All Forum Posts by: Ralph Justiz

What's up @Colton Looper?! I'm sad to see you leave OKC, it's a great town. Good luck in Arkansas!

My best advice would be save your money and fix your current house. You should definitely prioritize fixing what you currently have before buying another investment. I know that's boring but it's the safest and smartest option. Your roommates should be you main concern right now, they are your only customers. If you don't have enough cash in reserves to fix your house how do you expect to grow?

Growing your business is great but if you can't manage what you have currently how are people supposed to trust you to manage their investments. 

I closed on an owner finance deal in Midwest City late last year. We closed through Oklahoma City Abstract. It was super easy.

@Jim Roach

@Josh Madruga We have investments of both types in Midwest city, NW OKC, and Edmond. We've also helped clients buy all over the metro and surrounding areas. 

I highly recommend "Coffee with Real Estate investors." They meet every first Wednesday of the month at starbucks on memorial road and MacArthur. You can find out more info on the event at meetup.com.

@Kris L.

If you're getting a 10.3 cap it sounds like there are some expenses you are not accounting for in your calculation. Maybe you're missing some utilities payments or lawn care or other miscellaneous maintenance costs.

The net income the property produces annually is 7.9% of the purchase price.

I.E. if the purchase price is 100K, the property produces 7,900 dollars every year after expenses are paid for.

@Greg Bennin is right. When I first started I would buy all the materials for a rehab and then drop it off at the property that needed work. That only lasted two jobs. It became a hassle and I decided to just let the contractor charge me a bit more. The amount of money I ended up saving was not worth the time I had to invest. 

Save some cash for capex issues. If your A/C goes out would you be able to replace it immediately? It would be terrible if something breaks and you don't have enough cash on hand to fix it. 

If you have 6K of cash that you can invest and want to purchase a property today you can always try and get approved for an FHA loan. MPI sucks but if you're house hacking your tenants rents would cover that expense.

Have a local foundation repair company come out and scope out the property. They can give you a bid on the spot and do it for free in my area. I usually have at least three companies come out and check the property if I know it needs foundation work. 

You can also hire a structural engineer but they will charge a fee.