All Forum Posts by: George Walker

Congrats! You are heading in the "right" direction. Taking action is better than not taking action. If you want to keep buying properties then you must take the approach of "adding value" to the property. Buy a "fixer-upper" and then rehab it and refinance. I would put together all your financials in a folder and visit a couple of local credit unions and local banks. Give them your "plan of action" and then you will understand what they are expecting from you, in order to refinance your future properties. Once you have a local bank refinancing your property purchases then you can "scale" it up and make many purchases. Good luck to you and have a great 2017!

Donnie,

I agree with the other comments. You first need to determine you "goals" (flip, long-term rental, etc) and then you will know if the condo fits into that game plan. If your just starting out then I would suggest "house hacking" a duplex and gain the experience of being a landlord. Plus having free rent will make it easy for you to save up.

Congrats @Michael Clayborne !

I am also a newbie investor in the Oklahoma area. I own 2 SFR properties in Northern Texas but none in Oklahoma yet. Maybe someday we can get together to discuss real estate investing and possibly "partner" up on bigger deals.

Paypal charges a very high fee for the convenience of using their server for payments. I setup an account at a local credit union and gave my tenants the "nickname" of the account. This way they don't even have the account numbers. Then I found out that I am being charged $25 per/month for this business account. In hindsight, using Paypal is probably cheaper. But I needed a separate account for my rental property income, for tax purposes.

Thank you J Scott ! This is a very useful spreadsheet and I will use it often.