All Forum Posts by: Justin Walters

I have been in contact with two that have been very helpful to me here on BP.  @Jessica Brunner and @Alyssa Dyer.  

Lamont, what area are you buying in?  Sounds like you already have a property in mind if you are set to buy in the next few weeks.  I do have some concern when reading your post that you want to learn the ins and out of your area...I would recommend knowing those before buying anything.  Toledo is a tricky market to invest in.

Thanks Stephen for the feedback.  

1)  We own one of the properties outright because we paid cash.  We paid just under $10k and it was nearly move in ready...and has had the same tenant for a decade.  

2.) Second property is the one we just paid off and we were under an ARM which wasn't bad but about every two years it was being sold to a new company and each company was very different in terms of customer service.

3.) I am looking big picture on the LLC side of the house. I am not necessarily concerned about insurance needs on the rental property. I am concerned with everything that can happen outside of my business that could possibly impact my business. In addition, we plan on moving towards private investors and other options and honestly thought an LLC was the best path...on any kind of rental properties. Every lawyer I have ever asked said undoubtedly get an LLC.

4.)  Yes, I agree cash out on the current two properties.  That is our plan but simply trying to get some other things in place first.

Thanks again for the feedback.

We currently own two rental properties in Ohio (two separate counties) outright and recently started our LLC. Couple questions:

How much of a lift is it to switch the titles over to the LLC from my name?

I am assuming there are fees associated with that so also curious what those fees would look like?

Should each property be under its own LLC? One property is a SFH valued at $120k and a duplex valued around $50k

Any insight into this would be greatly appreciated.

I actually don't understand what you mean Arlan.  There are still plenty of good neighborhoods in OKC and Tulsa that $1600 could get you into a REALLY good location.

Second, GC'ing can absolutely be done from a distance.  Obviously the point is finding a reputable GC that you can rely on.  I agree there are risks but with the right research and background on a GC, you can find someone that you can use and not be there to supervise.  And last, you ALWAYS want a GC in your network, whether its turnkey or not.  You never know what the future holds and never want to get with your pants down. 

Bill,

I feel the pain.  I am currently active duty military and looking to invest in my home state of OK while I am stationed here in MD.  I don't have an "answer" for you but will be happy to simply talk about what we are doing.  

I have reached out to old friends and got recommendations on agents and the like in the area I am looking to expand into.  We are taking it slow but currently have a trip planned to sit-down with the agent we have lined up and he has agree to take me around and show me what fits into my plan I have outlined to him in a previous phone conversation.

My feelings are that you can easily expand into this area but my only recommendation based upon your primary jobs is to take it slow. Sit down and figure out your metrics. What are you comfortable spending? Are you comfortable taking on a mortgage, other private investors, or simply want to self finance? Are you considering buy and hold or do you want to finance flips? Once you have some of your basic focus areas identified, I think you will have a very easy plan moving forward and should be able to identify the markets that best fit your metrics. Once you can get on the phone with someone and describe your desired outcome (passive income, etc), I think that through networking on here, you can easily start your progression towards REI'ing.

Hope this helps,

Justin

Hello fellow BP'ers!

My wife and I are beginning our quest to move our REI focus to the OKC/ possibly Tulsa market. Our focus is buy and hold as our desire is to retire back to OK (I am currently active duty military).

Purpose of this blog is to build a network back in OK to bounce ideas off of, find the right people to have in our network for PMs, GCs, and anything else that may assist us in moving our REI forward in the right direction.

Just for a quick description of what we are looking for:

SFH (possibly duplex) 3/2 around 1000 +/- sqft

Neighborhoods we would be willing to raise our kids in ourselves.

We really like the 2% rule but willing to consider 1.5% but also look at the 50% rules as well.

Would really like to see rents come in around $800...starting to think $700 would be a conservative starting point.

Somewhere in the $50-$80K price point.

We look forward to connecting with likeminded BPers!

Thanks,

Justin

We are currently looking for a reputable property manager for an upstairs unit in our duplex.  Yes, only the upstairs.  The lower level tenants are long term and we have no issues renting from a distance.  The upstairs unit is in need of a clean out and possible repairs so we would be looking for assistance with that as well. 

In addition, we are currently "re-starting" our search for additional properties so this could be a growing opportunity as well.