My Beginning in Tulsa Oklahoma

Started running my ad for my little house, and got several hits. I'm zeroing in on the things I want to do and the things I don't. I don't want to do the landord thing I don't think. I don't fancy the idea of getting up at 3 in the morning to go and fix a clogged toilet.
I think lease option is my best bet with this property. Already have someone seriously wanting to get into a lease option to move in April 1. He is living in Florida and is pretty much walking away from his house down there. I am going to explore the idea of a short sale with him, but I want to make sure we are clear on all the terms with the lease option then we can dive into that. I like lease options because of the upfront money, the money in between, the fact I don't have to do the minor repairs, and the money on the end. Haven't been able to get off work early enough to take my refi app to the bank that says they can do a no season refi. That will be nice to be able to pull the equity out and reinvest it in another project.
I have another idea about using my timeshare. I bought a timeshare several years ago, don't really avail of it much, and realize I can rent it out on a weekly basis for some quick cash for the times I don't plan on using it. I contacted a company that does placements for big companies that send their employees to Florida for conventions. My timeshare is 2 blocks from the convention center. It wouldn't be consistent income, but it will be a little extra, enough to pay for the maintenance fees and give me a little pocket money.
Gonna turn in for the night. Gnite DGers.

Amy

Amy, I like you don't want to do the clogged toilet thing at o'dark thirty. So am studying and working on the lease option thing. Hoping to do subject to's and sandwich leases. I have a 3/1 that I am working on getting a tenant buyer into. Have a showing tomorrow. I've been posting it on craigs list for two weeks get hits and inquiries. Drive by's and a couple of showings. I started at the beginning of March, things are picking up, I think the latter part of the month is better, being are moving around.

You might have more pull with the bank if you already have a renter in there, and are showing positive cash flow. Have a good night.

Cathy

I know it's been awhile, had to slow down before I burned my candle clean up!! But I haven't been sitting on my hands, just trying to balance a little better.

Found a buyer for my little house, and I am trying to use the right contracts. I know there needs to be 2 separate contracts for the lease part, then one for the Option part. So my question is, why can't I find a form that is separate from the lease agreement? I only can find a form that says Lease with Option Agreement. To me that means they are together in one form. Any clarification is helpful.

Tomorrow I'm planning on going to the loan officer to get my house refinanced with a no season loan. I just hope my personal less than perfect credit score doesn't prevent me from getting it refinanced.

Hit a bump in the road with the incorporation papers. Finally got a new business name assigned and papers back to me, I will send them on to the Secretary of State and hope that it won't be rejected again because of a name that's already in use.

Working the graveyard shift this week. Might be a good thing since it will give me hours in the day to check things out and go to banks. Anxious to open a business account, but can't until I get my business name written in stone with the Secretary of State.

Hope all is going well with all you DG Family!

Amy

i have really enjoyed reading your posts, Amy. you are so vivacious and hard-working. i raised my kids in Broken Arrow, although now i live in Fort Wayne, IN. i have one daughter in Bixby and one in Owasso on 108th. Her inlaws live "next door" to Garth Brooks. my son went to basic training at Fort Sill 6 1/2 years ago. i have heard that military towns are very good to invest in. he's stationed at Fort Knox, KY right now so i will be down there this summer looking at properties. he and 3 EOD buddies are renting a 4/2 near the post and love it. i really hope you get back to posting. i know we're all so busy, but this is my lifeline and i will check back to see if you are back. hope you're really busy doing RE deals! i hope to start investing in OK soon.

Hi Linda,

You don't know how your subject line gave me a lift! Well, I'm afraid I fell off the face of the earth for awhile. I've always been a go getter, full of adventure and if I miss a beat, I usually can catch up in the next measure without having to start from the top...but I guess I didn't give myself enough "grieving" space after splitting up with my guy, didn't anticipate how alone I would really feel after he picked up and moved back to California without me. I guess I was pretty devastated, more devastated than I would like to admit. I suppose if I were in a place where I knew someone other than people at work it might have been a little different, but I found myself in an unfamiliar place with strangers surrounding me, far away from friends and family. I'm in management and unfortunately, sometimes that can feel like you can't cross that line and share personal life with them, A few financial blows with plumbing issues with my rental in california and a car that loaned to someone came back damaged set me back a bit. There were a few other things that tried to knock me off my feet. Just needed to stop and catch my breath.
I haven't been completely idle though...I did get a man that was quite handy to do a lease option to buy on my little house here. He put down an option consideration and he's gonna lease it for a year then purchase. He will do all the repairs and maintenance on the most part. I was able to go to the bank and pull out 80% of the value of the home, since I am selling it for about 30% more than what I bought it for, the amount that I was able to take out was almost equivalent to the amount that I purchased and was enough to cover the insurance and pay me back some on my initial investment. He will be making the payment, (directly to me of course) and it will cover the loan to the bank plus put a few bucks in my pocket.
I've been focused on moving to something more economical for my son and I. We are in a large house which is comfortable, but right now I would rather be putting money towards investments rather than rent. It will be a temporary situation until we find something that we really like and we are in a better financial position to have better choices, so that has been my main focus, but I have been finding similar houses like my small one that might need minimal repair that I can buy and hold and duplicate what I've done with the small house in Yale.
I have also signed up with an investment group that will help me organize and build my business credit and hopefully in a few months I will have access to investment loans that will make it easier for me to work quickly with properties with little or no delay. I will be able to soon transfer much of my personal expenses that I've put towards the business under the business credit so at least that will be some relief from the financial pressure I'm feeling right now.
I have gotten all my incorporation papers back and finally straightened things out with the business name, so that is all set to go, and so I think much of the ground work is in place. In the mean time I have been doing more scouting and looking at properties and there are so many out there that excite me that I just have to remember to pace myself and work with what's within reach for me. It might be small, but it will build and it will also give me a chance to build rapport with banks as I buy cheap houses and get no season refi's on them.
so that's where I am in a nutshell. Thanks again Linda missing me! Hope to hear from you again, and I'll try to be better on updating. Maybe if you come and visit your daughter we could meet and go for coffee or something, I heard there's a great little coffee place up the road that my son's friend's dad owns! Happy Investing!

Amy

i am so glad you are back on the site. i have checked every day to see if you were. sounds like you are getting so much done, despite the setbacks. i know there is someone out there for you that is just right! maybe God had to get the other guy out of the way (hope that doesn't offend you). i've kind of been in a similar situation myself. hang in there. this past week was full of setbacks for me, but i'm pushing through and forward anyway. can't stop us!!! i know i will be coming in september when my daughter in Bixby has her baby. don't know if i'll make it before then. i will keep in touch. that means you have to update on the site often. i love tulsa and the surrounding areas. i raised my kids in Broken Arrow, which we all loved. i really miss it. Owasso has grown so much it's unbelievable. I have a son-in-law in banking and my daughter has been in banking for years. she is out of work right now and 2 banks are very interested in her. once she goes back to work, maybe you'll want to talk to her or her husband. just a thought. sometimes it's nice to work with someone you know or a friend knows. if you ever need someone to talk to, let me know. i would be happy to send my regular email address or phone number to you through the private message thing. have a great Sunday!

Amy you are rocking......Things come up to stop you when you are on the right track....that's why God's word say we have to ask, seek, and knock....we have to speak out with our words what we want, we have to do the work to get it, and we have to push to get it......you are in the push mode and it is all right there before you and you are going to get it all every little thing you have dreamed of is right there for you. Much Success

Oh yeah, I'm Erika and I live close by you in OKC. I want to plan a trip and come down and meet you and pick your brain. Our stories are so different but, our dreams are the same. REI is our passion.

Be encourage and do not even doubt where you are in your life....It is all purposed.

Amy, my old real estate club in Tulsa is having a rehab/private lending bus tour. if you get this message in time, PM me and i will send you the link. hope you are doing well!

Hi Erika thank you for the encouraging message, I would love to meet up with you! I have been continuing to work on REI, researching, learning. I wish I could quit my job right now and just dive in, but that wouldn't be practical with a 16 year old and bills to pay. I can't wait until all the bills and the job are history!

Love to hear back from you, yes, we can compare notes.
Have a great day!

Amy

Hi LInda,

Sorry, I haven't been on here for awhile. Did they have the tour already? How are things going for you? I've been busy as a bee. Just wish I didn't have to work. Soon, someday, I hope. Have a great day!

Amy

Good morning DG Ohana,I have been keeping my nose to the grindstone. Thank you again for your support, and all you folks at the Academy for answering a lot of my questions. I'm sorry that I can't always pick up the phone when you call me, but nonetheless you get the answer to me. Thank you.

In my last long post, I was saying that I was looking for something more economical. Well, it has become my main focus since my landlord came to me and said he has plans for the property and he gave me a 30 day move out notice. So, I have found a manufactured home, everything good to go, electricity is still on, water, gas. Everything is in working order. Has everything we need down to a storm shelter. Perfect for my son and I. The owner is carrying the loan which makes it even nicer, and in the end I will have a good rental in the end. The owner also told me of another lot that he is interested in selling me, he said he would carry that as well.

I do have a question for anyone out there...mobile homes, If one is on a lot that the seller doesn't own, how do you transact the mobile by itself? Is it treated like an automobile and the title is signed over? Do I still need all the real property contracts even though it's technically not considered real property?

They have piqued my interest, seems here in this area they are popular, and it's what a large population can afford. I understand there is a stigma that goes with them, but I am looking beyond that and understanding what the trends are nationally, and locally, what people need in my area. Anyways, any input would be appreciated.

So, anyways, I'll be going the Philippines soon to see my parents. I haven't seen them in 5 years. I'm excited about that. Still need to take care of some of the final details like who's gonna watch my dog and water my plants, feed my fish, stuff like that. I can't wait until I don't have a job anymore. It is so confining and it's harder and harder to get myself to go. I just have to stick to my plan and work it.

Hope everyone is doing well and keeping their eye on the mark. Be safe and enjoy every day!

Amy

I'm so glad to hear from you. It is funny how great minds really think alike. We researched in the pass the topic of Mobile/Manufactored homes....they are very popular in Oklahoma area and I see them as steady cash flow. Know I don't think the value will ever increase but I do seem them as a nice "Cash Cow" Keep me up on what you find out and I will do the same.

I would love to come down in the next month so you and I can meet and really dig in....I am so ready to go and I actually thought about having my first rental property to be a mobile/manufactored home.......while I'm wholesaling to bring in some needed money.

Did you talk to the Advisor in the Academy about this topic and if so what did they say?

I'm really glad things are working out for you...I know it will do the same for me.

so glad to see when you post. yes, the bus tour is over, but you might want to check out the club. the President is a great guy and has been an investor for some time. i know a guy that started our first real estate club way back loved investing in mobile homes. he made alot of money from them and even owned a mobile home park at one time. when you get time, check out www.tulsareia.com and see if they can help you. i would recommend joining and networking with them.

hope you have a great trip. hang in there about the job. as i am learning, say what you want and say it as "i want to work for myself only", or something of that nature. don't even think about what you DON'T want.