All Forum Posts by: Michael Slockers

@Kevin M Finley I can only comment that for my private lenders, it hasn't been a hard sell at all. They are not comparing it to some other aggressive investment. they are comparing it to a 1.0% savings account or a 2.0% CD. They see it as low-risk and therefore are happy with 4-7%. Different strokes for different folks I suppose. 

@Kevin M Finley but as a point of reference, those originations are constantly costing you money. I am currently using private investors with no points, 4%, 4.5%, 6%, and 7%.

@Matthew Kresky sounds like a perfect time to start a house hack?!

@Marcello Oliveri you may find that there are certain areas that perform better or worse but not all can be defined by the zip code boundaries... That would be easier though...

What are your goals?

@Jonathan Myers do you have a contract with the broker? It must cover this detail?

@KC Boultinghouse TMF does some. We do some but rarely. Mogul used to do a lot but haven't heard from them in a while.

@John Collins thanks for the list!

@Femi Ibrahim

Thank you for the humility in this post. This is a terrible feeling for me as a reader, and I'm sure much worse for you. As Dave Ramsey says, and I echo, "I've done stupid with zeros on the end!" I have learned many lessons the hard way and reading your post caused me to pucker up at times I've done a fast purchase with less-than-due diligence. 

Makes me wonder if someone has a great pre-purchase checklist they use for their due-diligence, at least on SFH purchases? Would be great if you're willing to share.

@Wesley Childers Sounds like you are all over this! 

There are probably other duplexes out there that are "for sale" but not listed on the MLS. You could always contact those owners.

On the one you mentioned that is listed over asking price, you could get a quick and cheap BPO on the property (Broker's Price Opinion). This is a very simple opinion of the property, very affordable, to see if you are correct about the potential valuation. If it were me I'd just make an offer and see if they take it. If it is still listed for sale, their real estate agent must be engaged and have an agreement with the owner to sell. Offer 10-20k under fair market and see what they do? Good luck!

@Derek Gilbert welcome to Tulsa! If you still know the OKC market why not just hit both markets?