All Forum Posts by: Lucas Hammer

@Terry Mclain Just an FYI as someone with a regular W2 job and investing on the side, 401k loans actually have super low fees unless you default, but they're typically auto-deducted from your regular check so there's no risk in that unless you leave your job. Withdrawals on the other hand either aren't allowed or they screw you with fees. The loans you pay back go straight back into your own 401k with the other contributions.

@Jeff Martin I personally am about to use a 401k loan for a second property as it's simply borrowing my own money unsecured with no liens, so that's the option I always suggest.

Thanks @Deren Huang and @Lisa Williams for the input! Sounds like I'm looking to do something similar to Heidi and I'll reach out to her soon to get her input on investment areas. I'm hoping to move on a property in the next few months once my wife and I discuss criteria and long-term goals. Thanks again!

Well, you make a lot of good points. Now I just have to figure out where our unit falls on the range for the neighborhood. Thanks for kicking my *** in gear.

@Lisa Williams, thanks for the reply! Would you happen to know if rents justify the purchase price/mortgage there? I'm having trouble researching rent-to-mortgage ratios to know what constitutes a good deal there. Also, do you or someone you know have rental properties that I might be able to ask some questions to? Thanks again!

So I've had my 2-flat in Chicago for a little over a year and it's about time to raise the rent to get a little closer to market (will still be below, but we have a really good tenant). All of our communication is done through text or occasionally running into each other while going in or out. His lease is coming up, and due to some repairs and the fact that he's under market, we'll be raising it a small amount per month.

I'm trying to figure out the best way to position this without giving too much information and how to contact him. We never talk on the phone and just text each other if anything is needed and I don't know about mentioning it to him just on the way in or out of the building. The other thing I'm trying to figure out is how much info to give him. I'm not going to tell him details on how much we've spent on repairs (it's been a lot), but want him to know we're not just raising it for the hell of it.

I know this is a newbie question, but I couldn't find a specific suggestion for my personal situation. Thanks!

So I'm currently house-hacking in Chicago and the prices have just gone crazy through most of the city here. I'm originally from Tulsa and still have family there, so I'm considering possibly investing somewhere in Tulsa, preferably as close to downtown as possible. I know there aren't a ton of multi-unit homes for sale, so I guess what I'm wondering is what your guidelines are for a property if you're a buy & hold investor. Do you follow the 2% rule, the 1% rule, some hybrid guidelines? One reason a multi-unit interests me is that I could have a unit as a vacation rental and have a place to stay any time I came down there for myself. I've analyzed a ton of properties up here, but I'm having trouble finding rent prices and things like that to know what constitutes a good deal in Tulsa.

Also, are there still a lot of renters? With some of the house prices, I'm not sure why people wouldn't just buy instead of rent or if renters are being drawn to specific areas.

Also, as a side note, are there any up-and-coming neighborhoods worth checking out? I know Kendall-Whitier is near the Pearl District which seems to have seen some growth (based on a short trip I took recently), but is it too soon or too late? Any other areas worth checking out?

Thanks in advance!

@Toben B. Sorry to drag out an old post, but I'm considering looking into what might be considered a "bad neighborhood", but I haven't lived in Tulsa for a long time so I'm trying to figure out what areas are bad and exactly how bad they are. Are there specific places you'd avoid altogether?

Awesome, thanks for the tips!

So I'm currently in Chicago, but have a lot of family in Tulsa and I was wondering where rental houses get posted or are they just "For Rent" signs in yards that draw people in? I use Craigslist in Chicago to see what rental prices are, but I don't see much when I do the same in Tulsa. There are some neighborhoods east and north of downtown that will have one rental posted per square mile or two when I feel like there should be more rentals? Is there a specific site that people put rentals on there? Thanks in advance!

Also, I actually replaced the water heater thinking it was leaking. ($1000 poorly spent) And it kept happening so I went down to his unit during a storm and saw all of the water running out of the vent as it happened.