All Forum Posts by: Levi Ballard

Check out @Rhett Tullis for property management. He is fairly active on here and a great resource in town. 

Welcome @Michael Pendleton. Real Estate is an exciting industry, and OKC is a great place to start. We do have a monthly meeting, on the fourth Tuesday of every month. @Paul Choate sends out the invites. There is also a monthly happy hour on the 2nd Tuesday too. @JJ Gritts heads up that. So plenty of opportunities to interact with other investors. Hope to see you around!

I haven't used them personally, but the Charles Barnes school is pretty highly recommended. They are out of Moore but offer online programs. Google them and you should find some reviews.

WHAT!? Closing Dot Wo? This is a travesty...

@Brian Marshall. I haven't seen @Paul Choate on in awhile, but yes, we are still meeting. It will be at noon at Dot Wo, this Tuesday the 24th. We sit at the large round table in the middle of the restaurant. Hope to see you there!

@Jacob Barnhart greetings to a fellow Durant resident. I use a commercial landlord policy for all my homes, and my agent provided me the formula they use based on the square footage for insuring my homes. It lets me keep it plugged into my offer evaluator spreadsheet and I don't have to think about it. I agree with @Josh Chappell that price range and area similarities will help a lot, and I have done that with this formula. Likewise, PM me and I can send you his contact info.

@Marc Stewart we meet the fourth Tuesday of every month at Dot Wo at noon. Feel free to attend in October. I'm sure @Paul Choate will send an update out soon.

I had something similar happen - tenant called because water was all over the floor. He was sure something was leaking. I went over, checked everything and could not find a problem. Was absolutely stumped until I decided to test the dishwasher to see if it was draining. It was, but it was dirty so I asked tenant for his dishwasher detergent to run a quick clean cycle. He handed me Dawn dish soap. :) Quick education on dishwashers and problem solved.

Not sure if that is what is happening to you, but the phantom water can be caused by an overspilling dishwasher.

There might be a way to set it up on the landlord side, but I always just enter the total rent amount due (including pet fees), and let the respective tenants enter the portion they each want to pay.

@Chris Sullens Seasoning is the period of time that the bank requires you to own the house before they will refinance with an updated appraisal.

Say you buy a house for $40k and you put $10k into it. Its worth $100k now. Assuming you pay cash, the bank will give you 80% of $50k ($40k) the day after you finish rehab. If you wait out their seasoning period, they will give you 80% of $100k ($80k).

Its different for every bank. Some banks don't have a seasoning period. Some require 6 months ownership, some 6 months of rental history, and some 12 months of ownership. I'm sure there are all kinds of requirements. The key though is the updated appraisal. Most banks will offer you 75-80% of the lower of the appraisal price or your costs (purchase price if you mortgage initially, purchase price and rehab if you pay cash up front). 

Refinance costs can be lower because you don't have prepaids (if you are escrowing your insurance and taxes), and banks will usually lower their origination fee, title fees. Since the property is not changing ownership, you don't have to pay the title company fees either. You can 'close' at the bank, and skip the title insurance, etc.