All Forum Posts by: Paul Choate

January was our biggest meeting yet! We had over 20 people attend and the individual discussions went well past our ending time of 1 pm. I am in the process of looking for a larger space so if anyone has any suggestions, please let me know. 

NEW EVENING MEETING

We have also started an evening meet up on the second Tuesday of the month. Our first one was a great success. Thanks to @Theresa Nicoletto for setting up the time and venue. Please plan to attend March 8th if the evening meeting works better for your schedule. It is at The Barrel, 4308 N. Western Ave., OKC 73118 from 5-8ish pm. 

You can also join the local Facebook group - Oklahoma BP Meetup- to receive additional updates and networking opportunities.

REGULAR LUNCH MEETING

This is a networking event. We are having lunch and sharing our current projects, successes and struggles. There is no speaker or expectation of participation on anyone's part. Please come and listen or ask questions. We have very good discussions about the local market and activities of the local investing community.

Please let me know if you have any questions. Please let me know if you are coming so I can have a rough head count. Please come anyway if your schedule opens up and you did not tell me!

Suggested monthly topic- your big why. February is the month for love! I propose we share our reasons for pursuing real estate. I'll go first- my family. I want to provide my children with opportunities to grow to their fullest potential. Additionally, I like putting deals together and swinging a hammer and hate being a lawyer! I would love to hear about your reasons as it motivates me to keep pushing everyday.

We are meeting on the fourth Tuesday of every month so put it on your calendars.

Keywords- Oklahoma City, Norman, Midwest City, Yukon, Edmond, Mustang

Reaffs generally must be filed before your case is discharged. Local rules may vary. A reaffirmation must be approved by your attorney or the Court and filed in your case. You can't do it through a modification after the fact. The modification and the reaffirmation agreement are two separate things. I don't know what the legal effect of your modification is in your jurisdiction. You should ask your attorney where you currently stand as to the modification. They should be able to let you know pretty quickly. 

www.pacer.gov is the online records access. I am not sure what you are looking to do with them so I can't tell you what to look for.

Our lunch meetings have been a great success. The last one had about 20 people and we are about to out grow the space. There have been many requests for a meeting in the evening for individuals who work or can't make it at lunch time. Thanks to @Theresa Nicoletto for finding a space. She has scheduled a table for 5-7pm next week February 9, 2016 at

The Barrel Pub

4308 N Western Ave, OKC (Crown Heights)

This is a networking event. We are sharing our current projects, successes and struggles. There is no speaker or expectation of participation on anyone's part. Please come and listen or ask questions. We have very good discussions about the local market and activities of the local investing community.

Please let me know if you have any questions. Please let me know if you are coming so I can have a rough head count. Please come anyway if your schedule opens up and you did not tell me!

Hope to see you there!

Since this is the first meeting, I am not sure how it will go. Feel free to come and go as you need to. We will refine the time and place based on everyone's feedback. Hope to see you there!

We are meeting on the second Tuesday of the month in the evening and on the fourth Tuesday of every month at noon so put it on your calendars. I hope this will expand the opportunities for more individuals to participate.

Keywords- Oklahoma City, Norman, Midwest City, Yukon, Edmond, Mustang

Confusing fact pattern. 

Generally, any property that is subject to the Court's control is going to require the Court's approval to sell. If there is a secured creditor, they may (probably) also have to approve. I would have a lawyer look over this deal to see if it is possible. You might start with the seller's bankruptcy lawyer as they will know what can and cant be done. Just remember that attorney does not represent you. If you go forward, you should get your own legal counsel.

https://www.biggerpockets.com/forums/521/topics/26...

My keywords are not working very well. Just wanted to share the link for the January BP Meet up next week. Hope to see you there!

I am a debtor's attorney. Once a bankruptcy is filed, the owner no longer controls what happens to the property until the Trustee, the Court or the specific state exemption statutes decides it is no longer property of the bankruptcy estate. Generally, if it is being sold at auction in a bankruptcy, it means there is equity that the Trustee can capture to give to the creditors. Trustees are required to sell the property in specific ways. You can try and contact the Trustee and offer to purchase the property on your own or with the debtor. That might give you a chance to get it. I would not count on it if it is already listed as the auction company will have fees and the trustee will have to pay them anyway. 

Edited to add- If the property is not being sold by the Trustee but by a lien holder, the property may have been removed from the bankruptcy through a "motion to abandon" which just means there is nothing for the bankruptcy to get from the property so the creditor can proceed with executing its rights against the property. 

If you are not clear on what stage the property and bankruptcy are in, you should contact an attorney to look at it for you. 

I regularly make offers that are significantly lower than the asking price. I often ask for seller financing. I also regularly get them accepted (about 10-20%). Sometimes it talks a few weeks or months. 

I always put an explanation as to how I came up with my offer. All of the properties I offer on are fixers. Most sellers I deal with are not professionals and do not understand what they have. They need to be educated as to the reality of their situation. I approach it as if we were partners in the deal. I always include my profit and have not had as single person object to the amount. I generally do not get into real estate terms they would not know. I just stick with the very basics they are familiar with. You can tailor this approach depending on the sophistication of your seller.

I don't know if this would work much for stabilized properties or off the MLS but it works for me.

https://www.biggerpockets.com/forums/521/topics/26...

We are having a meet up in Oklahoma City next week. You are welcome to come!

Last month I skipped the meeting because of the Holidays. 

Hope everyone had a good one!

This is a networking event. We are having lunch and sharing our current projects, successes and struggles. There is no speaker or expectation of participation on anyone's part. Please come and listen or ask questions. We have very good discussions about the local market and activities of the local investing community.

Please let me know if you have any questions. Please let me know if you are coming so I can have a rough head count. Please come anyway if your schedule opens up and you did not tell me!

I propose we share our goals for the year. I am very excited to share my plans and hear yours. Hope to see you there!

Here is my monthly pitch/ story for joining us and participating: I have had a crazy last few months and a significant part of that is because of this group. I went from 17 units in November to 28 today with 2 properties to sign on Thursday another 4 scheduled to close on Friday. Persistence and action. Coming to the meeting is an action most can do. 

We are meeting on the fourth Tuesday of every month so put it on your calendars.

Keywords- Oklahoma City, Norman, Midwest City, Yukon, Edmond, Mustang