All Forum Posts by: Tyrell Rutledge

Howdy everyone I am new here in okc and wanted to reach out to get everyone's opinion on my plan and hopefully some recommendations on some stuff.

My wife and I are interested in trying some creative financing strategies because we want to retain our cash reserves at this time. We are interested in finding buy and hold deals for ourselves.

My father in law recently moved from his free and clear property south of tinker to his retirement home in Tuttle. He is nearing retirement and was thinking he would sell his tinker home to finance upgrades to the Tuttle home. I have proposed that he turn his 3/2 1800 square foot home into a rental that I could manage to gain experience. Furthermore I have told him about how he could use a Heloc on the property to become a short term money lender to fund my brrrr strategies and earn more money from the interest I could pay him for being my hard money. We all have a really good relationship and I'm wanting to make this a win win for everyone. What does everyone think about this?

Do you think I should consult with a CPA before we start renting? I am looking for an investor minded CPA in okc for my long term plans. Also are the landlord forms here on BP a good deal or should I shop around with someone local. I have the forms that were included with The book on managing rental properties. 

Thank you for your time everybody! 

Ty.

Outstanding thanks so much for the input. I don't plan on going to any courses any time soon, I haven't been interested in anything I can't find in a book. I have a simple local but and hold plan. 

I am listening to taxwrite offs for the savvy real estate investor right now and it is outstanding. I am seeing so many opportunities that I have not even thought of. At this point educational material, driving for dollars expenses, home office stuff, possible lead material from list sorce. The problem is I don't own any properties yet despite intentions to in the near future. Am I SOL on these expenses or is there an oppertunity here?

Thanks for your time everybody!

Ty.

Awesome job Richard! Very inspiring. What sort of methods have you used to find your properties in okc? 25 a year for 4 or 5 years is awesome, what was your standard for pulling the trigger on these properties?

Thanks sir!

also look up city data.com and usa.com for population migration and income data

I am also new with no properties. I have listened to a ton of podcasts and read a handful of books and picked up some tips. Personally I am wanting to manage myself so I want to by on my side of the city. I look at the crime "heat maps" and will only buy in places with low crime rates. I think that's on trulia. I look at Zillow recently sold properties in my selected areas of interest. I look at Zillow rents and the types of properties in those areas and it gives a starting point in what to expect. Speaking with a good property manager will give you some good insight to specific areas you are interested in.

Single family price per square foot probably would not carry much weight when you consider a 4 plex we are talking 4x all of the appliances, sinks, plumbing hook ups. I would imaging it would be much higher than a standard build. I am interested in the answer to this thanks for posting! let us know if you contact any builders regarding this I don't see much about new constructions.