All Forum Posts by: John Allen

If you’re already interested in investing out of state, I’d consider Oklahoma City more than Amarillo. I live in Amarillo area but I’m from Oklahoma. 

Okc offers a lot of the perks of investing in Amarillo (solid cap rates, cheap prices etc) but it is bigger and has a more stable economy. Just a thought if I were in your shoes 

I'm really interested in keyless deadbolts. Seems like a great idea to me

Lots of deal on Amazon. Any good ones related to DIY type stuff? What are your favorites?

I'm looking for an app that can handle my real estate investment accounting. I've done the trial for quickbooks self employed and loved it. But I didn't see an option to customize into specific properties. When I tried it, it kept all my income together and all my expenses separate. In Mint, I'm able to break it down and make my own subcategories. For example, when I make deposits, I could put 555 Main Street-Rent: $1,000 and 255 valley street rent $500. And the sub categories kept it separate. For taxes (and my own analytics) I need to be able to sort the income and expenses by property. Is that an option for QB Self employed?

Stephanie, I currently live about 3 hours or 180 miles away.

Does anyone have a list of asset based lenders or lenders that keep their loans in house? I have good credit and balance sheet but don't have W2 income that would work for conventional loans. I prefer to work with a company in Oklahoma.

Hi Melissa, I'm a local investor here and would like to discuss the area here.

Has anyone had any luck with national companies in regards to affordable and reliable insurance on homes that are being used as Rentals?

I'd also like to be able to add umbrella insurance under the same company if there is a discount.

update: 

I put together a good presentation package (featuring all property details that I have available, full detail ( accurate/conservative) pro forma numbers. 

The first lender I spoke with was VERY helpful. With the presentation I put together  and his fast work, I was able to get an  Intent to Lend paper to the seller the day after my first phone call to the lender.  The seller is currently reviewing the paperwork with his attorney and CPA. I know he is intending to do a 1031 exchange, so that is a factor for him. 

Regardless if this deal falls through (the longer it drags out, the more uncertain the deal becomes), I've made excellent contacts with lenders. I now have 3 local lenders from reputable  regional banks that are wanting to work with me. 

Originally posted by @Seth Wilson:

Read the book "Commercial Mortgages 101" and follow every step in it! Then call every bank that you can, and ask to speak to the VP/Head of Commercial Lending. When you talk with them tell them about your project and ask to send them they loan package that you made from the book "Commercial Mortgages 101".

I did this on my last property and had 3 legitimate 'Intent to Lend' Letters within 6 hours. I picked the best in the litter and closed on the property. 

Oh, and verbal agreements ain't ****!

Good luck let us know how it goes!

 Thank you for the advice. I actually ordered the book on amazon prime and it should be here tomorrow!