All Forum Posts by: Stephen Rooker

Thanks Ralph! Iven, my countertops aren't in bad condition, but they are composite and I was thinking of upgrading for a few reasons. First, I think they would make the kitchens look a lot nicer and would in turn improve tenant quality / demand slightly higher rent in a competitive area. Second, given the simple galley style kitchens, I don't think it should cost too much since it'd be half a slab per kitchen without much custom work.

I'm looking at adding granite countertops to one of my duplexes in OKC. My kitchens are simple and galley-style, so it shouldn't be too complex, but I was wondering if anyone has had a good experience working with any local installers / contractors to install countertops for a reasonable price. Thanks!

I own a couple investment properties, but both of them were purchased under my name (as opposed to an LLC) due to the simpler process of acquiring a loan. I realize that having properties under my name poses a lot more liability, and so I would like to move these properties into an LLC, but part of the disclosures when signing for the loan stated that I would not transfer the title of the property. I talked to my mortgage lender, and she said that I could work with the title company to transfer the loan to an LLC, but that if the bank noticed this change then they could take back the loan. Does anyone have suggestions for protecting my personal assets from liability in a way that doesn't violate the terms of the loan?

To kick us off, I wish I'd known that property taxes would be reassessed (and could change dramatically) in the year following the sale. For my first property, it was being assessed at nearly half the price that I paid for it, so taxes doubled! Fortunately, I had thick enough margins to start out, but this definitely impacted my valuations model in an unexpected way.

Real estate is very much a "learn by doing" endeavor. I've only purchased one property so far, and it has been a successful one, but even with plenty of due diligence, there are always overlooked aspects of being a landlord and property owner. I like to refer to these costs as "the price of an education", but hopefully this discussion can make that price a little bit cheaper!

If you could respond with "I wish I'd known ___________ when I bought my first property", then I think we could all gain some valuable insights, particularly those just getting into real estate.

OKC all the way!

I'll give you actual numbers on my rental if that helps. I own a 2,000 SF duplex in the Plaza District of OKC and I pay $120 a month with State Farm, which is full replacement cost. I talked to a number of insurance agencies, and this was the best deal that I found - I chose full replacement cost since it was only about $15 more a month and was almost twice the cash value in terms of what it covered.

I have had a good experience using Kevo for my duplex in OKC!

I'm looking into new construction in Oklahoma City (building a fourplex) to take advantage of a value add lot in a great location. I realize it typically is a lot more expensive to build new than to buy an older house, but I was wondering if anyone had experience building in the OKC area and could give suggestions on A) how much it typically costs per square foot, and B) if you know of good construction companies that you would recommend reaching out to. Thanks!

Any tips on how to best estimate the cost per square foot of construction in an area? Is the best way to call construction companies or is there a good online source I can use to estimate before making those calls?