All Forum Posts by: Jaren Woeppel

Welcome to BP! I am going to be investing to the OKC area in the next year or so once I relocate there.

Leo Kingston Does this GC have experience with 203k projects?

Thanks, Steven. I didn't know there was a 203k database. I'll get going on the leg work right now and see what kind of information I can come up with. How long does a 203k usually take from start to finish?

Hey Everyone, I am interested in doing a 203k contraction loan in the Oklahoma City area. I wanted to know if anyone knew of an reputable GC in the area with experience in the 203k process. Also, if anyone has experience using a 203k, I would really love to hear your advice and experiences. Thanks, Jaren

Thanks, JD. Yes, I have a copy of the lease, I'll comb through it and see if there are terms in there if we decide to part ways. Also, the tenants lease is up in a few months and she has already described her interest in extending the lease another year. Would it be easiest to part ways then or better to cut ties now and get it over with?

I am going to get rid of my property management company because they are not doing the best job. I only have one single family house under management so I believe I will be able to handle it myself, because I have been dealing with the issues all along. The only thing they have been useful for was collecting rent. My question is how do I go about letting them go? What happens to the contract the tenant signed, because it was the property management company's rental contract? What about the deposit my tenant put down, will they have to transfer that over to me? Also, does anyone have a free and easy way I can collect rent from an out of town tenant? Thanks everyone! Jaren

@Mike H.

Thank you for the in depth analysis. One of my worries was the ease we would be able to get a refinanc. I was not sure if we owned the house outright, a bank would not have a problem doing a refi of 70% ARV. My thinking behind using all of my own capitol upfront was that we would be able to cash flow more per house because we would get lower rates than hard money and also not have to pay PMI...while essentially using none of our own money after the refi. Once again, in my head and in theory, I thought this plan would be great. However I wanted to hear from the real world investors ar BP to see if I was living in a fantasy world.

Trevor,

Thanks for your advice. To clairify, our plan is to allow her to be able to leave her job, I would like to stay at work. 

Does this plan make sense? I know it requires a lot more capitol upfront, but I believe it also uses leverage very well on the back end. Is there a lot of risk involved in this plan that I am overlooking? If the numbers are run correctly, is it easy to get these houses refinanced? Is it too much to expect to be able to manage the construction of the flip while working full time? 

I posted this in the beginners forum yesterday and it did not gain any traction. I am hoping this forum is the right place to go.

My wife and I have been saving up and educating ourself on real estate investing. Our goal is to have 7k in positive cash flow in 5 years. We both currently work full time, and we would like for her to not have to work anymore at the end of those 5 years.

The strategy we are looking to use is a mixture of 'flipping' and buy-and-hold. We will target properties to purchase listed in the 30k-60k range, with rehabs in the 10k-40k range, with ARV's in the 100k-150k range. We plan to buy one property at a time with cash, rehab with cash, then move a tenant in ASAP. Once we have that done, we would refinance the house, taking out how much cash we spent, and leaving the rest in as equity. Then repeat.

Do you guys/gals think this is a realistic strategy and we will be able to get to where we want to be in 5 years? Does anyone else use this strategy? What are the positives and negatives to investing like this?

My wife and I have been saving up and educating ourself on real estate investing. Our goal is to have 7k in positive cash flow in 5 years. We both currently work full time, and we would like for her to not have to work anymore at the end of those 5 years.

The strategy we are looking to use is a mixture of 'flipping' and buy-and-hold. We will target properties to purchase listed in the 30k-60k range, with rehabs in the 10k-40k range, with ARV's in the 100k-150k range. We plan to buy one property at a time with cash, rehab with cash, then move a tenant in ASAP. Once we have that done, we would refinance the house, taking out how much cash we spent, and leaving the rest in as equity. Then repeat.

Do you guys/gals think this is a realistic strategy and we will be able to get to where we want to be in 5 years? Does anyone else use this strategy? What are the positives and negatives to investing like this?