All Forum Posts by: Cassi Justiz

You may have to branch out further. Generally speaking when I run comps I look for homes in the same neighborhood within about 20% of the sq footage of the subject home. Ideally same bed/bath count. Appraisers generally look for similar finishes, beds/baths and sq ft. 

For ARV, I would look for something fully remodeled to the same level that you plan to remodel. People get burned when they run their "ARV" numbers based on high end retail flip finishes and then do a landlord grade remodel.

You'll also want to know about major industries that drive the local economy, landlord friendliness, overall economic growth, population growth, and the rent/purchase ratios. 

Thank you for sharing! This is fantastic. I agree that real estate is all about the relationships. It's amazing what kind of deals that you can make happen just by being a good person and building relationships. 

Hi @Gary Nguyen, 

Generally speaking, turn-key properties are not the place to get a great discount. If you are buying from a true turn-key provider you are generally paying a premium because they've done all the work and taken a lot of the perceived "risk" away from the end buyer. They have systems in place to make sure they hit their numbers. They are usually selling based off a pre-determined cap-rate or return for the end buyer. They generally set prices based on the return that investors are looking for. So chances are, they know what their buyers are looking for and price accordingly. 

I would say if you want to buy properties with room to haggle, your best bet is to work in the off-market space or buy distressed properties. 

Some states may have regulations on what you can/can not ask. I generally ask dates of residency and rental amounts to verify what the tenant reported. These are the questions that I ask. I've found most individual landlords will answer them, but larger property managers are a little more hit or miss on the info they will release. 

1.) ____YES ____NO Did the tenant pay their rent on time?

2.) ____YES ____NO Have You received any complaints?

3.) ____YES ____NO Did Tenant damage property during Tenancy?

4.) ____YES ____NO Would you rent to Tenant again?

5.) ____YES ____NO Did Tenant give you a 30 day notice?

Hey @James Coons,

There are some fantastic coaches in the OKC area. I would interview them and see if their teaching style and portfolio make up sound like something you would be interested in.  I've seen coaching programs range from about $3,000-$30,000 for the local coaches. Many of the national programs can cost even more than that. 

I'll send you a message about the mentoring program that I did. It was with a local coach. It was a more systems based program (business structure and financing 101, leases, tenant screening, book keeping, profit/loss and financial statements, insurance basics, rehab punch lists, etc)  rather than a "we'll teach you how to get rich off real estate!" program. 

@Ben Day, 

Do you have any recommendations? 

Hey @Jason Priegnitz, 

Are you just looking for an attorney in case something comes up, or is there something specific that you are looking for an attorney to help you with? 

Hey @Account Closed, 

I probably wouldn't recommend getting into flipping until you have a more stable financial footing. A bad or long flip can really suck up your rehab budget quickly. I would also caution you about these super cheap "dumpy" houses. Just because they are cheap does not mean they are a deal. This house may only be worth 40k fully rehabbed.  

If you want to get into RE full time, I'd look into something like working for a property management company to learn the operations, getting your GC or real estate agent license, or even getting into wholesaling either on your own or in a partnership. There are a lot of ways to get into real estate, but flipping is probably one of the more risky ventures for a first time investor without a strong cash cushion. 
 

@Levi Ballard MF in Norman?