All Forum Posts by: Corbin Marcotte

Im coming from Tulsa to meet some OKC people and see how we can collaberate! 

@Matt Cagle this isnt at its full glory but you get the just. The original arv appraisal was around 85k. I believe they were very conservitive on this and they did not understand the extent of the project. I would think that I should be able to get a new appraisal when done for atleast 110k so I can pull out a little equity and put into the next project. 

Hey All!

I have bought a list of multi family to call but it is mostly businesses and manager. I am needing to have the businesses skip traced to find the decision makers so that I can call them. I have never messed with skip tracing so any advice is apprciated. 

Thank you!

Check out http://www.tulsadevelopmentauthority.org this shows several neighborhoods that have been neglected for years and they are rezoning and dumping millions into. Could be good areas to look. I think anywhere near downtown is in the path of progress. new developments coming in west and north west tulsa. They are spending 17 mill to construct the new area at MLK and 36th st north. Also looking at tulsa young professionals and the chamber of commerce websites has some hints on areas that are improving. 

Sense it is still January lets talk Goals for the year and find out how we can help each other accomplish those goals! 

Also wanted to thank all the people that have been joining us on our journey to make real estate meetups great again! Our turnouts have been great and we look forward to meeting up with you guys and gals each and every (other) week!!!! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $18,000

This is my current residence and is a house hack. bought for 18k and will have 65k in it when done. Started with a walk out basement and I divided the house into a duplex installing a kitchen, bath, w&d hookups in the basement. I could have got $1000 a month on air bnb but prefered to have a friend rent the space below me instead of having strangers stay there. Sits on 2 acres at the bottom of the osage hills. They just aproved the zoning for the master plan community to go in on the 128 acres abutting my property so I should be in for some good value increase over the next couple years.

What made you interested in investing in this type of deal?

location close to downtown, in an area that I belive will dramatically increase in value in the next 5-10 years

How did you find this deal and how did you negotiate it?

Property manager friend of mine referred it to me.

How did you finance this deal?

Commercial loan through Bank of Commerce

How did you add value to the deal?

Took out walls, added a kitchen and bath in basement to make it its own seperate unit. new bath upstairs, redid hardwoods. all new electric and plumbing

What was the outcome?

living for nearly free on 2 acres close to downtown tulsa.

Lessons learned? Challenges?

holding contrtactors accountgable was a big lesson on this one. From now on I will have timelines of jobs, set penaltys for not finishing on time, scope of work, and all other details on paper before they begin. NEVER PAY UP FRONT

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dylan Arnold With Bank of Commerce for my loan.
Mat Zalk with Key Renter refered it to me.
I was my own agent
Tina Teague with Allegiance Title was my escrow officer.

Like you own a house you are thinking about selling on a lease purchase? 

Looking forward to having some more solid places to meet up. This will allow us to host bigger groups and not just appeal to the beer drinkers but also the food eaters. Everyone is welcome! Lets make 2019 AWSOME!!!