All Forum Posts by: Kiera Underwood

@Lesley Zvavanjanja I have found that higher-end properties are a bit tougher to rent around the holidays. I agree with Will that you can get it done, but you'll see luxury rentals cut rents to snag the few renters that are looking in the toughest months. 

@Doug Howeth I'm sorry I don't work with NOD's! Happy to talk with you more about the market though!

@Rob H. I'm not sure with a re-finance. I've reached out to a local lender and should have an answer shortly! Reach back out if you don't hear from me! 

@Byron Villela Jr. My success was hugely propelled forward by becoming friends with people that were VERY investment savvy. When I was in your shoes my questions started with what did you do? How did you start? I'd do that and save as much as you can! Between the two you'll start getting closer to following in someone's footsteps that has it figured out. No need to re-invent the wheel. Just do what others do! 

@Chris Clothier hit the nail on the head! The definition of turnkey really varies. You've got ask what the condition of the property is. Has it been fully ripped to the studs or just kept in rentable condition along the way? There isn't a wrong answer here. Almost every investor I know would rather snag something that's cash flowing higher and has a better equity position.. so they prefer a hoe that hasn't been fully flipped. However, some people really want the security of a completely remodeled home and will pay for that clean inspection report. 

The wrong answer is a provider who doesn't help you understand exactly what they're helping you secure you upfront. 

@Taylor Jacobsit depends what market you're in! Are you sticking to Denver? In OKC you can get 8% cap rates on B class properties for only 95k. You'd look at 6.8%+ caps for newer construction. 

I would make sure that these expenses are factored into the cap rate: vacancy, maintenance, property management fees and of course taxes/insurance. 

@Joe Muck I'd consider adding Oklahoma City to your list. It falls in line with the criteria you're likely working within those markets, but seems to be a bit less saturated! Forbes voted it recession-proof after the last downturn, so it also speaks to your concerns pretty strongly! 

Regardless excited for your journey! Good luck!!!

@Scott Rose I'd talk to a local lender. I'm not sure how they'll account for your ownership/income from the property because it's only 20% ownership, but maybe that's exactly what they'll do! I bought a duplex that I live in and when I move out they'll count the rental income I'm receiving as well as what I have my side marketed for in order to credit my debt/income ratio and qualify me again. 

@Charlie Moore Curious why? In OKC you can charge higher than market rents to section 8 tenants but it has to be marketed at that rate. So we may market at $950 a month when average market rents for the area are $850, knowing that the gov will pay that rate. However, if a non section 8 person applies at $950, why not lease to them? Maybe you're working another strategy though! 

@Prajwal Shetty so sorry that you're going through this. It's so shocking when I hear about these laws in other states. Wishing you well!