All Forum Posts by: Toben B.

North Tulsa is considered bad. However I know people who are successful up there if they know the neighborhood. 

61st and Peoria is considered bad, but I know these streets really well and invest on a street by street basis. 

Go to the Tulsa REIA to talk to some of the local flippers there.

I am more of a buy and hold guy as flipping turned out to not work for my schedule. There are some local flippers who do quite well. 

If a sales price does not show up in zillow you can use the tax assesors website to view sales prices if you have the address.

http://www.assessor.tulsacounty.org/assessor-property-search.php

I own multiple rental properties in that area both east and west of peoria. 

61st and Peoria earns its reputation due to the apartments, inhoffe plaza,  and surrounding stuff on the west side of Peoria, the east side is much better crime wise just avoid being directly next to the apartments, especially those on 62nd. 

My rentals on the east side of Peoria attract better tenants and have less issues than the west side.  

The prices are lower in the area due to the perception of 61st and Peoria so you can buy lower and get in at a better sales price/rent multiple but the same perception will limit you when you sell so don't expect the perception to go away. You can buy low, but expect to sell low as well. 

I have lived on the east side and would do so again, but understand it is a slightly lower class neighborhood than the rest of south Tulsa.  Your significant other may have a different opinion so make sure they are up for working class and not professional neighbors. 

The local elementary school is terrible, but Tulsa will let you opt into to a better one fairly easily. 

I have picked up several foreclosures at rock bottom prices around here because everyone is scared of the area. 

I can easily recommend it for rental property if you buy right, but as a personal house, the equation becomes trickier.  I do not recommend trying to be an out of state landlord for the area. I buy a lot of foreclosures from out of state landlords. 

Good luck. 

Contact me and I can give you more information if you are buying the rougher neighborhoods. They definitely have problems you want to be aware of going in. 

I own several duplexes in South Tulsa in rough neighborhoods that I got a good deal on. 

While the duplexes do have a better ROI than my single family houses the work is much higher.

Several of my houses the people stay 2-3+ years. The turnover is much higher in the duplexes and the average tenant is lower quality. 

If I could go back in time, I would have still bought the duplexes, but I mistakenly avoided single family. I should have also bought more houses as they are easier to manage. 

Hello,

I gave 10 rentals to a property manager last year and now I am struggling to do taxes. 

As the property manager handled all the contractors s I can't issue 1099's to them.

Should I just record the net income received from the property manager or do I need to include all the income and all the expenses as defined by property manager?

Will the IRS expect me to do 1099 forms for contractors when I did not pay them direct? 

Do I issue a 1099 to my property manager for all expenses they paid?

Thank you!

I know a buyer should always insist on using a title company.  However I am the seller. 

I carried the paper on the house for 4 years and he is going to pay it off in full. 

Any reason I need to pay a title company to do the transaction or can I just file the paperwork myself? 

Show them your tax returns and w-2 or 1099 for the last 2 years. 

Also if you do not own a primary I would suggest buying a duplex or quadplex for you to live in and rent out as they do not like to loan on investment property if you do not own a home. 

Hello - I am getting conflicting information.

I have 6 conventional loans on my rental properties and primary residence. 

If I choose to turn my primary residence into a rental can I use FHA to purchase a new primary residence with only 3.5% down? Or do the number of loans I have force me to put 25% down?