All Forum Posts by: Mark Waldrip

Was driving a 2006 Ford Taurus with 125K until I passed it along to my teenager. Now driving our rental property work truck (2010 Silverado) until I find a great cash deal on another commuter vehicle. No car payment since 1999. 

Totally agree with the statement that you don't want your tenants seeing you pull up in a fancy ride! In my Taurus I looked like I worked for the Health Department! Haha

Remember the game "musical chairs"? As a landlord, I try to impart to my tenants the priority of paying rent over anything else. If they owe 5 people $100 each but only has $400, somebody is going to be left without a chair when the music stops! Don't let it be you!

We get 1% in some houses and 2% in others. The trade off is usually value appreciation though. Smaller houses with lower values/rents actually produce higher rent/value ratios; i.e. it's easier to get $600/mo from a $30K house than $2K/mo from a $100K house, but that $30K house probably won't appreciate in value like the $100K house and will probably take a little more management and maintenance. But in my experience there's a place for both in a portfolio. 

Our motto is, "Everybody needs a place to live!"

I've done a few of these when selling some of our properties. I went through an attorney the first time, but now I just change my docs and we have the papers notarized at closing. I take them to the County Treasurer and Clerk and pay to file the deed and mortgage. Pretty straightforward. Another option is to contact your local title company and they can do all the paperwork for you and handle the closing. They said they do this all the time.

Hi, looking for advice on marketing a 7 property package with owner financing. These properties consist of 6 SFR's and 1 vacant lot, all on the same street in N.E. Oklahoma City. We have purchased, rehabbed and rented them to good tenants, and they are all paying well. The CAP rate and CoC returns are very good.

My question is what's the best way to market this to experienced Landlords who knows how to manage properties, that will keep them in good condition. Since I'll be holding the note, I don't want to risk having to take these back later in a run down condition or lower value than they are now! We've worked very hard to make these the best they can be, and I want to make sure they stay that way. 

I've looked at LoopNet but they seem to be mostly commercial or apartments. I don't want to put them on Craigslist because I don't want to deal with a bunch of looky-loos or wanna be investors! haha

There are some investor groups in the area meet up, so I thought about attending them or posting to the local REIA.

Hoping someone has gone down this road and might have some advice (or warnings!). 

Thanks for your wisdom!!

This may seem like a silly question, but do most people roll the points into the loan amount and end up paying interest on the combined balance or is it a down payment made at the time of the loan? I've got some opportunities to do some HML but haven't been charging points, just a reasonable interest rate with a flexible repayment. I have asked for "skin in the game" in the way of asking them to fund a % of the rehabs out of their pocket. Thanks!

I am the Treasurer for a school district.

Got my MBA about 10 years after getting my BBA in Finance. I worked for a company that offered tuition assistance and I wanted to take advantage of the opportunity for more education. I enjoyed the courses and felt it was very well rounded experience. We did a lot of group/team activities that helped you delegate and work together on a project. Already having a business degree meant the MBA program was a little repetitive, I think it would be very useful someone coming from a different discipline.

But I haven't found it to be particularly useful as a career move. It might set you apart from others when applying for a job, and might help you do that job a bit better from the beginning. Knowing what I know now, I would have devoted that time/energy to gaining specific knowledge or credentials in REI or license.

My father-in-law is a farmer, and he likes the joke about a farmer who won the $10M Lottery. 

A reporter asked him how he would spend the money, he said, "Well, I guess I'll keep farming until the money runs out." 

Hopefully REI isn't like farming! Haha

 Hi Andrew, 

Curious as to how this was resolved. I'm sure we'd all benefit by knowing.