All Forum Posts by: Kiera Underwood

@Kaelin Stewart It depends on the seller and the situation. It sounds like this seller likes to have one with an offer and the agent knows it, however, there are sellers that wouldn't require it. I'd suggest getting a general pre-approval regardless so you're not scrambling when you do lock something down. 

@Jason Selle then you're in a good place! I can only speak to OKC but with all cash buy and rehab it's doable here with the right people! 

@Tony V. good deal! We're on the same page. 

@Tony V. I want to add to that for big picture. The thing is that with this strategy, especially if you buy multifamily you're not only getting an investment property that you can rent out in a year, but you're also likely lowering your cost of living. If you're disciplined to save the amount you were spending renting or on a more expensive mortgage, you can use all of those saved funds to to it again in a year. 

After you've got a couple under your belt you can use all the cash flow to utilize a different strategy that doesn't require that you move each year. 

@Tony V. Are you living in the OKC area? If funds are the issue I'd suggest house hacking over all else. With this strategy, you have to live in anything you buy for 1 year but you only have to bring 3% -5% down depending on if you've bought before! 

I did this with my first duplex. Something to consider! 

Love @Tracy Streich's advice. Something else a lot of out of state investors don't factor into out of state BRRRR is financing. A lot of commercial lenders that are comfortable with the deals here will lend to in-state guys only. So for out of state I've seen it done with all cash purcahse and rehab, but numbers are too tight here to comfortable tell someone to use a HML.

That said if anyone has a commercial lender that's happy to do low end brrrr deals for out of state buyers send them my way haha.  

@Jason Selle what's your financing plan? 

@Constance Kawa-Small see above. 

@Constance Kawa-Small Oklahoma City is great because you can lock down 60-80k rentals in C class areas with 8% caps or you can move to B class for 80k-120k with 7.5% caps. 1% rent to value ratios, low taxes, insulation to recession. In the last downturn when other markets values tanked and rent rates went with them we stayed steady. Just a lot of peace of mind here. Not to mention a steady increase in population. It's a great place to live and invest. 

@Bryan Malone good market choice! Like a few have mentioned, it's tough to get multi here that's got a great rate of return. It's doable, but you've got to be with the right provider and be prepared to move as soon as it's available! 

SF deals with great numbers are more readily available and will allow you to take a breath before you pull the trigger. 

Happy to be a resource along the way. Good luck!

@Noel Christopher happy to discuss!