All Forum Posts by: Jason Seay

@Greg Kasmer

Thanks for the help.  They are splitting up and it seems to be getting ugly.  Both names on the lease and he will not let her leave without paying her part.  He says he doesn't care if she stays.  She wants to be away from him and is willing to pay the 5 months rent to not be with him any longer.  I do see your point on the security deposit.

3 bed 2 bath house.  lease is up in May 2025. Couple is splitting up and one is wanting to stay.  The one leaving is paying 1/2 of the rent through 5/31/25.  So my questions are:

Do I write an addendum to the lease with just one person?

What about the security deposit?  I will do a walk through with the one moving out when she leaves but he will still be there until May.  Not sure if I will renew his lease.  Thinking of selling and 1031 to something else.

My thoughts are to do an addendum (but not sure how to word it since she will have pre-paid her part until may) and let them figure out the security deposit between themselves at the end of the lease.

Any input is appreciated.  

I think @Will Fraser and @Micheal Briscoe both did a great job.  Will really knows his stuff.  I will throw a bit about shcool districts here.  Edmond and Deer creek are top notch in OKC/Edmond but will be really hard at the 120k price point to get into.  Putnam city schools are still solid but definately B class.  Oklahoma City schools will have lower rents and higher turn over.  Moore schools are good.  Midwest city is a good area and Tinker Air Force base is right there (lots of jobs) but Del City can be a little more C/D class and they share a school district.  

So in OKC you want to look at jobs and school district.  For 100K you won't be able to get into Edmond, Deer Creek or Norman (you might be able to find a couple in Norman but will need lots of work).  You might be able to find something in Moore.  Putnam city schools are still ok for C class homes and you will most likely find something there in the older part of the district.  Midwest City schools are decent and has a large air force base so jobs are there.  MWC is delicately a C class area but watch out, there are lots of D class properties.  OKC schools are NOT good.  OKC schools is where the bulk of your 100K and less properties are.  Lots of C and D class properties and the school system is a solid F.  OKC will give you lots of turn over.  I like student housing so I buy in Edmond and Norman near the universities.  Little late to buy for students now as all the students are currently moving back in to start the fall semester.  I'm currently watching Edmond, Guthrie (schools are improving but most properties are C/D), Norman and MWC.  I think I want something in the Putnam City district but prices are higher than MWC and there are more jobs in MWC. My realtor is constantly steering me towards MWC and away from Putnam City.

@Alyssa Dyer, what do you think about Moore or the Putnam City School area?  I keep hearing MWC but there are so many investors looking there that it seems like the prices are starting to climb to ridiculous levels for C class properties.

I picked up mine off of the Oklahoma Real Estate Commission website as Cassi mentioned above.  While I have seen other forms that are similar, I am choosing to go with the one that has been legally vetted to ensure my protection as much as possible. 

I hope to make this meeting next week.  I look forward to the chance to meet some more like minded people.

Interested.  Can you send me info.

Steve with Double Eagle Construction in OKC.  Does great work and fast but I know he is pretty busy right now.  Talked to  him about 2 weeks ago and he had a lot of projects going on.  Here's his website since BP won't let me put in a phone number.  

https://www.doubleeagleconstructioninc.com/

Congratulations on your recent purchase.  You are doing what most on this forum want to be doing and it appears by your correspondence that you have your ducks in a row and have planned for most of the problems you will face in the near future.  Good luck in our market her in OKC.