC looks pretty detailed on that one.  I think the size of it might scare my wife away, however, it does not look like much fluff.   :)  thanks.

Post: Please Recommend a Beginners Book

Jeff HowardPosted
  • Edmond, OK
  • Posts 78
  • Votes 6

K, sorry I could not figure out how to edit my post.  One really important thing is something that is brief, or fast to read, 100 pages of good solid advice is better than 100 pages of that advice with 200 pages of fluff to thicken the book.  I hope that does not offend anyone... oh, got to go, microwave just went off. 

Post: Please Recommend a Beginners Book

Jeff HowardPosted
  • Edmond, OK
  • Posts 78
  • Votes 6

Wife and I are going to start reading to each other each night on how to get started as a landlord.   Wanted to see if there was a good beginner's book to help us, something that would answer the following questions:

1. Financial strategies, i.e. avoiding taxes, 1% rule, 20 vs 25% down, whatever, what are the different viable financial options for purchasing a house and making profit, and what are the "definitely don't do X" things

2.  How do I determine if the market is too competitive for a particular neighborhood?  I.e. when I look at a neighborhood on zillow that has 200 houses in it, and 20 for rent right now, should I avoid that neighborhood?  

3. Buying strategies:  High income vs. Low income areas, what to look for, schools, amenities, what are the pros and cons.

4. What is a good game plan from now to handing the keys to someone?

5. Ethical strategies and thinking behind buying from a Realtor without a Realtor.  I.E.  i want them to make their money, but not bringing a Realtor I would like a better deal.

I did a search and saw this:  

http://www.biggerpockets.com/real-estate-investing

Maybe that is all I need?

I also saw this article which I was going to review this evening.

http://www.biggerpockets.com/renewsblog/2013/04/14...

Anyway, we are total beginners but want to do this,  Our current strategy is to find a house in a lower cost but well kept neighborhood with good schools, 25% down (don't know why) 15 year loan, rent to a family.

Thought maybe someone might have a personal suggestion.  

 @Val Csontos:

Both of you have been most helpful, and I really appreciate the politeness of this site.  You both have encouraged me to start pushing forward.  We have our plan in place for next week.

Val, I have to say, your 1% idea is pretty slick.  I have a realtor friend that would probably do that for me.  Realtor gets 5% or 3%, their choice.  I could probably get my realitor friend to take 1.5% actually now that I think about it.  

Speaking of being creative, I have a step brother in CA that is a lender, but he can't operate in the state of OK without a license.  I might figure out how to get him one and pay for it

Originally posted by @Arlan Potter:

your hardest part may be to find cheap houses in Edmond. 

 or norman, or east MWC

 @Val Csontos:

@Jeff Howard  Congratulation for taking actions!  That is the most important step. 

You are getting great advises here from @Elizabeth Colegrove  @Victor Eng and others, 

I would add three more things: 

     Don't worry about being a little bit "too soft" property manager, as this will change in no time as your tenant will help you with that. :) All kidding a side it is a must that you understand the property management even if you are planning to higher one later on.

    Don't forget to seek out and find a realtor (buyer's agent) who will lend you his or her commission (my agent does lend me his 2.5-3% commission at 0% interest for 60 months) so I can use this to reduce my cash needed for closing cost) 

    This will allow you to buy more properties because you will put down less money at closing.(in order to find flexible agents you might have to call 10-15 people, it toke me personally 19 calls)

    Finally if you hare buying a property in "good enough to rent" condition, don't forget to get permission to start showing the place BEFORE settlement. So this way you should have e lease lined up by settlement day. I do this tactfully but i disclose  this honestly to my new tenant. The end result usually is 30 days of rent in my pockets from day one AND there is no mortgage payment as it is do a month after settlement.   This "move" usually buys me the refrigerator if the unit needs one! 

Remember creativity will allow you to buy more properties with less cash, and that should help you to move a head faster to achieve your investment goals! Just make sure all of your investment purchases cash-flows well after ALL expenses. (not just PITI)

Good luck to you guys for taking the critical first step toward becoming RE investors!

Val

 Thanks Val, never thought about borrowing realtor commision.  I like your creativity.  I know someone who did just what you said about showing a property that they had not closed on yet.  I watched them do that and bang they had a deal before they closed.  Yes, you have to disclose that the rent agreement is contingent on being able to close.  We are going to work this this month, and see how far we get.  I would like to be done with step 4 by Jan 31st.

Originally posted by @Dawn Brenengen:

@Jeff Howard Of course you want to make educated decisions, but don't let caution get in the way of action.  Once your course of action is "good enough", just move forward.  Don't wait for it to be perfect or you will never get started.  The opportunity cost of not getting started is far greater than the cost of the mistakes you will make.  You will make mistakes.  Don't be afraid of them.

 YES, that's what is driving me, the cost of inaction is so much more expensive.