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I've read recent articles about new deveopment and redevelopment in OKC/Bricktown. Anyone have any suggestions about investing in condos in Bricktown. Does it look like a sound investment. I'm currently researching the area. Any input appreciated.

Lisa,

I reviewed the site JMichaels Investments but still have questions. Lets say someone wanted to invest $30,000 on a single family or multi family residence. How would it work?

Good point Takleberry,

I recently bought two rentals out of state. They are both leased for the year and provide a negative cash flow. The rent more than pays the mortgages but after calculating the down and repairs it will be negative for a while. Anyway, last year I got nailed by AMT taxes. This year, with the rentals, I lowered my tax base and was able to keep much more of my income. I have enough in reserves to cover any vacancies and plan to keep the rentals for the long term.

UPDATE: Just finished with my accountant regarding 2005 taxes. My wife I and made around $155,000 gross last year. We paid nearly $18,000 in Fed and State taxes. After everything, we have $12,000 coming back to us from the govt. The two afformentioned rental properties really helped us to keep some of our money. Just wanted to update things to see if it changes any opinions.

Detchu

Cool! Me too, I bought 2 in OK. Going back in June to look for more.

Detchu

Hello TK. Concidering your in Ca, how are you able to purchase a rental property with positive cashflow? Just curious. I'm also a newbie and looking for hard to find deals on rentals in Ca.

Detchu

I concur. ABC's of Real Estate was pretty good.

Detchu

Thanks everyone for all the input! This has been an educational and eye opening experience.

All Cash stated, "Again, I stick by my original assessment. I'd get out of them NOW".

Okay. Lets say I took All Cash's advice and sold the properties "NOW". What is the tax situation if I sold for a loss?

Detchu

One is in Yukon outside OKC and the other is in Norman near OU. I found a management company and broker on the net. Both properties been rented out for about 6 mths now. So far no problems. The people I've dealt with have been great.

Detchu