All Forum Posts by: Michael Bennett

@Corby Goade yes I definitely have plans of buying more in that area. I created a separate entity just for that particular side of town so that my vision and mission will match the direction I want to go in the future. I will still invest and flips and holdings all over Tulsa and the surrounding areas under my major entity.

@John Delosreyes thank you! I really appreciate it!

My First Purchase

As of 12-21-2018 I have completed my first rental property purchase. The previous deal was going to be multiple SFH but I decided to go with just one home to begin my landlord career and not overwhelm myself. The house is located in Tulsa, Oklahoma in a class D+ neighborhood. It's 1128 SF on a 7200 SF lot size. The property is 4br and 1ba.

Purchase price was 58k with a 20% deposit. The deposit plus closing cost was a total $13,456.03. I have a 15year conventional loan with an interest rate of prime plus 1% (my current rate is 6.5%). My monthly expenses are $410 for mortgage, $82 for insurance, and $38 for taxes for a total of $530. Not including the repair rate and vacancy rate. The good thing is that the property already has a tenant paying $820 a month that is being paid in full by Section 8.

I decided to start my investing in a class D neighborhood because I have always wanted to give back to the community I was raised and this is one way by providing affordable and safe housing!

I am looking forward to what 2019 has in store for me!

@J Scott thank you! I will run this by the team and see what we come up with!

When is the right time to reduce the sales price on a listed property? We have had a house listed on the market for about two weeks now in Tulsa, Oklahoma. The bank appraised the property at pre-renovation for 200k. We listed the property for 210k. We listed the price kind of high with the strategy that some one would come in with a offer on the low end and we start the negotiations from there. As of now we have had very little interest but no offers because the “price is too high.” We are also aware that this time of the year is not the most ideal time to buy a home. At this point should we wait a little longer since this is the slow season or should we think about lowering the price sooner than later?

@Dan V. Thank you for the insight

@Ned Carey thank you! I currently have a spreadsheet in excel that I’m using but it’s very elementary. Didn’t want to spend time doctoring it up but I may have to. I use QuickBooks for my normal business transactions but I’ve never thought about using it for a single investment as well. Thanks for the advice and insight.

Hello, I am currently seeking the best cost effective software to use for budget analysts and tracking all expenses during a flip project. Any recommendations and what you may use or recommendations on the best software?

@Garrett Ayers perfect. I will try to make it. What are the times?

Hey @Garrett Ayers, when is this week meeting?