All Forum Posts by: Ron Harris

Coffee with Entrepreneurs

Mini-Meetup Peer Group Mastermind
Meetup Info: www.meetup.com/OKCEntrepreneurGroup/events/248070135/ 

Need a coffee break? Too much work? Need a lift-up & just want to get energized? Come to coffee (tea or smoothie) & have a great time to share new ideas on comfort drinks & snacks!

FREE to attend. Bring a like-minded guest!

Sit around with like-minded individuals meeting & networking over coffee. Have great conversations about entrepreneurialism, success, building a successful business, and chasing the American dream. We have newbies to multimillionaire attendees. You never know who you will meet!

The power of like-minded conversations should never be underestimated! You become like those you hang out with & associate with on a consistent basis. You never know what you may learn, from one simple idea to a groundbreaking epiphany that could change your life!

We have lots of ideas and business experience to share. Bring a business issue you would like to have reviewed by multiple perspectives.

We are a group of like-minded individuals. Come & go as need be. Casual environment. This is NOT the main monthly meeting meetup.

Time: 5 to 7 PM (Come & Go Freely)
Location: Starbucks 5836 Northwest Expressway (MacArthur Corner)
Meetup Info: www.meetup.com/OKCEntrepreneurGroup/events/248070135/

Afterward: Many of us go to dinner for more great conversations.

FREE to attend. Bring a like-minded guest!

It's always the conversation!

Ron Harris
Renascent Entrepreneur
http://www.okcentrepreneurgroup.com

Sponsors:
OKC Entrepreneur Group www.okcrealestateinvestors.com
Renascent Mastermind www.renascentmastermind.com
Spearhead Realty www.spearheadrealty.com

#entrepreneur #entrepreneurism #entrepreneurialism #okc #meetup #okcentrepreneurgroup #networking #entrepreneurship #renascentmastermind #spearheadrealty #okceg #coffeewithentrepreneurs #OklahomaEvents

You might look into a 1031 Exchange and delay paying taxes on your gains. 

Not sure how the rules work for a personal residence that you turned into a rental. Most Oklahoma title companies can help you with 1031. 

I've had students have success with First American Title with a 1031.

Also, check out Speeedy House Buyers.  http://www.speeedyhousebuyers.com
They are a reputable wholesaler here in OKC and in the top 3 overall on transactions. I know them well.

OREC Oklahoma Real Estate Commission. https://www.ok.gov/OREC

Stick with your local area. Much easier to get started that way. Plus, OKC is cheap compared to Cali. 
Much higher cap rates if you use that as a measuring stick on SFR. I think of cash flow and equity refi instead of cap rates.

Best to connect with your LOCAL REIA: Millionaire Possibilities Real Estate Investors Association.

And connect on Meetup.com to see all the real estate investing meetups.

Oh, the other commonly taught is:
It is illegal to sell real estate without a license (in Oklahoma) unless:

• It is your own property (For sale by owner or your rentals)
• You are an attorney
• You have an "equitable interest" in the property (Assignable Clause as a wholesaler)
• You work for a company that owns the property (think home builders or investment company)

There are always exceptions and other factors so you may want to seek attorney advice (I am not an attorney or legal advice).

Other things to think about: If you are licensed, you'll need permission from your broker to wholesale. You will most likely need to fully disclose that you are an agent/Realtor and your intent to wholesale vs. acting as an agent. 

We vetted this out in full with OREC (Oklahoma Real Estate Commission) to allow wholesaler into our real estate brokerage. There is a proper way to do it and it's all about disclosure and doing it correctly. 

Hope that helps!

Ron

This is from a previous post about wholesalers: I just copy/paste it here.

There are good and bad wholesalers in Oklahoma. Most of the high-volume wholesalers are getting a premium for their deals and sometimes they are buying them and "wholetailing" them.

The market will change with the housing bubble and wholesalers will be less valuable as bank own properties "REO's" will be the low hanging fruit, per the investor buyer perspective (just like what happened in 2008). One of the reasons we are teaching our agents to be ready for the change.

Wholesaling in OKC isn't illegal if you use the correct language in your contract "and/or assigns" on the buyer line. I am not a legal advisor and you should seek advice from your attorney...just in case.

OREC Oklahoma Real Estate Commission is looking into the possibilities of making Wholesaling a licensable activity. I won't go into it much here since it'll be 10,000 words long, ha. It's been tabled recently but it is in the future discussions. Agents are going nuts over this!

• Check out local wholesalers Speeedy House buyers (some of my past students).
• Best to come to the LOCAL REIA and meet active wholesalers. Millionaire Possibilities is a great place to meet experienced investors.
• Plenty of Meetups with all levels of experience. Meetup.com

Hope that helps.

Ron

Do both!

• Refinance your rentals and reuse the cash.
• Add a Business HELOC "Line of Credit" on the extra equity.
• Add a Business HELOC "Line of Credit" on your personal residence.

Use the lines of credit to buy houses and then refi into a longer-term commercial loan. It's the Brrrrr...