All Forum Posts by: Forrest Faulconer

Oklahoma City, just east of Lake Hefner, good area with good schools.

Duplex, 3 bed 2.5 bath 1400sqft each side

$275,000, traditional financing, 20% down, paying around 4.375%, maybe a little better, finalizing the loan today.

Comes with long term renters paying $1100 and $1150, but this appears to be below market and hasn’t been raised in years. My agent says I could comfortably raise it to $1400 each side. Being that I don’t want to pull the rug out from under these people, I’m considering raising rents to 1200? 1250? 

Thoughts on raising rents? Thoughts on my loan rate? Thoughts in general?

Hi, I am a fairly new investor in the OKC area and I am looking for an accountability partner. Someone to hold my feet to the fire and I'll do the same for you. Maybe we could even find a way to gamify our activities. Hit me up to discuss further.

@Greg H. Hollis has a population of around 2000 and the closest major city is about 2 hours away. I'm not saying it cant be done here but in 20 years the major cities will still be there. I can't say that hollis will still be here 20 to 30 years from now. So I don't want my investments to go down in value over the long term instead of up.

To start off the market I live in (Hollis, OK) is dead and the town has always been declining but I do have the opportunity to invest in other towns close by but they are still small towns which don't really work for the brrrr method.

Should I start looking into long distance? I've definitely considered fort worth, Oklahoma city, and Lubbock since there's more opportunity and they are growing cities not declining. My biggest issue is trying to learn these cities without being in them. I plan to go to some rei events to hopefully network and find people that are like minded.

In the meantime my plan is to buy properties locally and attempt to flip them to fund the purchases in these bigger cities. Does this seem to be a good idea or is it better to just stay in these smaller towns that I know? I just feel it's going to be hard to grow fast in these smaller towns.

Finding out of the area contractors for a reasonable price. So I have two properties out of the area that I am under contract to purchase. The first property a general contractor bid three times the material.

I’ll let him know that I would have to pass on buying a house if that was the only option I had. He let me know he had plenty of work. This was the referral by the property manager so I cannot rely upon the property manager to find me someone to rehab the properties.

  If somebody has cracked this code please let me know. 

I found a local guy number of years back by way of craigslist that actually rehab several properties for incredibly competitive price. He has since retired and moved out of the area.

 I’m a little nervous to try to find somebody off of craigslist for properties out of state. How does someone crack the code?

Looking to purchase my first house hacking deal in Southern Oregon thanks to the encouragement from this podcast and community!! The properties I've found have both units already rented under existing leases. Does anyone out there know if I can legally take over a unit/break someones existing lease due to the new ownership?

Second question: I want to buy this duplex as my primary residence. Does anyone know the minimum amount of time I need to live there before renting the unit I will occupy? 

Thank you in advance!

Investment Info:

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

Purchase price: $230,000
Cash invested: $73,000

Purchased fourplex, did cash for keys/assisted inherited tenants in moving out and relocating, renovated all four units (bathrooms, kitchens, paint, tile, countertops, sinks, did an electrical service upgrade, added HVAC). Refinanced in 2020 and it appraised for $385K. Two units are airbnbs, two are leased out. net cashflow each month is between $1000-$2000 due to airbnb variability.