All Forum Posts by: Michael Slockers

Welcome @Matthew Simms!

Holler at us if you have questions. I'm in Tulsa if you have Tulsa-specific questions!

When are you buying your first property? Pick a date and make it happen!!!

@Joseph Abbott, other good options include:

• Partnering with a local investor to take you through the ropes
• Talking to the neighbors of the abandoned properties to see what they can share with you
• Working with a Title Company (if you have one you work with) to research the property, ownership, and liens

Good luck, let us know how it goes, and reach out if you need help!

@Andrew Hejtmanek

Like you I haven't seen it offered for LLCs. 15 or 20 is typical.

I have done a 30-yr conventional against my own name then transfer the property back into my LLC. That probably isn't ideal for a partnership situation I'd imagine.

@Jeremy Lumpkin congrats on getting started!

I have rentals in North Tulsa and some of them have been section 8 in the past.

You can get good tenants in North Tulsa by doing a good screening. This goes for any location of course. And by showing your tenants that you have treated a house with care and attention to detail, you can set the bar high for them as well.

The ROI numbers look great in North Tulsa. Plan for potentially higher vacancy rates and when vacant I'm always concerned about vandalism though that hasn't been a major issue. Overall I have no regrets with my North Tulsa houses.

Bank loans may be harder to obtain because the properties are cheap. Tax and insurance are very cheap as well. It literally all comes down to placing a great tenant. That is definitely harder to do in this area.

Hit me up if you have any questions. 👍

@Justin Wood

small claims court is your best bet.

They won't show

You'll get the judgement by default

You probably won't get paid but if they have wages you can garnish

At least then it goes on their record so other landlords can be protected

@Garrett Ayers thanks!

When is it?

Seems best to create a new business to have the partnership structure.

Make sure you consider the tax implication of your current structure. I'm not a tax pro, but it seems like you would be on the hook for all taxes. You may be able to 1099 your partner to levelset that but I'd get a professional opinion first.

I always thought the 70% was because other investors in the area can typically purchase the property in a hard money or other loan up to 70% of the value....

@Ryan Faber

Sounds like you have your answer already, but you could probably find a better deal straight off MLS with no fix-its required. You may not get equity up front but it could be a better long-term investment both from an appreciation and a monthly cash-flow standpoint.