All Forum Posts by: Kyler Ng

@Whitney Hutten I'm not attached to holding. I am happy to take the listing and get it sold for the owner. Was just trying to look at all options to see what the best route would be. 

Interesting. I wasn't aware of the CHOICERenovation option. I definitely lean towards BRRRR'ing it and that seems like it would be a valid option while leaving minimal cash in the deal. Thanks for all your input!

What would be the strategy here?

Thanks for the response. I do have the money for a down payment, I would just prefer to not tie up that money on a deal that doesn't quite have the numbers I usually would want to see. Just trying to explore different options for making the deal work with leaving a minimal amount of cash in it.

Hello! I’m looking for some recommendations on an opportunity I have. Here’s the details:

Potential Purchase Price: $95k

Estimated Rehab: $10-15k

ARV: $135k

Current Rent: $800 - well below market. Could be increased to $1,000 - $1,100

Tenant has been in place for years and is on a fixed income from the military with no issues or plans to leave.

If I were to purchase, I would want to leave a minimal amount of cash in the deal. The options I see here are:

1) BRRRR: Even without doing any rehab, this property would likely appraise for around $115k or more. So use private money for purchase, slowly increase rents with current tenant in place, then refi without doing any rehab until tenant decides to move.

2) Finance Traditionally: Borrow down payment from private lender, finance the rest with a lender. This would likely make the numbers tight for cash flow until the private money was paid back, but would have a higher cash flow thereafter.

3) List as Agent: I’m also a real estate agent, and the seller would be open to listing the property with me. Do I take the simplest route here and earn my commission and move on?

Any feedback on these thoughts is appreciated. I’m also open to any and all other suggestions that you might have! Thanks!

Hey Bryan. Glad to hear you're interested in the Tulsa market! There is a lot of opportunity here (if you can beat everyone else to it). I currently invest in the area and am almost complete with my first flip, which is actually in the same price point you are looking at. While I am flipping this one, I will start to BRRRR after this. The price point you're looking at is great, especially around the TU area. I'm also an agent that works Tulsa, Broken Arrow, and the surrounding areas. I'd be happy to do some leg work for you here as you start to invest long distance!

@Nik Stophel I was asking myself this question for the last year or so, minus the long distance. I live in the Tulsa area and have been wanting to invest, but felt like I needed to keep educating myself before starting. That included everything BP has to offer and getting my real estate license to start a career as an agent.

I finally pulled the trigger and am closing this week on what will be my first flip. Even though the work has hardly even started, I can already say it has been an accelerated learning process compared to anything you’ll read or listen to. So assuming you are in a good financial position to make the investment, I say absolutely go for it. As long as you buy right and have multiple exit strategies, I see it as the only way to learn that’s going to pay you!

If you need help with anything, let me know! Like I said I work the Tulsa area and don’t mind doing some legwork for you if it helps you get started.

@Steven Lam Hey! Definitely some opportunity in that area. I'm a real estate agent and newer investor in the Tulsa and surrounding areas. Feel free to reach out anytime and I'll be happy to help!

@Grant Doyle Thanks! Let’s get together sometime and see if we can help each other out!

@Ehsan Rishat I consider the entire BiggerPockets community as my mentor. So no, not an official mentor, just lots of time reading forums, books, and listening to podcasts.