All Forum Posts by: Theresa Nicoletto

@Rhett Tullis - I'd love to make real estate investing my day job.... but my day job just cash flows too well! LOL. 

Scheduled for Dallas but will try to stop there prior. Thanks for putting this together, Paul!

Also keep in mind that Healthcare Liens also stay with the property. I have seen many people bid on stuff that has liens attached. (I stopped one elderly lady from bidding on a property last year because there were liens on the property that were more than the property was selling for and she had no idea. Yes, it's a buyer beware sale and they say that multiple times throughout the auction but people get caught up in the magic of an auction and do silly things.) 

I quiet title all of my tax sale properties prior to doing any work on them. Quiet title for me starts at $1500 but I have had some that are much more than that due to complications that arise. 

You are also responsible for any code violations that are not recorded but have occurred prior to your purchase. (Yes, I've been stung by this.) My advice is to just do a lot  of research prior to bidding on the properties... and make sure you look at the properties' title just before you bid on it.... something might have been recorded since the last time you researched it until the sale. 

And word of caution.. don't bid on properties just because someone else does. There is a lot of frenetic energy at these auctions. People start bidding things up because they see someone else bidding.... not because they actually have knowledge of the property. 

You also don't know someone's motivation on the property. It may not be because they are an investor but the house or lot belonged to their great grandmother, or they own the property adjacent to it... or has major foundation issues but they own a foundation company. 

I use Barbara Rubley. Contact me if you would like me to provide her contact info. (Forum won't let me post it.) She's in Piedmont but will travel to you. She's excellent. She does bookkeeping as well and has been working with my assistant to develop a process moving forward. Very reasonable and methodical. 

Oops... hit send too soon... 

Also, connect with part-time investors to learn how it can be done without quitting your job. Do enough deals to replace your income and then determine from there if you want to leave. Or maybe you can get your employer to let you work part time or from home (Read The 4 Hr Work Week by Tim Ferris for some ideas!)

Anyway... welcome to BP!

Welcome to Oklahoma, @Mani Mun !

I moved from San Francisco (actually by way of Paris - long story...) and have been in OK 3 years. It will probably be a huge adjustment from San Diego. It was (and still is) for me. Find your people, build your network, and leave your notions of CA investment returns behind! You can get great deals here and folks are easy to work with. 

The one piece of advice I would give you is... don't quit your day job! A solid, corporate gig will allow you to get great financing. That can be your competitive advantage among some of the other investors you come across. 

Go visit neighborhoods and drive through. Google doesn't do some of the areas justice. One street can be wonderful, the next is a hot mess. (Please trust me on this... the first house I bought at a tax sale looked great on google.... but was taken down by the city the week prior.... anyone want a vacant lot in NE OKC? LOL... Lesson learned! Though, now I have a whole method of buying at tax sales that has kicked my investing in high gear... so it's okay to make mistakes... as long as you learn from them and don't rinse, repeat.  But I digress...)

As Kevin Laughlin said, figure out what your goal is - flipping, wholesaling or buy and hold. Once you figure that out (read The Millionaire Real Estate Investor by Gary Keller to help hone in on your strategy and find some you may not have considered...), figure out your niche - high end, low end or somewhere in the middle and start doing your research. 

Attend the local REIAs and meetups... talk to as many people as you can and ask them in person where they buy. Then ask why. Listen. Take notes. You'll notice some similarities but you'll also notice that some do Section 8 so go to lower end areas, some only want to units in great school districts, others want working class.... the most important thing is to find out why they buy where they buy...  there are challenges and opportunities in each area.. you need to see what your preference is... (basically what you want to deal with!) 

Also, speak to property managers and real estate agents. (Don't wear these people out in the beginning... you want to educate yourself first...and then approach... time is money!)

Go on Zillow, realtor.com Look at 100 houses. use the BP calculators and see if it's a deal. 

Remember, you make your $ on the buy... you need to have enough of a margin in there to hang if/when the market dips. You don't want to pay retail, you want to get it at a discount... (I'm a 70% ARV and below girl, myself.) Look at all your metrics. In order to be successful in this business, you NEED to live and die by your numbers. Does it pass the 1% rule? 50% rule? If you don't know what those are.... search the forums.

Have fun and stay calm. It's only money and you can make more of it! ;-)

I've used Cadet - 96 in 2,000/2,500 Watt 240 Volt Electric Baseboard Heater for a tiny studio apartment I have over a garage. Works well and have not had any complaints. I love Home Depot for stuff like this because if it isn't what you need/want, you can return it easily. 

Welcome! Feel free to connect with me - look through my posts - I've mentioned a lot of events in OKC that happen every month. 

For example.... Tonight @Jimmy Ogle hosts a monthly Dealmaker Event for Wholesalers to present their deals to Investors...

Also - check the events section for OKC events, join Meetup, and connect with as many people as you can on here! I would search BP and read about a topic before you post though, odds are it has already been answered! 

Lots of ways to network and build your business. 

Good luck!

Best,

Theresa

Hello All,

Just a reminder that our next Happy Hour is coming up on Tuesday @ The Barrel @ 6pm! 

(Some folks meet earlier... some stay late...) 

Hope to see you there!