All Forum Posts by: Lara White

@Ethan Myres Congrats on your deal! Yes, commercial is a bit different. Honestly, all real estate is buyer beware... get an inspection like you said right! But commercial is doubly so I always think.  It's interesting that they counted them as commercial though, even though they are single family homes (for disclosure purposes).  I get it for the loan, but in Oklahoma we would still consider each one as an individual residential property - only after they are more than 5 units "under one roof" do they become commercial here for disclosure purposes - the loan can still be commercial!  Each state is so different. Congrats again on the deal!

@Allison Black - And I think if you are a Pro membership with BP... Rentredi is actually free for you.  I don't know how long that will last, but I just thought of that!  So, ignore the subscription amounts above!

@Allison Black I haven't used payrent.com. We use RentRedi (https://rentredi.com/) and it's easy. 

I copied this from their website: RentRedi offers monthly ($19.95/mo), 3-month ($15/mo), or annual ($9/mo) subscriptions.

All plans include rent collection, listing tools, lease signing & document storage, application & screening tools, maintenance request management, unlimited tenants & units, free teammate & maintenance accounts, and customer support.

@Adam Hurst can you help him out?  (Just in case Adam doesn't see this soon - you can contact him at Armstong Bank in Norman - https://www.armstrong.bank/locations/norman---main-st-)

Hi @Nicholas Otero Welcome to the BP forums! Using the VA loan to get a small multi is an awesome way to start.

Where are you going to be living? One way to start might be to find an investor friendly agent in the area where you will be living, who is familiar with VA loans. They can help guide you in the VA loan process, hook you up with a good VA lender and then if they are investor friendly (especially if they own rentals as well) - they should be able to help point you to some resources where you can get leases, and advertise and screen possible tenants. Do a search here in the forums, or using the BP Agent Tool to find one! https://www.biggerpockets.com/...

@Steven Porter Hi Steven - Are you working with a lender or realtor in the area? Either might have a good recommendation for you.  Most title companies should be friendly towards investors - are you closing locally? Or will you need them to coordinate a mobile notary/mail-out closing for you? 

*Are you closing in your personal name or in an LLC? (Might be something you ask if they can close in your personal name and then do a QCD into an LLC if you should choose to do that later.)

Hey @Cristian Portillo. Love the question! Can't wait to see what others answer. I've got 5 doors total, am a licensed agent who did almost $13M in transactions in 2022.

1) Finishing reno on 1 in Jan 2023, and another Jan/Feb - so that's part of my 2023 goal... finishing those and getting them rented out. 

2)Then I would like to buy 3-5 more doors, preferably a multi-fam unit for one of them. 

3) Build a STR/vacation home on a piece of land I own in Santa Rosa Beach, Fl. That's pricey real estate down there.... so it may not happen in 2023 alone.

4) I'm a licensed agent in Oklahoma, but I'm working on my Broker's license.  I would like to finish that by March 2023. And I'd like to do $15M in transactions for 2023.  (Feels like it should be part of my real estate goal!)

5) I have one Joint Venture, and I have another partner @Timothy Casallas that we are looking for a multi-fam to partner on in 2023.

@Qui Chau Oklahoma County does allow them, but depending on where you buy inside of the county - you might need to apply for a license. Here is the link for Oklahoma City https://www.okc.gov/department... If you are interested in Norman (which is Cleveland County), where the University of Oklahoma is here is the link https://www.normanok.gov/your-... 

What are your metrics for your LTR's?  

@Tiffany Drahonovsky That looks like a really fun, and cool flip!!  Please post pictures post-rehab.  

@Alicia Marks This is great!  My spouse used to get tired of talking about it with me... now he is on board. But, it'll nice to be able to actively discuss/learn.  I listen/read/work all things real estate, but it will be good to read/discuss the way through the material with investors who might have different approaches/markets/goals to help get out of my own focus and learn! Thanks for setting it up and moderating!