All Forum Posts by: David Navas Rocha

Hey Wayne! 
I don't have any lawyer contacts but if you're ever in need of a new project let me know! We have a lot of off-market inventory, much of that being MF

Hey Garrett! Only in Norman? What about OKC and surrounding areas 

Hey Vincent! Best of luck with your projects! Real estate is a very exciting journey.

One thing I would also suggest is find yourself a solid inspector you can trust and have him walk the properties with you before you purchase. 

If you need any help finding a new project let me know! My team and I work out of Tulsa and we get several off-market deals on a weekly basis.

 I deal out of the Oklahoma area and I will certainly say there's plenty of opportunities here for a relatively low risk/price as compared to other major metropolitan cities. And while we do have many more out of state "eyes" (buyers), it still fees like a fresh market with plenty more to offer.

Hey James!

One thing I always tell people looking to get into real estate is to build a team around them first. People from different areas of expertise to help guide you and give you their individual insight. 

Now to answer your question, I would avoid multi-family as your starter unless its an amazing deal. There's so much to learn and multi-family brings much more risk into the equation. When I started my journey I bought my first house with a conventional loan, put 5% down and bought a 4/3/2 house. I put a roommate in each one of the rooms so I was essentially living there for free. I learned a ton as a first time home buyer with very low risk. And I used the small profits to put towards savings for my next project or for maintenance on my house.

Based on my experience...I would do the same over again. And looks like you're in prime age to do that. You can essentially buy a new home every year or so using the same 5% down and even move your roommates with you. Just be sure they treat your property well and take care of it. In 5 years you'll have 4 properties that are hopefully cash flowing for you and you'll have enough saved up to buy your first multi-family with all the knowledge and experience.

Best of luck in your RE journey!
 

Hey Mike! 

David here. I work with investors all over Oklahoma. I'd love to partner up and see how I can be of assistance. 

Hey Cory,

My team and I mainly work with distressed off-market properties all over Oklahoma. Would be more than happy to connect and see how we can help each other out. 

Not an expert in the area but I've sold a few deals in Lawton. I would say because Lawton is more affordable than most metro cities in the country, barrier to entry and the capital risk would be relatively lower.

However, if you're only going to be there for 5 months I would be careful as I would recommend getting familiar with the area and getting to know some trustworthy contractors who would be able to keep an eye out for you.

Having a team around you is key to success. If you can find a good team while you're there, and you know you can complete the renovation or flipping process while you're there, I would say go for it. But don't do it just because you feel like you have to. Patience and building a team around you is key. 

Hey Andrew! 

Fellow Okie here.

I think what everyone has said here is great and very insightful. Taking a step back on a much simpler scale and something to consider as well, I would sell after I've finished the renovation. 

If I was trying to scale, my primary goal would be to keep building my cash reserves. Say you rent this one and get good cashflow...if something goes wrong and you have to pay a lot in repairs, you'd be dumping your profits into the repairs, which would hold you back from purchasing your next property (scaling). If you sell right away, you can then keep half the profits (or whichever percentage you like) as a reserve and purchase your second with the remaining funds. That way if something goes wrong with the second, you can use your reserve to fix, without affecting your purchasing power for the next one. 

I hope this helps.

Congrats Matt! That's great to hear.

I would say one of the best things to do is find a local contact who you trust. Someone that would be willing to drop-in on the project from time to time and give you honest feedback on what's going on. Your agent might be great but I would suggest a third-party. Could be some type of project manager or general contractor if you plan on having more properties there in the future. 

Good luck!