All Forum Posts by: Adam Greene

So I’ve got a client selling his property it has 3 double wide trailers on 10 acres. 1 is rented but is in need of some repairs. 2 is owner occupied and in pretty good repair 3. Is in the middle of being renovated and vacant.   I’ve received plenty of interest but most are in need of financing if you think you have a product that would work for this type of situation post you contact info and I’ll forward it to the would be buyers. 
list price is 270k property located in Fort Gibson, OK

Adam 

Hey just a couple of thoughts September is still a couple of months away what about looking for a job that starts in September, while your still in the military. Especially if you find one in the same or similar field to what you are currently doing in your MOS, you might still qualify for traditional loans. I would also talk to a good lender here in Oklahoma, about different financing options, they may be able to get you an exemption from certain lender requirements, because you have been serving in the military.. it’s at least worth asking.  Feel free to message me and I’ll post some recommendations for lenders I know or just search here on BP for someone experienced.  Either way thanks for your service and welcome home to OK in advance. 

Two strategies I recommend. 1st I definitely agree with joining a good team, or a star agent as a mentee, offer a 50/50 split for leads and training, learn how to do what they did.  2nd Join groups for things you’re  interested in.  Chamber of commerce, Kiwians, sports teams, car clubs, stamp clubs, avoid strip clubs… err we’ll I guess they need homes too. Then contribute, help other members out with their projects whatever and get to know people, and the what do you do for a living conversation is going to happen.  Make a difference in your community and let people know your an agent, it’s not always the fastest way but it works and snowballs over time. 

I know you are a new agent but this is an important lesson and worth learning from the start. Be your best authentic self.  The clients who do work with you will love you. Your rep will grow and your brand will have value even if nobody ever pronounces your name correctly. Also don’t work with *** holes who won’t work with you because of your name.  Unless your name is *** hole then maybe you should consider changing it. 

@Rahul Handa he was referring to all the equity built into the property, its just sitting there not doing anything, if you sell and take that inert cash and put it down on say two or three new rental houses each one of them can be generating cash flow and building equity. Vs just the one.. 30+% is > than 10% ROI

Its one way to exponentially increase the growth of your net worth... I like the strategy; if done correctly it can also spread your risk out some across multiple tennant's. As always keep a healthy reserve as multiple vacancies can quickly drain your folding money.

@Caleb Collins you may not need all that much money down, if you are buying your first property and plan to live in it as @Frank Wong suggested (and I agree). With an ok credit score and a decent job you might be able to jump in with VERY little or even no money down.. Its at least worth contacting a Mortgage Broker preferably one you find on here who can help you asses where you are and what you need to take the next step. I am an MLO but not licensed in MI.. but getting the money questions answered from the very start even if its bad news will save you from wasting your time. Good luck, and you are already well on your way.

@BJ Ralphs Its a mixed bag.. I do agree with @Reid Levy There are exceptions and lenders where you can find loans. It will still diminish your pool of buyers at least some bit. I would contact a few mortgage brokers / L.O.'s at credit unions or local banks. If they offer a product that will work; get buisness cards or flyers from them to display at the property. If you can't find any lender who will do the loan, and you dont want to Finance it, walk away or make an outrageous low ball offer. Good luck, I think you can still make this work.. or you will have learned some new i formation and have made some good contacts for the future.

1. I am not a lawyer. :)

2. But sure lease options are legal in OK.. :) unless a lawyer says its not.  See 1.

that aside any specific towns you are looking at and SFR's only?

also depending on why you are looking at Lease options there are potentially other loans that might work as well or better to help you get started. ;) 

I would love to come, though 12/30, I'll be away..  Is this something you are planning to do regularly? 

Disclaimer I have played cashflow many times. :) but meeting investors or other professionals in my area for a game sounds like fun.  

Congrats and thank you for sharing..  stuff like this reminds me to get my A@$ back to work.