All Forum Posts by: Mark Waldrip

On the other side of this, as a Seller I've had offers & counteroffers accepted and think we have a deal only to find the Buyer backed out on me! So I make clear that my properties remain For Sale until I get earnest money and a signed contract in my hand. 

@RodneyBuford Thanks for this information. I received an email from our local Meetup here in Oklahoma City a few days ago. I emailed asking for someone to call me to discuss their loan options. I received an email response with a loan application to be completed before terms could be shared. I wasn't as brave as you, so I didn't complete the form. 

Sounds like you send $1,300 and hope they fund your loan? I wouldn't hold my breath!

Making some plans in anticipation of retirement, and wanting to talk to a local (Oklahoma City metro area)  Certified Financial Planner that understands folks like us that choose to invest in various real estate and related instruments rather than traditional investments like stocks & bonds. I need someone I don't have to educate about my portfolio and that I can learn something from! Haha

Anyone have someone they would recommend? If so, feel free to post here or send me a PM. 

Thanks in advance for any help!

Speaking as a property owner who manages their own rentals (I know, I know) I feel that landlording does seem more personal to tenants than other monthly financial obligations they might have. The utility company or car note bank is a nameless, faceless entity that they deal with mostly by correspondence. Most tenants met the landlord in person when they completed the application and toured the unit. They talked to them when there was an issue with the unit that needed fixing or to discuss the rent. These contacts create the false belief they are friends, which is not the case. So they try to push their luck or get angry when the terms of the lease are enforced. I've been guilty of allowing myself to go from being "friendly" to being "friends" and it always ended bad. Of course, be friendly, but never become friends. Because there may come a day when you're posting that notice to the door, and they need to know you mean business because you've always meant business.

Hearing GC talk about pushing yourself harder and further to achieve big goals, I'm reminded that in addition to being a salesman for real estate, he's also a dedicated Scientologist. A quick search of achieving "big goals" in Scientology finds their writings which are very similar in tone and content (see example below). Knowing how their "big goal" is to recruit followers which to drain every last dollar from them makes me suspicious of GC's motivation as well. My .02

Planning for the Future

How does one get things done? How does one make a dream a reality or carry a plan through to completion? Many of us seem to have unrealized goals or incomplete plans and many of us face tasks that appear overwhelming, even impossible to achieve. This is true not only of individuals, but of companies and even countries. History is filled with failed projects.

In examining the subject of organization, L. Ron Hubbard developed an enormous body of technology to ensure the success of any group. In doing so, he also provided a solution to the most common of failings: the lack of ability to execute plans.

In this section, you will discover how to attain literally any goal, large or small. Plans can be carried through to fruition, but a number of vital steps must be taken, one after the other. You’ll learn what these steps are and how to apply them to anything – a personal ambition, a family, a group, a business and more. You’ll learn that your dreams can become real.

When we were working to pay off our 30-yr mortgage early, I used an amortization table and added whatever amount of principal that particular payment was paying. By doing that I felt like I was knocking off a payment from the back end, and it helped us work our way up as that amount increased each month. 

I once had a single female tenant who worked for a manufacturing company. She started having trouble paying her rent on time, so we talked about it. She shared that her rent took most of her first paycheck and it was hard to budget her other bills. She offered (and I agreed) to allow her job to withhold half her rent from her 1st of the month paycheck and the other half from the 15th of the month. Her company ACH'd the payments directly to my bank account. While it took until the 15th to get all the rent, it gave her tremendous peace of mind knowing the rent was being paid each month without her involvement, and I felt better knowing I was guaranteed to get the rent without excuses, stress or late fees.

I once had a single woman who worked for a manufacturing company. She started having trouble paying her rent on time, so we talked about it. She shared that her rent took most of her first paycheck and it was hard to budget her other bills. She offered (and I agreed) to allow her work to withhold half her rent from her 1st of the month paycheck and the other half from the 15th of the month. Her company's payroll department ACH'd the payments directly to my bank account. While it took until the 15th to get all the rent, it gave her tremendous peace of mind knowing the rent was being paid each month without her involvement, and I felt better knowing I was guaranteed to get the rent without excuses, stress or late fees.

When we were starting out a few years ago, I bought two houses next door to one another from a landlord looking to get out of the business. They're in a C+ part of OKC, and were leased to decent Section 8 tenants. Then the one across the street became available and I bought it. Now we own 6 houses on that street, plus a vacant lot next to one of them that could be used for new construction or to move a house onto. They all rent @ 2%+ what I paid for them and we've got them all in great shape.

Now looking to offer for sale as a package deal and move on to the next challenge. But just speaking for myself, it's been a great learning experience, and a crash course in effective property management!

As a resident/investor in Oklahoma City real estate, I'm curious what OOS investors are looking for regarding ROI and Capex when it comes to TK's in OKC.

We began acquiring (C+) SFR houses on a single street about 2 years ago, then renovating and renting them primarily as Sec-8. Now have 6 SFR's on that street.

I'd call them TK at this point based on all the improvements, and was considering making them a package deal. What are OOS investors looking for as ROI? Is it based on cashflow? How long do you need to see data? Do OOS investors use PM's? Any advice would be helpful as we consider what to do.