All Forum Posts by: Michael Clayborne

Robert,

Congratulation on your Multifamily deal here in Norman! I recognize these units on Cherry Stone, I look forward to seeing what CAPEX repairs you plan to make. I actually own some SFRs near the area.

Take Care,

Michael

Hey @Cornelius Brady! 

Welcome! It's great to have you here. Congratulations on determining an investing strategy that will work for you. Your goal sounds like a great motivator. Wish you luck on your investing journey!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $207,000
Cash invested: $207,000

This property is a 2-story duplex, each unit has an upstairs and downstairs, and the units are 2 bed, 2 bath. The duplex had received moderate remodeling prior to our acquisition.

How did you finance this deal?

Was able to purchase with cash through our Self-Directed IRA fund managed by our company.

How did you add value to the deal?

We bought this deal at a good price per sq ft, and similar units listing and selling in the same apartment complex were already $20-30k more.

@Mikail Askeriiani Almost all the meetups have people from all levels of experience attend, and beginners are definitely welcome!

@Mikail Askeriiani The first two listed are free for first time visitors, then cost either $20 or $25 per month as a returning visitor, they both also have memberships that would amount to a cheaper per door price. The second two are free to attend. There are a lot more you can find that are either free or low priced as well, OKC has a ton of Real Estate meetups happening every month.

Hope this helps!

Hey @Mikail Askeriiani! Welcome to BP! To answer your questions about real estate schools, I just went through Kevo University, they were competitively priced. 

As for meetup ups, there are quite a few, to list some are:

Millionaire Possibilities REI, every 1st Thursday of the Month, https://www.meetup.com/MPREIA/

OKCREA, every 2nd Thursday of the Month, https://www.meetup.com/OKC-REIA

Norman REI, every 2nd Monday of the Month (this one is newer), https://www.meetup.com/Norman-Real-Estate-Investors/

Coffee with Real Estate Investors (OKC Real Estate Investors), first Wednesday of the Month, https://www.meetup.com/okcrealestateinvestors/

And many more..

All these meetups you can find on www.meetup.com

Congratulations @Brian Holshouser on beginning your real estate journey, and welcome to BiggerPockets!

To expand more what @Cassi Justiz said. There are a ton of real estate meetups here in OKC. They happen just about every day of the week all month, with two of the bigger ones on the 2nd and 3rd Thursdays of the month. Be sure to try a few out, they all have something to teach and are worth going to network and learn what investing in OKC is all about.

Excited to see another set of Oklahoma investors on BP! I hope to see ya'll at one of the meetups around.

Hey @Norman T Eng good Question! I think @Odie Ayaga and @Doug Smith hit it right on the head here. There are a lot of factors to consider that are not limited to just the rates you can get, and which is the cheapest. 

If you are just starting out, there will be a bit of learning as you go, and that can include more expenses. So make sure to assess your risk tolerance as well. 

Construction Loans are also an option if you talk to the right lender and have evaluated the deal well.

Hey Josh! 

From my experience in the Oklahoma City Metro area, mostly in the Norman and Central OKC area, if utilities are separately metered, then the Tenant is the one to pay these. There are some places that advertise all bills paid, but that doesn't seem to be what you are looking at. It seems odd and would be a red flag if any items were separately metered but the owner still paid them. 

I wouldn't know about the water bill back in Edmond so I can't speak to that part of the question.

Sorry I couldn't be more specific to the Edmond area. I hope this information is helpful though.

@Bobby Chapman Welcome to Bigger Pockets! Like @Micheal Briscoe said there are a ton of REI meetups here in the OKC metro area, that you can attend and learn a great deal, as well as network at. I attend the Milliare Possibilities meet up and the Norman REI meet up. I have attended the OKCREI meetup, and that is a great one too! You can find all those and more on the Meetup app.

@Abel Curiel said it best, BP everything is a great way to start learning. I started with the BP forums and blogs. Then got into some of their books. You really can't go wrong here with all the information available. Another book I would add to the list is the 4-hour workweek by Tim Faris, it's more about business and is a down and dirty guide on how to implement systems, and how your life will be consumed by your business if you.

Again, welcome!