All Forum Posts by: Guy Yoes

@Maurice George

Perhaps I was not clear. 

The Jenk's house in desirable area cost 180K in 2007. The value today is 210K   Rent for the property went from 1200 to 1500 over that time period. This house sold in February for 198K  Nice house, nice area but smaller returns due to taxes and insurance.   I did live in the property for a period of time before selling.

The Glenpool house cost 79K  in 2015 and rent went from 850 to 995 over 5 years.  This house is now on the market listed at 125K. 

The Glenpool is the last house I own in the Tulsa area. I am 1031 the houses in OK and replacing them with Duplexes in the Branson area. Duplexes cost 100K (X5) 500K and they have long term renters paying 600-700 per door. 

With value added to them (new roofs, painting  and repairs ) totaling 8700.00 They now appraise at 128K.

The point of the comment was that Owasso, Bixby, Jenks and some parts of BA do not offer the return on investment that you find in Sand Springs, Sapulpa, Glenpool and West or North Tulsa. 

I bought quality homes needing work. Added value with repairs grew the rent over time and used the 1031 to save on taxes. My renters stayed an average of 4 years and I never lost a month's rent.  

It really depends on your appetite for risk and your long term REI plans.

We looked at MSU area ( wife teaches there now) but the college has new housing options and the tenant turnover is an issue.

The Branson duplexes are retirees who have rental histories ranging from 3 years to 12.  No children and 1 pet limit.

I think i'll stick with this route.  

What's your breakdown on monthly expenses? How much are you putting down? Are you doing FHA loan or ?.

House hacking is a great way to learn REI. Do you have a job and will it support your payments and repairs if you don't get roommates?

I'm interested to hear what others have to say.  Good Luck. 

resent

I have several notes with SafeGuard and have never had a problem with them. My oldest note is about 4 years and will come due in about 14 months. They have never missed a payment and only 1 was a few days late. One note was bought out early but they had another one for me before the first one sold. 

My only issue was the appraiser went to the wrong house and they had it redone. Most of the notes I hold have a 50-60% loan to value on the property. 

Overall, I think the notes are better than REITS or Crowdfunding. The 9% interest is attractive and I like not having to deal with renters, pay prop tax and insurance. It allows me to spend time on other projects or traveling.

But to each his own.  

@Solo Scott

I just closed a 1031 with Dave Foster. I couldn’t recommend anyone more highly. I’m already planning on using him for my next one in July.

went there today and got the rebate.

@Connor Mullen

Perhaps he will let  you go in on a flip or two. Great experience and maybe increase your investment monies a bit.

Good luck

@John Kunick

John-

I'm with you on the restrictions and bad press landlords often get. My question was more about how does a person know they have reached a point of incompetence? Personally, at this point in my life, I am good with 10 doors free and clear and no personal debt. I don't work (retired) and can manage them on about 20+ hours a week. I don't want to suffer, nor do I want my tenants to suffer. I believe in accountability and ethics as well.

@Sylvia B.

I had two realtors tell me that there were weekly auctions at the courthouse. I drove by a few and decided to buy in the Branson area. I'm not into fix and flip and some I saw needed to be torn down (too far gone to save).

I recently moved from Tulsa to Springfield Mo. and started moving my properties from Tulsa to the Springfield and Branson area. I kept hearing the name Chris Gatley from the realtors I used to buy rentals property. I did some research and was astounded by the story of this man. Submitted below is one of many articles on what transpired. My question is: How do you know when you are out of control with your properties?

https://www.news-leader.com/story/news/local/ozarks/2019/04/18/chris-gatley-417-rental-properties-springfield-mo-landlord-inspection/3207099002/

It's an interesting read to say the least.