All Forum Posts by: Pete M.

@Eugene Pozdnikov  There are quite a few of us around, but you might need to be more specific as to what type of investing you're doing, and with whom you're trying to connect.  Are you looking for single family investors, or multifamily?  Buy and hold investors, fix and flip investors, wholesalers, lenders, agents, property managers, attorneys, etc?  What are your goals, what is your situation, etc?

@Cesar Egas

Good advice from others. I have two properties in Del City. When utilities (maybe just water) gets turned on, city requires an inspection. This wouldn't be a huge deal, but the main inspector is known to be a jacka** and looks for little things to get you on.

I'm trying to figure out if there's a way to just put the water in my LLC's name, then bill it back to tenant to avoid the inspections altogether.

@Natalie Wells Welcome!

Enrique is a great resource, see if you can steal as much of his time as you can. ;) I live in Issaquah, so we're all close by. Are you open to other areas in WA besides Seattle? Prices and cashflow are much more lucrative in other areas, like Spokane, Yakima, Moses Lake, Tricities, etc.

Thanks.

@Jared Rine Thanks for the info. I realize these rates are uber aggressive, but we are seeing some options from other lenders not far off from these. I'm visiting Oklahoma City this week to meet with lenders... hopefully some will pan out, and we are hearing some that are on the right track. We're buying and BRRRRing in the $60k-$80k purchase price range, and loans are in the same amount since we're adding at least 25% value on top of our all-in costs (meaning an 80% LTV loan would cover our all-in total).

Thanks.

@Diana Muresan

Thanks. I've been assuming it would have to be private, non-agency loans. I know Deephaven and Verus are two options, but curious about other options out there to refi these onto long-term notes.

Could we rate/term refi into a conventional with 6 mo seasoning, while keeping it in the LLC? I'd assume not, since conventional loans cannot be bought in name of LLCs.

Thanks.

Since these are portfolio loans, do they automatically qualify as subprime?

@Diana Muresan

Wasn't aware of that, thanks for the info. I'll admit I'm not familiar with this aspect of financing, as you can probably guess.

We're buying SFRs in OKC using cash for now, though did one with a HML. All purchases with our OK LLC. First two properties have since been cash-out refi'd with the local lender at either 80% of appraised (drive-by) ARV or 100% of my all-in costs. Future properties with this lender will either be cash-out refi'd at 80% of ARV or 90% of my all-in costs, whichever is less. We bought the first property on 28-Feb, and have six total now, with two more closing on 19-Apr. None have tenants yet, but first two are rehab'd and ready to rent. Cash flow shouldn't be a problem even with the current 20 or 15 yr amortization.

Let me know what else you're looking for, not sure what other info is relevant.

Thanks.

Hi all,

I'm currently buying BRRRRable SFRs in Oklahoma City.  So far, initial buy + rehab has been done with cash, and then a local lender was giving me cash-out refis up to 100% of my all-in costs, even before the rehab work was done.  These are portfolio loans, prime +1% rate ARM, 15yr amortization w/ balloon after 5.  I say was because they've changed their stance and want me to leave some skin in each deal, beyond the created equity (based on their own appraisal).  I have very aggressive goals, and this is putting me in a tough spot, but I'm working on that and have options.  The next step is going to be to get these loans onto longer-term debt (30 yr amortized notes); said local lender works with Verus and Deephaven, but I'm wondering what other options might be out there, especially if they can help me recapture some of my equity, and do it with no or very low seasoning periods.  I'm aware I'm asking a lot, but looking to see what's out there that may fit.

Any advice is appreciated.  Thanks.

@Adam Diedrich  Welcome to BP!  I'm an out-of-state investor in OKC, making my first trip down in a few weeks to visit properties, lender, agents, etc.  From an investment perspective, OKC is a great market with lots of solid opportunities for cash-flowing properties.  Appreciation isn't the best compared to other places, but it's hard to argue with the affordable prices, good price-to-rent ratios, and landlord-friendly laws.

Have you figured out what kind of investing you want to do?  Looking for solid 1%+ rentals?  BRRRRing?  House hacking?  Have you lined up your capital?  Will you be using conventional/conforming loans or portfolio loans?  Just some food for thought.

Good luck!

@Adam Diedrich  Welcome to BP!  I'm an out-of-state investor in OKC, making my first trip down in a few weeks to visit properties, lender, agents, etc.  From an investment perspective, OKC is a great market with lots of solid opportunities for cash-flowing properties.  Appreciation isn't the best compared to other places, but it's hard to argue with the affordable prices, good price-to-rent ratios, and landlord-friendly laws.

Have you figured out what kind of investing you want to do?  Looking for solid 1%+ rentals?  BRRRRing?  House hacking?  Have you lined up your capital?  Will you be using conventional/conforming loans or portfolio loans?  Just some food for thought.

Good luck!