All Forum Posts by: Joel Kadlec

Scott,

Yes in tulsa. close to 31st and memorial off the highway. Im working with 1st oklahoma bank and have had a positive experience so far. 

I guess I should have asked as well, oops:

Does this seem like a good deal?

60k for 18% and 912 cashflow?

30K for 25% if I got that line of credit wrapped into the loan and cashflow of $733, but this wouldnt be know until after the inspection deadline. 

Thanks again

I am currently under contract on two 4plexes that are side by side, so 8 total units. After the inspection I found out that all the AC units and furnaces will need to be replaced pretty soon due to their ancient age. Im estimating 8 ACs and 8 furnaces and install could run about 30k. There are also a lot of small things here and there.

The seller has agreed to fix a lot of things, but is doing himself so there will be no proper or licensed documentation which makes me nervous. Not sure if this is typical or not.

My plan is to hold for about 5 years and then sell and upgrade.

Anyway here are the numbers:

Purchase price: $170,000 (85k for each quad) ARV I estimate $240k

Loan is commercial 15% down 20yr

Monthly Income: $4,000

Monthly expenses: $3,087 (I estimate 5% vacany 8% repairs 8% capex, etc.)

Cashflow: $912

Cash needed: $59,000/this includes the 30k for HVAC as stated above. or I might be able to get a line of credit tacked onto the loan after apparsail comes through which would make my cash needed about $30,000 but would change my number a little as well obliviously.

ROI 18.4%

Good thing is that roof is only 2 years old and the exterior is in great condition.

Any advice would be greatly appreciated! My inspection revision deadline is on the 21st and I am trying to get as much input as possible from any source I know. Thank you all very much in advance!

Appreciatively,

Joel

Bill, thank you. I actually just moved from CO to OK, but I will keep that in mind when I am home for visits

Hi,

I have just moved to Tulsa from Colorado a few weeks ago and would be interested in a bp meetup if anyone would like to do that. Just an fyi I am a newbie, but have had a little experience with a property I bought and sold in Denver. If anyone wants to meetup for a few hours or so on a weekend plz message me. Thanks!

Hey all, 

I just moved here from Colorado a few weeks ago and would love to have a meetup up as well. I could do an a few hours on the weekend. If anyone is interested please message me. Just fyi, I am a newbie still, but have had a little experience with a property I bought and sold in Denver. 

Michael,

Downtown Tulsa

Chris,

Thank you for your detailed response. I am currently married with two little ones so school district will matter as far as personal residence. I will make sure to take a look into midtown. I will be flying out there in a week in a half hopefully to look around....

Cynthia,

Thank you for your feedback on broken arrow!

Hey everyone,

I thought I would share that I am moving to Tulsa in Aug. for a new job after I graduate this summer. I have been living in Colorado and I am fortunate enough to have the ability to sell my house in this mini bubble market. 

I have never been to Tulsa and would like to ask if anyone has any suggestions on good places to buy property as a personal residence. Where are the best and growing areas that may provide above average appreciation? My current research tells me Bixby, owasso, broken arrow, and jerks?

My plan is to buy a personal residence and then take a year to study the market and invest in multifamily (2-4 units) after that. I am a newbie so any advice will be appreciated. Does anyone have any feedback on how to buy "right" for a personal residence? 

Thank you all in advance! Your insight means a lot to me...