All Forum Posts by: Alex Owens

@Bob Okenwa thanks for the input! I may just go down to the county assessor office and ask them directly if there is a way to view these properties. Great advice on the realtor side too! 

What's up BP!

I am curious to see if anyone has a good lead source for homes/people who are in the pre-foreclosure process. I stumbled across a website called RealtyTrac that looks like it has a list, but their membership is almost $2/day so I figured there has to be a more cost effective way to find these deals. I know that when a bank starts to file for foreclosure (at least in my state, Oklahoma) it is sent to the county for records. Is there a way to access a list of these pre-foreclosures at the county? The only way I could think of right now is from the Sheriff Sale list, but that would only give about 2-3 weeks to purchase the home before it sells at auction. If anyone has any insight into how you are finding pre-foreclosures, that would be awesome!

What's up PJ! I am curious about your syndication opportunity. I am actively searching for large multi family deals here in Oklahoma City and Tulsa. To be honest with you, I am not familiar with any of the neighborhoods you mentioned.. I just moved here 6 months ago so that may be why, but I would definitely be interested in talking to you about your deal and its relative location. There is a lot of upside in this market, housing prices are steady and are some what protected from down turns in the real estate market due to the slow appreciation. There is a lot of investment being made in the last few years in A class multifamily so I think there is a great opportunity for smaller investors to get into the C and B properties and utilize price competitiveness. Feel free to reach out! 

@Account Closed I just closed on a probate sale last week so I may be able to give you a little insight. The property can be sold privately or publically by the heirs or trustees through an executor of the estate. The trustees can decide to waive their option to sell the property at public auction through a 239 waiver, HOWEVER anyone can put an offer in on the property until it goes to court and a judge approves the sale. This means that even if your offer has been accepted by the executor, someone could come in and out bid you on the last day and you would be out of luck. 

Check out Jeremy from A-Pro inspections - he’s the best in the business. He does a warranty on his inspection where if anything comes up that was not on the inspection report he will pay to have it repaired. In addition, he includes a thermal moisture test and house leveling test free with every inspection. Let him know I sent you!

***probate sale not private sale

What’s going on BP! I recently purchased my first flip project. It was a private sale and was sold “as-is” with all contents included. The previous owner was a noted antique and rare jewel dealer in Oklahoma City. The house is filled with antiques and all sorts of cool items. Long story short, last night I came across a hidden cookie jar behind the towels in the bathroom. I opened the jar and found 3 loose diamonds, two diamond ear rings, a sapphire ring, and a gold ring. Needless to say this really is a Treasure House! Now my question is does anyone have any suggestions of where to look next for treasure? The old owner lived through the Great Depression era and there is no doubt in my mind that there are more hidden treasures in this house. So I am reaching out to my BP family to help guide me. If you had a small treasure and hid it in your house, where would you hide it? Also please feel free to share your own treasure experience! Thanks everyone!

@Marcus Johnson I am not sure where you are getting your historically return from... The highest I have ever heard quoted on the stock market's historical return is 8%. 

Additionally, your 14.7% annualized return since 2009 is fairly impressive but it still doesn't compete with real estate.. I shoot for a cash on cash return around that rate with an annualized return above 20%. Your 14.7% is based solely on the stocks you invest in increasing in value over a particular time period. My real estate returns are based first and foremost on cash flow with appreciation, taxes, depreciation, and all the other benefits factored in secondary. 

@Clint E. I completely agree with your confirmation bias -  I am 100% biased towards real estate over cyrptos and equities. I am simply making the point as to which one in my mind is the best and safest investment vehicle. Nation-wide rental prices will not drop 4% in one day or 65% over a 2 month period like the stock market did yesterday and BitCoin has done in 2018. I will continue to invest in income-producing assets and leave the real "smoke blowing" to the Crypto-Gurus out there. 

@Christian Nachtrieb I would argue that most places in the world it is cheaper to purchase an existing structure than it is to build a new one... If it costs less to build than to buy that is a sign of a coming market correction. I suppose California is an exception, but there are few places outside of California where you can buy a new-build cheaper than an existing home. This does not mean that the land is worthless. Land is a finite resource and I guarantee if I bought a piece of land anywhere in the United States that someone will eventually offer to purchase it from me. It may take 50 years for someone to give me an offer, but there will always be value in land. 

I see your point in Detroit and the Silverdome Stadium, but ultimately someone still found value in the land and the asset and paid for it..