All Forum Posts by: Thomas Graham

Anyone have more information on how/if this impacts Oklahoma residents who invest in investment property? I hadn’t thought about it before until it was all over the news with the Oklahoma teacher walkout. What are the specifics regarding capital gains deductions that are state specific to Oklahoma? Thanks in advance

John Kunick no need for political talk. Both your comment and initial reply are out of place in this discussion.

I'll try to look but I feel like someone from Oklahoma went through the eviction process recently (3-6 months back). I believe they were a lawyer as well... they detailed their process and experience. I'll try to find a link to the discussion.

Chris Penny no problem! The rental market seems strong. Moore is situated on the south side of OKC. It is approximately 15 minutes from Tinker Air Force Base and about a 20 minute drive to the University of Oklahoma. While the school district isn't the best in the area (I would guess that Edmond and Norman would be better, you aren't paying steep prices for homes like you would in those areas. Most people from Moore wouldn't necessarily stay here for work. I35 runs right through the middle of Moore and thus leaves most of OKC within a 15-30 minute commute. (This is going to be similar to any suburb of OKC) Insurance rates can be a little steep in Moore in general. I pay $64/month for the 850 Sq ft rental I have in the area. I live a few miles west of it and I pay quite a bit for homeowners insurance as well. Honestly it is comparable to a home twice as nice on the north side of town. I believe this is primarily due to the tornado threat that Moore experiences. It seems like every 7-8 years we have a size able tornado go through the area. You will want to stay properly insured. The north side of OKC isn't without its issues as well. They seem to have constant decent size hail storms.

Chris Penny, I only have one rental property but should be acquiring a second in the near future. I live in far SW OKC/Moore area and I like the idea of investing close to home. I can easily find homes that meet the 1% rule amongst others. Moore has a desirable school district thus I keep my renewals in the summer. The primary zip code for moore is 73160.

I agree with Rhett Tullis. When I started I was advised to avoid OKC school district. You are generally safe if you stay in the suburbs then. There are some areas where the lines don't seem to make sense though so I'd be careful.

IRS.gov has a ton of useful information. If you can search BP or just use google and determine what tax forms might be applicable that would be a start. Then just look up specific information about said forms. Given that you've obtained an accounting degree I think you'd feel more comfortable digging into this than your average person.

Rhett Tullis care to share her name? Thanks!

Good afternoon, a family friend came to me with a deal on 7 properties. We haven't lined everything up but I have a question regarding financing. I'm expecting to acquire these for below market value. Any idea if a lender would be willing to accept the equity in the properties rather than requiring 20% down? I'd be talking about a commercial property. Any other options I might have? They are all smaller single family homes. I expect values to be $70-80k each but hope to get them for $50-60k each. I have options to tap for extra cash but would prefer not to.

Scott Davidson is correct. Basically the cutoff time is when it is placed into service/marketed. Even then these feel like capital improvements that should be depreciated rather than simple repairs.