All Forum Posts by: Hannah McBee

Thank you everyone. @Ryan Zwerneman I appreciate the info, that was very helpful. Asking price won't get us any CF, so I believe that any wise investor will offer the amount that lets them CF (which is what we are doing). It just stinks because at first glance our offer $30k under asking prob won't be considered. It's good to know that comps can't be truly relied on in today's market. (Still a bummer! LOL)

@Joe Villeneuve Thankfully the property will cash flow with 2 tenants paying if I offer $225k but we will be househacking it initially. It will NOT CF at the asking price (in addition to being more than we can spend) so offering at asking price is not possible for us. The comps that I listed are very similar in square footage to the one for sale. So you think I should offer at the highest amount that still CF? 

Hi I'm putting in my first offer on a duplex to house hack near TULSA OK.  Its listed at $265k in a class B neighborhood where other duplexes are valued at about $200k. The 2 most recent comps (1.5 miles away) are from April 2021 and May 2021 and sold for $200k and $225k. This duplex has cosmetic upgrades (granite and new SS appliances) but nothing in the listing talks about age of roof, hvac, etc. My realtor is waiting to talk to the seller since the broker is directing inquiries to a (currently unresponsive) seller. Heres my question- these 2 comps (and others that I researched) all sound between $79-83/ sq foot. This duplex is listed at $118/sqft. I'm thinking of offering $225k which is $96sqft. My realtor says we won't win at that offer amount. Should I not offer at all or should I go against what I believe is wise and have the most expensive duplex in the neighborhood? This is the first duplex in months that matches what we have been searching for! I just fear paying too much just because the market is super hot. 

Hi, I forgot to mention that Option #1 doesnt have PMI so the monthly payment is lower than Option #2. Both are conventional loans.

Hi, I'll be househacking my 1st duplex this year. I have 2 options for a mortgage and I'll like to know which one you'd choose in my situation. It's a buy and hold long-term and we plan to buy another property to househack in a couple years from now. To keep it simple, I won't include reserve amounts or rehab costs.

Option #1: 0% downpayment with a 3.5% interest rate ARM (adjustable after 7 years) *We should have enough equity to refi before the 7th year hits*. Closing costs are $5,800 so that's all the money we'd spend out of pocket. Monthly payment is $1,375/month.

Option #2: 3% downpayment with a fixed 3.375% interest rate for 30 years. Closing costs and downpayment combined is $12,560. Monthly payment is $1,410/ month.

Which option would you choose and why?! Thanks! 

 Hi @Tim Herman, thanks for the reply! I'm using documents from BP and others that were included as bonus content from a Brandon Turner book.  But since I've revised them and most docs are Oklahoma specific, I want to have a local attorney ensure I'm not breaking laws!  Lol 

@Alyssa Dyer thank you so much! I'll PM you now.

Hello! I have revised documents related to being a landlord and want to have them reviewed by an Oklahoma attorney. Is there a criteria for what documents they need to review for legality (such as 'if the tenant has to sign at the bottom' OR 'any document held in the file of the tenant' etc).

Examples I have are The Lease, The Pet Addendum, Move In/Move Out Checklist, Co-Signer Agreement. Some are informational and informal (no signature required) and some are very formal.

Thanks!

@Kevin S. You're so right about them going pending so fast. I almost pulled the trigger on a duplex last year but was a day late. I'm hoping that driving for dollars will be a better strategy, which is what's prompting my original question. I'm just unsure if there are small "pockets" of neighborhoods that have a street of 2-4 unit properties. Have u heard of any?

@Tom Ostasik thanks! What I'm trying to do is ultimately drive for dollars, because (like you said) the MLS just isnt doing it for me. Lol but I'm unable to find those small pockets of Tulsa/BA/ Sand Springs, that may have a street of triplexes or duplexes. I have seen a couple quads that were for sale but they were in rough parts of north Tulsa. Im keeping an eye on the 121st and Elm area of BA for those duplexes. Have you heard of any areas that have small MF properties?

@Joe Funari thanks for the reply! I'm in Tulsa, OK (but was raised in Garland!! 😉). Will the MLS let me view properties that are NOT for sale? I'm trying to find different pockets of triplexes or quads in Tulsa. I've seen small neighborhoods of duplexes in Tulsa area but idk if 3&4 unit properties exist here.