All Forum Posts by: Jacob Chapman

Hey BP! I am looking to move and Invest in Oklahoma City and as such am hoping to connect with some other investors, contractors, agents, etc. I have recently found a few properties I think may be a good deal and want to take a next step on them but I need a little help with estimating the rehab costs - since I am new I have NO idea how much it will cost. I want to learn, but I don't know we're to start in estimating rehab costs Anyone willing to connect and help me out? Thank you so much!

hey @Shaun Morgan , I don't have too much experience in this field so DEFINITELY take my opinion with a pound of salt, but from my education in entrepreneurship and from what research on the topic I have done, when it comes to private investors it is less about what info you bring to the table on the first visit and more so how you approach the situation. I was even just listening to some of the first podcasts today -i think it was show 11 or 12 or so  - on private funding through seller financing and how they highly recommended not even approaching the subject of financials until they had met and talked at least 3-4 times prior.  Again, newbie here, but I would try and build a relationship with the person prior to asking for investing. I'd say, hey I know you are a local investor, and i am too - want to get some coffee some time? Then see if his goals align with your plan, and after a few visits say, hey John Doe, i have this deal, can i have your advice on if you think it is a good deal, and something that you would conciser putting your money down on?

Again, take my word as that of an amateur as well, but that's how i would approach it. 

Not that i am too experienced in this field but depending on how they plan on selling it, i'd just make sure that you get some clarification in writing as to their intent - for example, are they going to treat you as a wholesaler, or are they going to treat you as if you were their real estate agent representing them. Just spouting out here, but definitely get that clarified as you do not want to cross the line where a friend is planning on paying you commission from the sale as if you were an agent if you don't have your license. 

@Mike McCarthy hey Mike, thanks for the quick response! You see that is kind of my problem haha! MY comfort level is really high! For example if drywall is down, I see that as an opportunity to update all of the cabling (internet, power, and cable) if needed or at least you know what it is when you check it out. My wife's comfort level is.... A freshly remodeled home haha. That said she knows and is willing to compromise, but since we are inexperienced it would be best to get some outside opinions. Though I am a big DIYer for the first rehab all of the mayor things we will likely vend out to keep stress and lack of experience from stopping us from ever getting started.

Hey BP! Just looking for some opinions and advice from those more experienced that I :) So I have been listening to to the podcasts for over a year now and am moving to an area where I want to start on my real estate dream. That said, I always heard in every podcast that EVERYONE would joke and say that for their first house they would pay too much, take on too much, estimate wrong, and any number of other mistakes that would happen. Obviously I want to not fall into the same trap! So, I am hoping to set myself some limits and get some advice on how much work is to much work for a rehab? For example, say there is a home that is listed at 40k, but I think I might be able to get it for 30-35k. Homes near by have an ARV of around 80k, and all the numbers work out as long as rehab costs are around the 20k range. THAT SAID, for a first rehab, how much work would be too much work? Say I go into it to check it out and all the walls and flooring are taken out to the studs - too much? Say walls are still up and flooring in but it needs to be gutted more? What if it needs a new roof but inside if mostly ok? What if it is all of the above? And on that note, for a small duplex that's about 1100 sq ft total, what is the HIGHEST rehab cost that you would assume worst case scenario? I will be honest, this is a hard question to ask since there are so many variables, but any advice would be great :)

So I was also contacted by Bridgehouse and am interested in going through with a deal, my biggest problem is the lack of communication. I first was contacted my an individual named Amir, but he them passed me off to another individual named Mario, possibly the same Mario who posted above? Either way since then I have called myself, left voicemails, and sent emails back but unfortunately have not gotten a response from them. If you have had experience as a buyer then I can't speak for that side, but in truth there really is not too much they could do to either take your money or scam you from a seller point of view.

That said, I don't quite understand where John is coming from... By nature of the the Lease Option if you are acting as the seller, you provide them with no money for then to run away with.. in fact if they don't pay you after a lease is signed, just send them to court and if needed collections..

@Dan Williams thank you for the information Dan, I am not to familiar with MeetUp, but I can definitely look into it. by chance would you know if the meeting is an online meeting or in person? I only ask as it will be some time before I am able to physically be in OKC

Hey BP! I have a property I would like to rent out furnished but I have no idea on where to price it vs unfurnished homes.. any ideas? I could always arbitrarily throw a number up but doing that is just poor business. Thanks in advance!

A little about me: my wife and I have been married for 3 years. I have lived in OK for 2 years of my life in 2011-2013 and plan on moving back possibly forever. I work professionally as a property manager for an apartment community of 256 units so investing in real estate and eventually trading up to small Apartments is kind of a no brainier for me. I have learned a lot from reading a lot of the BP books and listening to the podcasts but am fairly green in actually the leg work as until recently it wasn't really an option.

Hey BP forums! In short I want to connect and start a professional relationship with some like minded people and not just the first person I come into contact with through any of agency ;) I am currently living in AZ but plan to move to OK shortly for professional and personal reasons. As such it saddens me a bit but I need to start over from scratch with making new connections if I hope to start investing within the year, but I am excited for the opportunity it may bring. As such I was wondering if anyone in the OKC area wanted to connect. Ideally real estate agents with experience looking for BRRRR properties in central OKC would be preferable since that is the strategy that I plan on using to grow my portfolio. I am extremely excited to create a long lasting relationship and hope to eventually make it profitable for all parties!