All Forum Posts by: Ron Todd

Hi BP,

I'm curious how much Insurance you would carry for a 102k rental in the OKC area? Any special considerations for the area? If you have any good agents you could send my way, I would appreciate it!

@erik whiting I can email you the pro forma if you want to take a look.

@justin Hammond I think I may have confused people with my definition of cash flow? If you don't account for the mortgage payment, I'm calculating a cap rate of 10.1%. 465/month noi Into the 55k. I just included the mortgage payment in my analysis so it would end up being just over 200 all said and done. Let me know if I'm way off the mark here, I passed on the property but I'm learning a great deal from the great people of BP!

@mike d'arrigo The $200 is from the pro forma with 5% vacancy and 5% maintenance. Seller would cover all major expenses (there are foundation and roof issues they have to address). I already decided to pass on this property, but it's been great to see all the feedback!

@Dave foster thank you for the helpful reply! 

Here we go, I bought my primary residence in Feb 2013 and lived there until Oct of 15. I then received orders to move and have rented it out since. I have heard there is a 10 year extension for military to avoid paying capital gains so you just need 2 of the previous 15 years to qualify. Can anyone confirm this? Additionally, if I do this and sell the house will I get hit with depreciation recapture? I bought the house for a steal at 230k and owe a little under 200k. Comps are around 290-300k. I plan on using the proceeds to get a multi family home so a 1031 is also an option if I am going to get hit with taxes. Finally, I have 4 mortgages, if I go with the 1031 option, I assume the house I get will count as #4 and not #5 since I'm essentially trading one mortgage for another?

If you made it this far, thank you. It's a wordy post from a newbie investor.

They have properties all over the city, this was the first one they sent me that raised flags.

Table investments in OKC.

Seems like the results are in. Thanks for the help!

Thanks Ned. I think my exit plan strategy is lacking as I planned on holding onto the house, but realistically, I would be using it as a stepping stone to something better down the road.