All Forum Posts by: JJ Gritts

@Rhett Tullis that pretty much sums it up.

@Paul Choate stop telling  everyone this isn't your group...lol. Really though man, I'm glad you took the time to get this started, and I think it will continue to grow. I like to think of this as an informal mastermind/newbie group that is growing organically. See you Tuesday. 

@Ade Amuda As others have said you need to tighten up your numbers significantly. You've got a 200 sqft swing possibly in size and a 30k difference in ARV opinions, that is a big difference. Also, if the house is (1600 sq ft) completely gutted you're probably more than likely 55-60k in repairs....obviously the level of finishes would make a difference. Do your homework and firm up your numbers. On a side note I highly doubt someone is going to pay 65k for a lot they still have to scrape to build a 200k house here. Obviously the area of town determines the lot value though. Nichols Hills residence would gladly pay you 65k for a lot, but they're not building a 200k house on it.

See you there Paul.

@Matt McConkey Welcome to BP, and good luck. 

@Mechole Clinton Redfin does not cover Oklahoma at this time. 

Great plan to get started in real estate investing, and being able to use FHA money is a big bonus too. Welcome to BP and best of luck.

I would recommend going with the LP Smartside, it's great products at a significantly lower price point than Hardie.  It holds up great, and has a good warranty behind it. We use a ton of it.

Alex,

Most people use the LLC for asset protection. You can purchase the property under your name using conventional financing, then transfer to the LLC. Keep in mind you do run the risk of triggering the Due on Sale Clause of the mortgage if you do this. Your LLC will most likely operate as a pass through entity, meaning all the incomes, expenses, and depreciation will flow to you and your personal tax return. It really depends on how you structure it though. It would be best to consult your tax professional and perhaps your attorney to see what would work best for you and your personal situation. The important thing is to get started, don't over complicate things in the beginning.

Welcome to BP @Zach Burnett , and thank you for your service. If you're looking to get into real estate you've found the right spot. There is a multitude of information available for free here....and if you can't find the answer to something just ask. There is an unofficial Oklahoma City BP meetup January 27th details are here... http://www.biggerpockets.com/forums/517/topics/167... everyone is welcome. The local REIA's are a good place for networking as well.

@Ben Whaley We have our builders policy through CFR Insurance, they are easy to work with and their rates aren't bad. You'll also want to get a general liability policy, and they can help with that too. 

Thanks again @Paul Choate . See you at the OKC meetup. 

Oklahoma City, Norman, Moore, Edmond, Midwest City, Yukon, Mustang