All Forum Posts by: Deone Doctors

@Robert Delgado

Do you believe it will appraise for 150k before you put work into it?

If so, don't walk away from the deal so you can save money for the future. You have money sitting there waiting for you to harvest.

Partner, alternative lending, wholesaling. Don't let some stranger have it.

Finally, if you don't have money for a down payment, be careful as a new investor starting a rehab. If you have a chance to get you a cushion of cash to start your RE ventures, do it.

@Bill Brandt

You mean don't sell without a 1031 exchange?

I hear many successful small to medium volume people say an exchange is generally not worth it.

What's your thoughts?

Shouldn't the new primary be every two years to avoid taxes. I guess if using exchange it wouldn't matter.

@Michael Plante

If the deal is good and you run (and document) the numbers accurately, you can get the money for it. It's one thing to say to prospective investors, friends and family included, "I have a great RE deal but can't afford the down payment.".

It's entirely another to say, "I have a great opportunity to make an almost guaranteed 13% annualized return, regardless of what stocks, crypto, or lumber does over the next year."

 Sounds expensive, and I'm unemployed. 

Maybe tag him in this post. 😆

@Deone Doctors

Sorry JJ, didn't meant to reply to you directly.

@JJ P.

There was a recent podcast with someone who was buying a lot with renters in who were paying below rent.

He would go in with a few pages demonstrating what the comps were for that area and the average rents, and then he would ask them what they thought they should pay. He said almost always they came up with a number higher than he would have accepted.

That route is probably exhausted since the relationship has most likely already become adversarial in the tenants' eyes. However, there's a big lesson moving forward in that.

Utilizing psychology, sales tactics, and collaboration, with people is often a route we don't think to use because the property is ours. But remember, the home is theirs, and it's important to keep that in mind when dealing with them.

Otherwise, great advice in this post. Take the 500 and don't count your losses, because really the 500 is just GAINZ!

I don't think that's the case.  A rental property is an asset.  If I have dividend stocks, bonds, or am earning a return on crypto (defi/staking/etc), none of that is disqualifying.

Assuming managing my rentals didn't prevent me from working a full time job (thus qualifying as self employment), it shouldn't matter.

There is a lot of anecdotal tales out there, but I can't find anything concrete, which is what I'm looking for.

@Marcello Oliveri

North of hwy 244 and west of downtown are lower income areas. Downtown is gentrifying out those directions though. Not much appreciation in Tulsa, but over 20 years those will probably be the biggest gains.

The nice thing about Tulsa is it was somewhat insulated from the rest of the nation's market and remains relatively flat.

Until recently, like the rest of the country, everything is absolutely insane and not on the MLS for more than a week right now.

Doing comps is hard because anything sold just last September is irrelevant. There's a massive inventory shortage, and families with financing are having a hard time finding homes because there is so many cash investors from the West Coast and East Coast buying here.

That's my perspective, but I may be way off.

@Michael Slockers

I'd love to chat about your north tulsa rental and tenant screening process sometime.

I'm currently divesting myself of rentals because the market is so crazy and prices may not ever reach this point again. However my long-term strategy is very much buy and hold rentals.

My track record as a landlord is lacking though.

@Mark Lynch

These have to be give by now, I assume.