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All Forum Posts by: Jeff S.

Jeff S. has started 2 posts and replied 82 times.

Post: New Investor in Oklahoma City

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

Welcome to BP Chase! Sounds like you got things lined out (must be that engineer in you!). Kids are a big motivator for doing things right. Good luck!

Post: Oklahoma City people

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

Welcome to BP Ryan! We are in NW OKC.

Post: New from Shawnee Oklahoma

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

@Paul Choate - Welcome to BP!

Post: Close Encounters of the First Kind

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

@David Schneider - Congrats! I think there are some good scripts around the threads that build rapport and get you vital information. I'd check them out before calling the person back. Mainly discovering their motivation for selling and how much they think their house is worth and why. Scripts are worth the time you put into practicing them. Good luck!

Post: New in Denver and midwest

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

@Blane Harvey - Welcome to BP!

Post: How fast can you setup an LLC?

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

@Terry Portier - As far as tracking costs more easily b/w origination and admin input into your system - most people have smartphones these days. Make them take a picture of it and e-mail it to your admin with the job site # on them. If you use Gmail you can run quick searches to find invoices/reciepts. If you use QuickBooks you can "attach" the image to the transaction and lock it in to be reviewed when your balancing your books. I'm a big fan of a paperless office! There are also a few apps out there that have the process I described above down to a couple pushes of the button for those of you less tech savvy business owners. I think the one we used for a while is called expensify.

As far as Delaware LLCs go; Businesses choose Delaware because it's the "birthplace" of the LLC and every other state "adopted" Delaware's lead officially or unofficially. If you set-up in DE and do business outside of it you still have to register as a "foreign" business in the state you operate and are thus subject to that state's laws and statutes. Like Bill mentioned earlier, you'll still be bounced back to the appropriate jurisdiction if you have to go to court so there is no realistic benefit for us small fish.

And I concur! Accounting 101 & 102 is about all you need to get things lined out for your tax preparer. You guys crack me up with the all this LIFO FIFO stuff :)

@Richard C - Welcome to BP Ricard! I don't have much experience with these types of projects but my first question would be: How much can you expect from the property (annual gross income)? Do you have a property management company lined up as well? When the city official you spoke with talked about people asking about rent houses, did he say there was a preference for a certain unit mix (2/1, 3/2, etc)? Once you have unit mix, expected gross rent, you can start evaluating cost/sqft to build out and see if its feasible. May need to involve an architect very early on in the discussion and be prepared to shell out some cash for the feasibility study - or atleast a free dinner or two! Please keep us posted on this.

Post: Starting out need advice Oklahoma City

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

@Jared Cox

Welcome to BP! I'm not a wholesaler, but I think you will find plenty of help on the way. "Driving for dollars" is a popular term used in the forum threads as an alternative to signs and direct mail. As a realtor a lot of the resources available at your fingertips will be useful in analyzing potential opportunities.

Post: New to Oklahoma City (OKC)

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

Welcome to BP Alex!

Post: House too nice for rental?

Jeff S.Posted
  • Investor
  • Oklahoma City, OK
  • Posts 82
  • Votes 10

@Gary B. - If many of the homes are still owned by the same owners/landlords the neighborhood may be on the decline again in a matter of years. As far as emotional attachment, that shouldn't factor into your financial game plan. If you are trying to accumulate enough to retire let the numbers guide you. What is the highest and best use of your time and money? How long have you owned the house? What is the likely hood of another tornado coming through?