All Forum Posts by: Michael Slockers

@Donovan Ricketts There seems to be a pretty strong investor community represented here on BP. I haven't interacted with the REIA much in the last 2 years. It may be great but I haven't done much with them.

@Wesley Childers and @Cal Hardage welcome! Personally I like to learn under pressure! If you have any savings and income from a W-2 job, I say go find a house to buy? I'm assuming you're looking at buy-and-hold? If your family and financial situation allows for it, start with a house-hack.

@Josh Beller Many of us who are local to the area think it is a "good" area for buy and hold. But your criteria and expectations may be different. Where are you investing now and what expectations do you have? 

I consistently say that my North Tulsa rentals are my favorite. Many others would disagree. I guess they don't like cash cows! 

Joking aside, there are many great areas with cash flow potential in the Tulsa markets.

@Deren Huang It's interesting I suppose. But like the others, it isn't my experience. My rents have either stayed the same or "trickled" up. Demand has stayed high in most areas. 

Hello all:

When a security deposit is received on a new long-term rental lease, I categorize that in my accounting system as "deposit", separate from rent. It isn't income, doesn't show as a gain, etc. 

When that same tenant moves out one year later and forfeits that security deposit, how should I do the accounting? It is now a gain to my company, offset by some loss to contractors for cleaning, carpet replace, whatever. 

I just randomly clicked on this thread and I'm wondering if all 59 pages are just like this one? 🤐

@Marisa R. I totally agree. We approach this as a diversification.

Some higher value properties, which cash flow lower, have leverage, offer greater tax advantages, and appreciate over time.

Some lower properties in real blue collar areas, great cash flow, no leverage, not as many tax write-offs, and generally don't appreciate.

Both are wins for us 95% of the time. Both have their share of headaches. So just buy some Advil. 😀

@Luke Wheeler, I'm interested. Many of the groups of investors that meet here locally do so in the evenings or happy-hour times. I'm interested in meeting over a lunch-time because it is more accessible to me. 

Let me know what you're thinking. I know some others who may be interested as well. Welcome to Tulsa!

@George Blower I think I understand this. But isn't it more conservative than that? I believe @Brian Eastman mentioned I can only contribute up to 20% of self-employment income (pass-through).