All Forum Posts by: Wesley Mullen

When is the proper time to bring in a PM to evaluate a potential property? After it's under contract or after it's been closed on? Is there a conflict of interest if you use an agent not affiliated with the PM or would it be better to find an agent that is already affiliated with the PM so they can evaluate the property quicker? I had looked at a potential property before, and when inquiring if the PM could go through a walk through with us, he said he couldn't because we had already talked to a buyer's agent (unknowingly through Zillow). We bought our first property without an agent (off market, knew the seller). Now that we're searching for more properties, I'm wondering if it's best to locate a good independent agent vs someone that the PM recommends (figured there was commission involved). Still the PM has been good, so if he has an agent he trusts, it could strengthen the team? Currently we're working a direct mail campaign, but would still like to know options as far as an agent if we need to go that route. TIA! -Wes

Does Norman have a regular REI Meet-up? I know there is an investor meet up in OKC, but was wondering if Norman had their own since we are specifically in the Norman market (1 property and sesrching for more). We're looking to network more and learn from the other local investors. Our group consists of myself and my brother & sister-in-law. Thanks in advance!

@Joe S. To answer the original question, we bought a fridge and put it in our rental (B-Neighborhood). We did sell a washer & dryer that came with the home when we purchased, but looking back and after discussing with my uncle, he tends to offer washer/dryer for an additional 50/month so we'll look into that for our next one.

Situation: I am partnered with my brother and sister-in-law in our real estate investing. We currently have one property (acquired in 2021) which is in both of our names. We both got our own 1099s from the PM.

Is it feasible to file taxes on my own or should I consult a professional? I'm confused if I should put the full figures when inputting info or halve everything? (I.e. mortgage info, rent income, expenses, etc). I have a W2 job so have always filed on my own previously, but my brother is self-employed so he has a tax accountant.

Thanks in advance.

Wes

Hey Josh! I like your idea as I've been working to grab absentee owners off the assessors page as well! Instead of pulling numbers, I just got the addresses and wrote handwritten letters to the ones I pulled (50 the first time). I'm working to obtain another 50 and will likely type these next ones out for efficiency. I wonder if there's a better return on phone calls vs letters? Might be something we'll have to check back on!

Just wanted to update that I've completed my 50 letters and got them mailed out earlier this week! Not going to hold my breath for responses and begin working obtaining another 50 addresses to send letters on. I do think I might end up typing them up though. It was pretty time consuming hand-writing all 50 letters.. I think the efficiency should help outweigh the personal touch of handwritten. 

@David Parathundil House-hacking is a great idea! I'm actually in a reverse house hack; my brother and sister-in-law (REI partners) bought a house and I am renting from them. All in all, it's a win win, as I pay less rent, help them with the mortgage, and at the end of the day, we'll turn around and rent this house out, I'll just need to come up with the half I owe. Otherwise, I would definitely be looking to house-hack myself.

When flipping, would you look to do the work yourself, or hire it out? STRs are definitely on our radar too; I need to research them more as we want to purchase a lake-house, but ideally would like to acquire more LTRs before jumping to a new niche. 

Your other goals seem ambitious. I just created my first NFT last week (I like to storm chase). I'm not sure how to promote enough to get a sale though. The drop shipping thing seems popular. I admire all the potential passive income streams you're chasing!

@Jacquelyn West It sounds like you're definitely wanting to scale quick! Would two sales be able to cover the cost of a duplex in your area? I've never considered wholesaling as it seems complex and risky (if you can't find a seller). However, I hope to become friends with some wholesalers to locate new properties. Good luck with your endeavors!

Hi All, 

I'll start by advising I am a newbie and currently have a singe rental property. I have been on the lookout for new properties as my goal is to double the units this year (add a duplex or two SFRs). I noticed a recent flip on the market that was reduced in price to $240k (down from $248k). What caught my eye is that it has 5br/3ba. After listening to a recent BP podcast (early 140s) about college housing, my immediate thought was that if we could rent out each room for $500/month, it would easily break the 1% rule. In fact, in running numbers with rent at $2500/monthly, it would cashflow just over $600; even at $2k/month, it would cashflow $260/month. My question is would attempting to rent out 5 different bedrooms be an ideal strategy? We are located in a college town, but the property is not in close proximity to the campus (i.e. not walking distance). However, is near a strategic area near shops and on main road. Even if I'm not able to purchase, I wonder if others might be interested and have thoughts to add that I haven't considered. It might be a good STR actually, but I have not researched STRs enough to know how to evaluate them yet.

Regards,
Wes

I've seen/heard that putting goals out for all to see can help them come to fruition more often than those that are kept secret. I suppose one reason that many people don't like to put their goals out there is fear or embarrassment of being seen as a failure if they don't achieve them. Regardless, I wanted to post my REI goals for 2022 and hopefully see what other people's goals are for the year so we can provide check-ins throughout the year to see how we are progressing towards them!

We (my brother & sister-in-law) currently purchased out first investment property last year, much sooner (early 2021) than we had expected. With that, my goal is to acquire *at least* two additional units in 2022 - whether it SFR or ideally a duplex or triplex even. The current steps I'm taking towards this goal is that I've went on the county assessor's page and located 50 absentee owners and am currently in the process of sending out direct mail letters to them. Once I get them mailed, I'm going to focus on locating 50 additional. A bonus is that even if I'm not successful on the first go-around, I'll have the addresses saved to send follow-up letters down the road. Hopefully with some luck, we'll be able to reach the two-unit goal this year!

What are your REI goals for 2022?