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All Forum Posts by: Lowry Coe

Lowry Coe has started 9 posts and replied 20 times.

Quote from @Tristan Gardner:
Is the LLC structured as a partnership? 

 @Tristan Gardner I forgot to tag you - yes, it is

@Michael Plaks - hired an attorney for the operating agreement and the LLC setup so we are good there. I'll reach out to an accountant. I was just thinking that since all we did was buy the house in 2021 it wouldnt be too complicated. Renovations and other expenses didn't start until January.

Hello,

I'm in the process of my first BRRRR with two business partners. We are a three-person LLC and purchased the property in early December. I would like to know what considerations, tax docs, etc. I need to get all set up. I'm doing some Google research and am having some trouble finding exactly what I need.

It's a SFH in Tulsa, OK. No renters yet. Still rehabbing the property. Happy to provide any additional insight needed.

Thanks in advance for your help! 

Post: The value adding projects to do

Lowry CoePosted
  • Posts 23
  • Votes 9

@Bryan Noth thanks for the response! Helps me prioritize 🙏🏽🙏🏽

Post: The value adding projects to do

Lowry CoePosted
  • Posts 23
  • Votes 9

My girlfriend and I just purchased an interesting home in Tulsa, OK that has a front section built in about 1925, which is about 1200nsf, and then a back addition built in 2001, which is about 1700nsf.

My question is what projects would anyone recommend to add value to the home?

Here are some bulletpoints of our “wish list” and some items that we know need to be fixed:

- bathrooms: 3.5 bath - two definitely need upgrades. This will be a first set of projects for us.

- master bath is new but it’s not exactly our style however it does have a rainwater shower, jacuzzi tub, walk in closet. we want to add a double vanity, fix up the shower because it was done somewhat shoddily, and change the tile from black tile to white.

- kitchen is new and has dark cherrywood cabinets but we are gonna paint those white and add some fixtures

- there is external store unit/garage at the end of the carport. It’s about 12x18. I want to insulate it and put in some AC to make it a fun area/gym.

- living room has plumbing for a wet bar so we have a PVC pipe sticking a foot out of the wall into nothing. Figure we will do that too.

- yard work - 100% need to work on the yard

- overall new paint throughout the house

- general design and aesthetic things

So I’m going to make this a two part question, which of the above should we think about doing from a value add standpoint? What general remodel things should we think about doing that would also add value?

@Danual Berkley

I’m exploring my second property and getting funded through a hard money lender whom I’ve built a relationship with over the past few years through other means outside real estate. We just started talking about him potentially providing me a loan and his advice to me was “if you’re putting in an offer that you’re not embarrassed of then you probably went too high” which I found funny and pretty interesting.

I’m a newbie so take it with a grain of salt coming from me.

Thank you to everyone for the advice. Much appreciated! Big fan of the BP community. 

@Daniel Luedtke I purchased it as my primary residence and lived there for two years before moving out and renting it. I have an FHA loan. I put less than 20% down. Regarding rates, I actually bought around at what rates are at right now so I'm not too concerned there. I just want to figure out how the hell to lose this damn PMI.

@Joe Splitrock every time I ask WF about what steps I need to take to remove the PMI they tell me there is nothing that I can do and that it is for the entirety of the loan. Totally blindsided me and was not something I was experienced enough to look for when I bought.

Post: If you could move anywhere in the US...

Lowry CoePosted
  • Posts 23
  • Votes 9

@Marianne Lopez-Henthorn

You may want to take this with a grain of salt because we are moving there sight unseen however, my girlfriend got into the Tulsa (OK) Remote program in November. It’s program where they’re paying remote workers to come in and live for a year with several incentives to stay other than the money they pay for a year.

On the surface it sounds desperate, paying people to move, which is what made us skeptical in the early days. But since then we’ve done a ton of research and she has been evesdropping on the Tulsa Remote Slack channel. It really does sound like a city on the rise. A lot of new social areas with an emerging foodie scene. Most recently Tesla has narrowed its search for its largest factory to Austin or Tulsa.

Additionally, I have several close friends in Dallas/FtW area who told me that Tulsa has been on the rise for awhile and a lot of local Texans head up there.

I don’t know, we were supposed to visit prior to COVID but since we’ve been in quarantine we basically said “screw it” and are moving there in a month and intend on buying.

Anyway, just wanted to offer a different opinion than some of the normal cities thrown around on these threads.