All Forum Posts by: Dylan B.

I would have to agree with @Cassi Justiz on this.  I am seeing the same thing. 

@Jake Enas  

I would do it without a Realtor in this scenario.  As previously mentioned, they wouldn't be able to add much value in this transaction.  Don't know what the exact process is in California however I would suggest going to the Title company of choice and they should be able to take care of the process. 

@Nicholas Yelvington

To piggy back on what Cassi said, NW OKC is a good area, I think you just need to clarify your goals and criteria, then figure out where. 

Zillow will have some good deals however you'll find one that you really like, run your analysis on and figure out that it was sold 3 months ago... so its not the most efficient. I would also recommend connecting with a local agent and get set up with local searches.  That way you will get the deals sent straight to your email as soon as it comes on the market.  

I haven't personally had much luck with great deals from wholesalers lately, (if anyone as recommendations please let me know)  The deals I have seen recently from them are not even deals to me, they aren't even close to meeting my investing criteria.  I would suggest networking events, attend them and attend them regularly.  You will meet lots of great people that may or may not have deals. 

I have tried to BRRRR a few deals but what I have come to the conclusion in this market is when you get ready to refi, you are likely not going to be able to cashflow that much, if at all, if you plan on pulling the majority of the money you originally invested out. It all falls back on what are your goals and what do you feel comfortable with. I'm in it for cashflow, so the deal has to cashflow regardless of the situation.

Let me know if you have any questions and want to connect when you are back in town in the next couple months. 

@Account Closed if this is the house we were discussing the other day, I will refer you to the two companies I use in that town, it should be cheaper than what you were quoted.  I would go with the traditional HVAC, but with another company.

Investment Info:

Single-family residence buy & hold investment in Oklahoma.

Purchase price: $40,000
Cash invested: $13,000

Contributors:
Andrew Terrell

This is one of the properties my partner and I bought in a package deal last year. The tenant moved out in January and the property needed a major face-lift.

What made you interested in investing in this type of deal?

Wanted to add to our portfolio.

How did you find this deal and how did you negotiate it?

This was an off market deal that I made a relationship with a local landlord during networking at a monthly meet up that I host that was wanting out of the business.

How did you finance this deal?

Traditional lending through a small regional bank, we will probably end up BRRRRing this deal.

How did you add value to the deal?

The house was in pretty rough condition when we bought it and after the tenant moved out. We were able to hire a local contractor that was able to get all the work done in 4 weeks for a pretty fair price. We had our contractor sign a scope of work and the main repairs and improvements we had completed included:
Siding repair, new interior and exterior doors, all new lighting, flooring, paint, and minor renovations in the kitchen and bathroom.

What was the outcome?

11+% Cash on Cash returns and $200+ monthly Cashflow.

Lessons learned? Challenges?

We finally found a great contractor that is great at his job, showed up everyday, and reasonably price. Everything seemed very smooth with this reno.

@Pete M. I would recommend Amy Price with Shelter Insurance if it is a rental property.  I switched all my properties to her last year and it saved me quiet a bit and apparently I didn't have proper coverage with my last insurance company and she was able to get the right coverage for me.  

@Paul Choate First Thursday of every month.  I'll shoot you a text. 

I invest there and run a meet up there every month, with a good attendance of local landlords.  It definitely has grown over the last decade.  I don't agree with your statement of "fairly depressing".  Feel free to reach out to me if you have further questions. 

@William Keasling Next time you are in Shawnee, let me know, if I am there I would love to meet up with you and talk about your project. 

@William Keasling I do alot of business in Shawnee and usually go to the neighboring town of Seminole and get cabinets from the Ace Hardware there.