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Okie from Muskogee

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About Okie from Muskogee

  • Rank
    Newbie
  • Birthday 02/21/1969

Contact Methods

  • AIM
    tradrwells
  • Website URL
    http://
  • ICQ
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Profile Information

  • Location
    Oklahoma
  • Interests
    I love to have fun and I love to figure out ways to be more efficient and make more money faster... does that make any sense???
  1. I have hit the ground running with this lease purchase thing and I have talked with a lot of sellers...so far so good!! I have a potential LP deal in the works, but I have a question. I know how to run comps to find out what homes in the area have sold for, but I can't seem to find anywhere that will tell me what the current rent rates are for my market. I know rent rates vary a lot merely by location, square footage, etc., but is there a website that I can punch my information into and it will give me a general price of rents for the area similar to the way that I can get comps for actual house sales? I am not getting my comps from the MLS, so I cannot access that. After I have done a few and get this N00B tattoo erased off my forehead, I figure I will know this information by way of experience, but to be honest, I am in the dark as far as figuring the rent rate. Now I am going to charge more than the curent market and figure to give them a couple hundred rent credit, but if I am too far out of line, I feel I will have a hard time finding a good T/B. Any help would be appreciated. Freddy PS This deal is for a home listed at 99,500 with comps hitting at 103K. I think I can get it under contract for around 95K and I figured on marketing it on a two year LP with a cash out at 113K. Do these numbers sound in line for an LP or is my deal a little on the skinny side?? Thanks again!!
  2. I have been lurking on this board for quite some time and decided to get my feet wet and post a few questions. I have an area I would like to start doing LP's or CA's in, but I do not know how good the local market is for it. This is a town of about 13,000 people located 35 minutes from a major metro city. I have a good friend who is a realtor and he was crying the blues to me that the job market is not good in this town and the rental market is just terrible. I do not know if that is true or not, but when I drive around I do see A LOT of for rent signs. Now I do not want to get into tenants and toilets, so the LP advantage does appeal to me. I do not see any rent to own or even a "We Buy Houses" bandit sign in this town, so I am thinking the market is wide open and virtually untapped when it comes to creativity. I already own a home in this town that I bought at a tax sale...it is a rough home, but I figured I could get $10,000 on an LP for it with a $1000 down. That would almost clear me out of what I paid for it when I get the down payment. My realtor friend told me he thought it was worth from $3,000 to $4,000. I guess I will find out. This home is a corner lot, with a lot of traffic coming by it on two sides...I figured this little house would work great for bandit signs posted in the front yard as the exposure would be excellent. I see a lot of rough homes that can be bought for under $10,000 here and a woman who found out I was buying houses called me and said she had a three bedroom/ two bath brick home for sale at $30,000. I pulled up the appraisal on it from the county courthouse and the last appraisal the county assessor gave it was in 2003 for a total of $53,000. Sounds like there is money to be had, but like any newbie in this field, I am reluctant to pull the trigger. I guess I am looking for a little direction or a swift kick in the pants to get me going. I would like to start my LP craft in this town first, master my technique and then move my technique to the big metro city (I live halfway between the two, so the commute would be the same). A friend of mine has lease purchased over thirty homes in the last two years in the big metro city, so I know all the LP advantages will work. Myself, I have bought older mobile homes in the past for cash and carried the paper on them and I have done well. I just wish to raise the bar quite a bit in the quality of my tenant buyer, not to mention the payday is bigger with the LP's or CA's. I hate to sound like I am babbling or make you think I am an airhead, but I really want to run with this. I have my cash flow from my mobile homes built up to where I can pursue the LP advantage full time as I am happily unemployed I just need to get started. What is the first thing I should do?? Any replies are appreciated. Freddy "Okie from Muskogee"
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