All Forum Posts by: Anthony Hill

Excellent, Thank you Sir.

I knew I saw something about another meetup but I was having troubles finding the info again.

Thank you again and I'll see you there.

Is there another meetup coming soon to the Tulsa, OK area?

Hey Brett

I would recommend another local company called Home Finders, it is a leasing and management company. I was doing my research on Tulsa Property Management companies when I was turned on to this company and after comparing them to others, I chose Home Finders. They have some of the better rates and they are not such a huge operation that you are just a number to them but at the same time they are not a small starter company either. I have not personally used them yet, but I refereed my sister and brother-in-law to them and they absolutely love them! I met with the property manager, Luke Westerfield when I was putting in offers on rental properties and I had a good feeling about him and his company so when my sister asked my recommendation I sent them to Luke and they have been thrilled. Not only do they get their rents on time now, but they are getting higher rents. They do not have a bad word to say about the company, I will be using them myself as soon as I find a property. Here is their info:

www.homes-tulsa.com

918-665-0212

As far as other investor's saying to "not use PM' Companies. It is just their preference mostly because they can make a little more by saving on their fees. My opinion of it was that, it may cost me a little bit more each month but I don't know the business of property management as well as a business that does Property Management Full-time does. So to avoid getting that "Professional Tenant" and losing everything I have worked for right away, I opted to seek out a PM company. Maybe later on after I have more experience I will consider taking that part over but for now, I will leave it to the professionals. 

Good luck in your PM search and I hope this helps.

Take care and Merry Christmas

Thank you for your email and for the "Head's up" about the wolves. Unfortunately your right, there's plenty of dishonest people out there.

Hopefully your off to a better start now though!

Kinda what I'm thinking too. Thank you for reconfirming my thoughts.

I have been searching for a good start in Real Estate Investing. I keep coming across these Craigslist ads about Real Estate Investing Franchises. Most of these companies want you to bring a deal to them and they'll give you a "cut".

Does anyone have any experience with these approaches in Real Estate Investing? I am very doubting of these ads, as most of them come across as the typical "Guru" type advertisement, fancy cars and beautiful women.

So I realize that my initial gut instinct is that they are a scam, but does anyone have any recommendations on finding a reputable company like these?

I have not had much luck in finding a Mentor in the Tulsa, Oklahoma area, although I am hoping to meet up with a couple BP Members soon when I return home.

If anyone has any tips, I would appreciate your input.

Your correct, I did not figure in vacancy because of already having a tenant, but it would still be good to factor that in there because 'Ya never know', situations changes and we could lose her a a tenant. Stepping back and looking at if, you make a good point, I think I am more concerned about helping her out, and not tosay I can't do that later on, but if I screw things up, right here at the start, I won't be able to help her out at all later on if needed. So I think I will hold off on this deal.

Thank you for your reply though.

That rent is equivalent to the rent she is paying now, she lives a few doors down with the same floor plan. However, most of these units rent for the $900 to $950 range. We were wanting to keep her rent the same to help her out financially.

As far as doing away with the garage, Her mother loves her garage so that would not be in our plans.

My mother-in-law suggested to property because she lives in the area and saw it for sale and knew we were looking for our first deal, she suggested being our tenant and allowing us to learn about the business before renting to one of these "Professional Tenants". I have read enough horror stories and it has me concerned, I know those situations are rare, but they still can happen, and I seem to have the worst luck like that.

The neighborhood does have good appreciation value.

I want to help her out but it just would not be wise to do this one, at least not as our first deal.

Thank you for your advice on this deal though.

The main benefit would be that this would let us get our feet wet in real estate with a reliable tenant that is understanding about the fact that we are new to this. It is also an appreciating area and a very desired area.

I have looked a dozens others, just not in this area, although it is not too far from where we were first looking.

Our goal is to become established Landlords.

my disaster plan would be to flip, but I would make much of a profit, if any, so I don't have a good disaster plan.

Not sure about the criteria part, just looking for good cash flow properties around the $100k mark, so that I could gain equity and pay the houses off completely and then maybe leverage them later on if needed.

It's looking like this deal may not be a good deal, at least for a starter deal.

I appreciate your input on this deal though, thank you very much for your time.

Hello and thank you for reading this post.

My wife and I are about to make our first deal. However, I want to run it by a few people of the Real Estate world, to get your opinions.

We have found a 2 bedroom, 2 bath, with a 2 car garage. It is in a nice area, more of a retirement neighborhood.

The list price is $130,000, the taxes are $1311, and we will rent it for $850 or $875 and we already have a renter.

The house has been recently remodeled, with a newer A/C unit, still waiting to hear back about the age of the roof.

The Realtor told my wife that there is an offer on this property, but that she could put it under contract with some earnest money. The houses in this neighborhood do not sit on the market for long. I work out of town, so I am ultimately buying this property sight unseen. However, my wife went and looked at the property and says that it does look nice and that there was not a lot she could find wrong with it, to use for negotiating. We would of course have a contractor and inspector perform the walk through before we closed.

Here are the numbers on the pre-approval loan that I have received from another outstanding BP member/ Loan officer.

Purchase price $130000

Loan amount $104000

Interest rate 5.00%

PI payment - $556

PITI payment - $717

Rent $850 to $875

This deal does not seem to meet the %50 Rule, but I know it is just a good guideline.

The numbers do not look promising, however I am hoping because things are newly renovated and our Tenant is my Mother-in-law. She has a steady job and has taken very good care of her past rental properties. I know renting to family is frowned upon, but I am not looking for advice on that subject. She is my mother-in-law and I want to make sure she is taken care of. We are still running her through the pre screening process and she will still be held accountable for the property and her rent.

I am in Tulsa Oklahoma and a lot of our properties have not met these " Rules of thumb" yet, so I am asking for some advice on this deal.

Thank you guys in advance for any helpful advice you can lend.