All Forum Posts by: Ralph Justiz

@Aline Zamora It is almost impossible to guarantee ARV in a neighborhood like that. Your best bet is to reach out to a local appraiser and get their opinion on the property. You can probably find an appraiser at a local meetup or even hire one to appraise the property for you if you own it already. If that doesn't work I'd pay a realtor you trust to run some comps. I always run my comps conservatively and come up with a range for ARV. Good luck, it sounds like you'll need it!

@Brandon Boogren If I were you I'd find at least three other brokers to speak with before you make your decision. From the sounds of it that broker you spoke has some negative bias/ beliefs against investing in real estate. I am an agent and an investor and work in a brokerage that specializes in working with other investors. Our brokerage encourages us to pursue investing personally because it is such a good wealth building tool. Practice what you preach! Sure, I have to ability to see  deals before my clients do but in no way shape or form do I the ability to purchase every deal that comes across my desk. Kind of jumping on what @Rodney Harris said, there is an abundance of deals out there, there is more then enough for everyone. Figure out what works best for you and don't let the haters get you down!

Hey y'all. Some property managers that I recommend to my clients in the OKC market are Renters Place (Flat fee based) and Camber Property management (Percentage based).  I've heard great things about both companies from my local clients as well as my out of state investors. If the other groups mentioned above don't work out I suggest giving these guys a call.

https://www.rentersplace.com/oklahoma-city-property-management

https://www.camberpm.com/


 

@Tim Harwick I purchased a personal residence back in 2012 at ARV (very little equity during the purchase) and moved to a different state about 2 years later. After the move I rented the property out. I tossed around the idea of selling the property in 2017 so I wouldn't have to pay taxes on any gains it earned during that 5 year window and also I wanted to purchase property where I currently lived. After running the numbers my spouse and I decided against selling because A) we would break even on the equity we had invested in the property after paying a realtor B) we would have to do a make ready to get the property to a sell-able condition and C) the property was cash flowing on par with anything we could purchase today. It became a no-brainier on what we should do after running through a few scenarios and that's not even mentioning having to recapture deprecation on the sale of the property or the fees associated with purchasing a new property.

If the stars align for you and you can increase your rate of return by selling your turnkey property and investing in another do it! If not keep it!

Way to stay positive! The first one is always a learning experience but it sounds like you're figuring it out pretty quick. This fall was particularly difficult to lease out properties. The general consensus around here is that because mortgages are so cheap right now a lot of potential tenants decided to buy instead of rent. I am still dealing with a vacancy in Edmond from October and have had to lower rent a couple times to garner interest.  

Are you using a property manager or are you managing the property yourself? 

My wife and I love Midwest city and have had some success investing there. We try to stick to the Carl Albert school district but recently branched out and have not had any issues. 

Hey guys I've been spending some time on the forums and came across this post. I was wondering if y'all ever made a move in OK? I've been investing in the area for a bit and would love to share stories.

Trae, in my experience rocket lawyer works just fine for what you're needing. I have never used legal zoom but it seems like it's the same concept as rocket lawyer. When my partner and I first started out we hired a real estate attorney to setup our LLC and it was a bit too expensive for our liking.

We found that Rocket lawyer is great and affordable when we have quick questions but if you need more in-depth help reaching out to a local attorney who is familiar with your local laws might be more helpful.  

Kory, I sent you a message with the contact info of someone who can help you!

I third? Ben Day. He's a great guy and runs an even better business! 

Christian,

I recommend attending one of the several meet up groups throughout the OKC metro. If you're not sure where to start meetups are a great place to meet new and seasoned investors and agents and this can help steer you in the right direction. You can find a few meetups through biggerpockets or through meetup.com. Good Luck!