All Forum Posts by: Adam Greene

@Mary Jay - That is very true.. there are rural deals to be had in OK.. especially in my area.. however there are substantial difficulties with them as well.. 

While here finding renters isn't usually a problem.. finding anyone to manage or make repairs is almost impossible.  IMO before you buy in rural OK, either be prepared to do the maintenance yourself or know you have someone who will do it and well before you buy.   

For 20k down you could get a number of SFR's in not so rural areas of OK.. for 20k cash I don't care how rural you get you are buying something that needs work.. and probably doesn't qualify for financing.. or its being sold by Carington Mortgage and they just want a cash deal with inspections waived and no outs for the buyer. If you are risk tolerant they can be very lucrative.

Still even in Rural OK I would expect to pay a minimum of 50k after repairs for a decent SFR.. you can do it for much less I see slum lords (no real disrespect) doing it all the time.. I won't..

Best of luck whatever you decide.. I am actively investing in Rural OK, there is certainly profits to be made.. but they come with their own difficulties. 

Jeff Johnson, I do like debt consolidation loans with 50k in CC debt you might find that just consolidating that into a personal loan will both raise your score and likely lower your payments..   

You could alternatively look at commercial multi-family, there are loans for those so long as the property can support the debt..  a fair bit to learn.. If your personal risk level is up for it, and you are willing to do the homework.. BP is clearly a great place to start.. you could potentially invest in a 5+ unit MF with Little to nothing  down and no personal income verification, again if the property supports it.  I know I have seen multiple lenders advertising that style of loans.. One at least here on BP  just another option.. *disclaimer* So far I personally know very little about commercial loans

@Jeff O'Neal  :) Certainly not providing that service... It was intended as more of a disclaimer.

I added my wifes and my info.  :)

Welcome to Bigger Pockets - It's nice to see someone on here from NE Oklahoma ..

Avoid lead based paint ;) 

Other than that Nugget.. I like Sherwin Williams when they have a 40% off sale the best, and then it becomes a quality vs cost issue that I typically lean towards quality on.. and end up with something like Valspar..  semi gloss for kitchen and bath.. easier to clean and more moisture resistant..  satin for most everything else.. 

@Nick Santamaria There are actually a number of factors.. FHA is one of the easier to qualify for with the 3.5% down, but as Aaron Klatt mentioned you would need to live in the property. Still I would strongly suggest meeting with a mortgage broker who understands RE Investing in your area.. they will help you get a better picture of all your options.. Good luck and Welcome to Bigger Pockets.

@Charles Coaston, I would contact a mortgage broker in your area, and get a second opinion.  It sounds like he has a specific loan type he is wanting to place you in, vs what might be best for you.  I know those 20% down on an investment property no ifs ands or buts is not always true.. I'm closing on a place once the title issues are cleared..  that will be my fourth investment property and I'm not only not putting any cash down I'm taking equity out for repairs and rolling a truck loan into it as well.  

*Edit* I apparently missed a number of posts that already recommended my ideas.. kudos to you all..

Glad it is all working out but @Luke Slapa don't be too harsh on everyone, most are well meaning if unaware of all the options out there.. 

Now you can be an adviser on this for the next guy.  I was going to suggest at your purchase price you might also look into unsecured loans from say Marcus by Goldman Sachs , or if your credit isn't quite good enough for them you can try Lending Club, or loan depot they all do unsecured loans and some will do them with less than perfect credit.

Another option is one I'm using now just a construction loan, with a regional bank here.. they are loaning me 60k for a home 30k purchase and 30 for repairs/personal debt.. to lower my debt to income ratio.. I'll make the repairs get the thing rented and then refi into a 30 year fixed after 6 months or a year.. or I could sell and walk.  I rolled some debt into the deal to make it more attractive to the bank.. more profitable for them.

@Bryant Diel seems like a sound plan.. Good luck.