All Forum Posts by: Amine E.

@Rhett Tullis 

Already got it leased at $1000 and yes it is Moore Schools. The house is only 1200 Sqft 3/2. Are you getting $1200 on simillar sized homes? 

@Jeff Hendley 

Its on Hillcrest DR -SW May and 89th. Pretty nice area. The last three sale in my street were mine at 43K, the house next door (1400 sqft sold for 121K) and the house across from me (1300sqft sold fro 118K) . So, a pretty good area overall all.

@Rhett Tullis 

Lets hope for the best! I have never had to deal with Sewer lines issues, But now, i know who to ask for expert advise :-)

Hello BP,

I purchased a house Oklahoma City in April that I stumbled upon on craigslist. Purchase price was 43K and I spent 28K on a complete rehab (See pics below). This was supposed to be my first flip...but after the rehab was completed, I could not part ways with it and decided to lease it instead. Lease price was $1000 and similar houses sell for 105K (actual sales). Because my house is a complete remodel, I could potentially get up to 110K...So a potential 40K profit...Sweet. Another reason why I decided to keep it was the title seasoning requirement for FHA loans. After I learned that I would have to pay for one of the two required appraisals, deal with a potential low appraisal since flips do not get the best value from appraisers, and have to submit receipts to proof rehab cost and improvement; I decided to just lease it for a year and skip all that hassle.

Here is my rehab cost breakdown:

Next project is already under contract and it’s a probate purchase. A rinse and repeat. But the purchase price is a little higher at 56K with a 15K Rehab cost. Comparable are selling for 98K. So a potential of 27K profit...only if i sell it :-)

Thanks BP community and Happy Investing.

Hello BP,

I currently have 5 rentals in the OKC/ Edmond area and closing on 6th next month. I have an opportunity to move to Austin with my employer and need to make a decision on whether to continue self-managing my rentals or hire a property management company. I have owned the rentals an average of 4 years and I average about 6-8 calls/ year (Minor repairs). All properties have new roof and updated heat and air with great tenants. I also have a good handyman that I trust and used many times (He can do everything except heat and Air). Austin, Tx is about 6 hours’ drive from OKC in case I have to drive back to fill vacancies or handle any emergencies. I am leaning towards continue self-managing. What would you do?

Hello @. Welcome to BP. I m a buy and hold and occasional flip investor from Edmond as well. Let me know if you need help with renovations/ remodels...etc. I’m not a contractor but I have done many remodels and can give you free advise :-). Welcome to BP

Welcome to BP and best of luck. U have come to right place to learn about REI.

@Rhett Tullis I will check with State Farm on full replacement policies. The policy I posted actually cames from Trent Anderson @ Anderson Brothers insurance. He quoted me with National Security Fire and Casulty. Thanks for the recomendations

Another question for you :-). Do lenders accept cash value policies in case I needed to refinance the proprety?

@Shawn Thom

1/2 brick 1/2 wood siding 1200 sqft. 3bed/1.75 baths built in 1980. Roof is about 4 years old.

@Rhett Tullis

Can you you recommend an insurance agent or company i should contact for rates?

@Account Closed

Thanks you for your recommendation. I will contact the agent and ask him to rainse Personal Liability to 300K.

I appretiate you all-

Fellow BP members. I received the quote below from my insurance agent. Its a cash value fire policy. Do you see anything in the quote i should be worried about? House is located in Oklahoma city. Thanks for the input