All Forum Posts by: Ben Scott

I'd suggest any W2 job where you have flexibility to be out of the office. Most sales jobs allow you to work remotely our outside of the office most days. That flexibility will allow you to check out a property during your 9-5. 

Congrats @Juan Erick Rico Avalos on the investment. Question: does the other tenant have a lease in place? Or is that tenant month to month? If there is a lease in place you most likely will have to honor that contract. 

I'd be safe and check with you lender. But, in my experience, as long as the bank receives its mortgage payments, they'll leave you alone. If you miss a payment or two and the bank realizes you don't live there, though, they could call the loan due. Where is your place in Oklahoma City?

For your first investment, I'd look at something turnkey that needs minimal work. That will help you to better manage expected Profit & Expenses. If you speak with a lender, they should give you estimated monthly costs and mortgage so you could gauge that against the potential rent of the other side. 

Finding a house hack where your tenant pays your COMPLETE living expense is unlikely. When you house hack, your monthly mortgage is WAY less than you'd pay for a single family. There's still an expense, yes. But you're gaining equity a relatively scarce asset.

Is there a mortgage attached to the property? How many siblings? Seems like you'd have enough equity to get a loan. Seek out some local banks and bypass the BOA, Wells Fargo, etc.

Have you filed tax returns the last several years? If not, maybe an owner-finance would be a good fit. Work you sphere of influence and see if there is anyone (tired landlord?) with a paid off property that likes the cash flow but hates the headache of maintenace and tenants.

As far as success with cold calling, the best recipe is repetition. Just get your reps. Make the calls, see what works and what doesn't. As you make more calls, you'll become more comfortable on the phone.

Please join us for a virtual meeting to discuss all things real estate investing in the Oklahoma City. Local and out of state investors, all are welcome. Below is the link. Hope to see you on the call!

https://us02web.zoom.us/j/5073... Meeting ID: 507 366 4228 Passcode: pockets

The great unknown factor with some of those homes in historic areas of OKC are the sewer lines. Many are cast iron or clay and have failed or are about to fail. I'd definitely pay for a sewer scope inspection to get an opinion on the intergrity of the line. If it's never been replaced, you'll most likely have to address that because the line will collapse eventually. 

I agree on the 10year life span for a roof in Oklahoma. Even with the 30-year shingles. Replacement Costs coverage can be more expensive but could pay for itself if we have a big hail event. Then actual cash value can depreciate down to nothing over time. As a real estate investor, though, if a hail storm hits you wouldn't necessarily have to address the roof unless its leaking if you plan to keep it long term.