All Forum Posts by: Gary Dale McKee

Hey, guys I thought I would share a little about how my first investment property has went so far and some of the the mistakes I have made.  I closed on a duplex in late October 2016.  The seller was an investor who needed some cash quickly, he was the perfect motivated seller.  Mistake number1, I did a horriable job of negotiating. I bought the property for $125K but am now confident that i left $15K on the table.  Mistake number 2, I did not look the property over anywhere near good enough.  The duplex was build in 1998 and hasn't had any care since.  There was a ton of work that needed to be done, nothing really major but definitely enough that I could have used for negotiative purposes.  One of these things is the fact that one of the tenants had a large dog in the unit, the unit was all carpet and the dog had destroyed the carpet.  So, that mistake cost me the price tag of a new floor.  Anyways shortly after closing both of the tenants that where in the property broke their leases and bam, there i sat with 100% vacancy.  Another lesson I learned is that the end of the year is rough for filling vacancies.  I had enough cash to get me through the drought and get the needed repairs done.  That's another thing i feel is important when buying your first property, have some cash so you don't have to hit the panic button to quickly.  In mid January I filled both units with great tenants and now cash flowing $505 a month.

@Jason Lee I am also looking into the program and just had the first call today.   I am trying to not be a cynic but would like to know more also.

Hey guys, I recently ran across the site freedomentor and wonder if anyone has had or know anyone who has had any dealings with the company.

@Greg Wheat I'm looking for an edge in and around the McAlester market. Is this a way to possibly get that edge.  

Ahhh see I need a lot of help.  @Dennis Weber

I am really interested in tax liens and how this could be a new way to find deals in my area.  All i really know about the process is what i have learned from listening to the BP podcast and recently browsing around the forums which isn't a hole lot.  I am a little taken back by the seemingly complicated process but want to learn more.  I live in Oklahoma and would appreciate a good starting point to start my self education on this process.  Thanks.

I have taken into consideration the time of year and from my research this is the worst possible time to fill a vacancy.  I have not listed it on Zillow and I will do that right now.  I have dropped the rent from $800 to $750 and it still hasn't generated must interest.  Hey, if it was so easy everyone would do it, right!  Thanks for the insight @Kevin Siedlecki

Alright guys, I could use some help, words of encouragement.  Two months ago I bought my first investment property and was super excited to finally be taking my first step towards building my wealth.  I looked for about four months and found the duplex I ended up buying.  I liked the location and the property is super nice, fitting my criteria.  I now believe that I over paid for the property by about 20K which, has put me in a not so perfect position.  The tenant I do have says she may have to move out at the end of here lease which ends at the first of the year and leave me with 100% vacancy, "SCARY".   For the first month I had a steady flow of calls and only had one person interested enough to see the property.  I have blasted the property on social media, craigslist and soon to run and add in the paper.  I started asking the people calling where they had found out about the rental and 90% seen my for rent sign.   Is there something I am not doing correctly?  Or am I just trying to hit the panic button to quickly?  Any words of wisdom from you guys would be greatly appreciated.

I closed on my first two properties at the end of October.  One of which is a duplex and during me buying it one of the tenants moved out.  I have blasted the property on Social Media and have for rent signs out.  I have had a steady flow of calls but have only had one person show enough interest to walk through the property.    The market I am in has been seriously hurt in recent months by the loss of oil field jobs.  So, where do I go from here?  At what point do I say, ok this isn't working.  Any thoughts from more seasoned investors would be much appreciated. 

@Matthew Carducci I'd have to agree with you.  Now the work starts and a hole bunch of new stuff to learn.