All Forum Posts by: Cassi Justiz

Hey @Joshua Sword, 

Look into the meet ups that @Ron Harris hosts. He has a coffee with investors that is really popular and they are starting back to in-person meetups tonight (I believe!). You can also go to meetup.com and look for local real estate meetups. There are quite a few. 

Millionaire Possibilities REIA and OKCREIA are the two biggest meetups. I'm not sure if either are meeting in person anytime soon but it's at least worth getting on their email lists to get notified when they do start back up.

Hey @Joel Bullock, 

Welcome to BP! There are plenty of real estate meet ups in the OKC area. @Ron Harris hosts several meet ups including a coffee with real estate investors that is starting back up tonight! He's also a great resource to connect with.

The other popular REIA is Millionaire Possibilities. I'm not sure if they are going back to in-person yet or not, but they are usually the first Thursday of the month.

Check Meetup.com and look for real estate in OKC. You'll find quite a few groups and several of them are finally getting back to in-person meetings. 

Thanks for sharing! I'm glad to hear that you are able to rent it out pretty consistently. I was curious how the Airbnb market has been holding up. The people that I personally know that do airbnb have been focusing on longer term stuff like insurance housing or contract workers, so they didn't see too much of a change. 

Thanks again for sharing! I'm glad you are seeing success with this property. It looks super cute! 

I like to keep a minimum of about 6 months PITI per property in reserves. This also roughly equals my insurance deductible. In a perfect scenario, I would have 6 months PITI + insurance deductible in reserves at all times but I'm still working up to that.
Since you don't have a mortgage on the current rentals, I would say look at what your insurance deductible + a few months of holding expenses to start figuring out what you might be comfortable with. 

Hey @Alexis Marie, 

Oklahoma real estate commission has a standard lease and application. They also have quite a few other documents that are worth considering like the pet addendum. Let me know if you have any specific questions. I am not an attorney, but I'm happy to share my application and leasing process.  

https://www.ok.gov/OREC/Contract_Forms_and_Related_Addenda/index.html

Hey @Andrew Way, 

Welcome to BP! OKC is a great market for investing as we are known for having reasonable priced homes, solid rent/purchase ratios and stability. It is a little tough to find BRRRR deals right now. We have older/distressed homes, but even when they get sold off market most of them end up being around the 80%+ ARV range instead of the 70% all in that works for BRRR deals. There are people making this strategy work, but they are typically either doing their own marketing or working closely with wholesalers. It is possible, it's just not an "easy" strategy to make work right now. The sweet spot in our market is typically considered to be the buy and hold space.

Good luck! Luckily, OKC has a solid presence on the forums. So if you have any questions you can always post and you'll usually get at least a few responses. 

Hey @Christopher Cunnyngham, 

Welcome to the active side of BP! There are several pretty active OKC based investors on here, so if you have questions you can always post and you'll usually get some great feedback. Once the world opens back up a little more, I would recommend checking out the local REI meetups. There are quite a few. Coffee with Investors, Millionaire Possibilities REIA, OKC REIA, plus there are usually BP lunches and happy hours on a regular basis.

Good luck and happy investing! 

Edmond is tough right now. I was running some stats this morning and there are only 2 single family houses that are active on the MLS under 150k in Edmond right now. Norman has 19.

For your criteria, you may also look into Mustang and Yukon. They have similar price points but it can be a little easier to pick up homes in these areas.  

What kind of numbers are you currently looking at for the house? 

-Monthly cashflow/returns (And cashflow after refi)

-Current Retail Value

-Potential Sale Proceeds  (Don't forget to factor in make ready, realtor fees, and closing costs).

If you are cash flowing, then it may be worth keeping and taking out a HELOC or refi. If your cashflow is slim or if it would be slim after heloc/refi, then I'd off-load and use the equity to buy cash flowing properties.

I wouldn't say that you are necessarily obligated to reduct the rent, but it's something that would be appreciated. Especially if she's not planning to get another pet.
You might ask if she plans to get another cat at some point in the future. Also, the cat wear/tear may have already happened, so I'd probably walk the unit to make sure the cat's few months living there didn't do any major damage. 

I personally like pet fees rather than pet deposits or pet rent. A one time non refundable pet fee makes things a little cleaner because there is no question on whether it needs to be refunded or adjusted after the fact.