First Deal in OKC and new member to BP
Hi all
Thank you to Eric Shontz for recommending this site to me. I have been listening to the Podcasts and am really motivated now.
About me. I am a military pilot (USAF). I purchased my first home in Minneapolis while stationed there. Became an accidental landlord when I left. Bought a house near Sacramento once the AF moved me there in 2007... took a bath on that and short-sold after the military moved me in 2010. Purchased a foreclosure for my primary residence in the suburbs of OKC and then my first investment property (a duplex) in the University addition, near the Plaza District.
Details are:
2200 sf duplex
each unit is 2 beds, 1 bath 1100sf
I paid $190k, rent is $1100 per unit
It was a flip and I had to bid against 4 other buyers.
*Note.... please do not buy from Omega Investments LLC in Oklahoma City!!!!!!! Learn from my mistake.
I had no idea what I was doing and jumped in with both feet after looking for about a year. Boy have I learned some lessons. First off, I thought with one unit paying all my expenses and the other being profit that I was doing well. And so far so good... but as I run it through some of the calculators here I have noticed that there are alot of things I didn't take into consideration. IE:
-Prop Mgmt (which I currently do on myself)
-I had no idea what the 50% rule, 2% rule, Cap rates, etc etc etc were... still just learning.
-Etc
I am looking for my next property, but finding that OKC doesn't seem to have many "Deals" these days that would meet all these new rules that I'm learning about.
My new business plan is to attempt to find properties that need work and contract the work myself to ensure it has been done correctly (see above note about Omega Investments LLC).
Well this has been long winded, but if anyone out there cares to throw some advice my way, I am ALL EARS.
Take care and hope to chat soon!
GB