All Forum Posts by: Lisa Williams

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $112,000
Cash invested: $23,000

Single family home with a mid century vibe, in great shape and in a great area of Tulsa.

What made you interested in investing in this type of deal?

Great neighborhood for either short term rental or traditional long term rental.

How did you finance this deal?

Private money lender

How did you add value to the deal?

Rehab bathroom

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a realtor, so I handled the transaction.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $112,000
Cash invested: $23,000

What made you interested in investing in this type of deal?

Great neighborhood for either short term rental or traditional long term rental.

How did you finance this deal?

Private money lender

How did you add value to the deal?

Rehab bathroom

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a realtor, so I handled the transaction.

Hi Mark. I would say it depends on what you want out of a rental property; do you want to build equity or just focus on cash flow? Broken Arrow is growing with lots of new construction, and many older homes wind up being rentals. The lease price is not bad, but may not meet the 1% rule on most of them. Some investors overlook less desirable areas, where real estate is less expensive, but there are plenty of renters. Section 8 housing can be pretty lucrative for investors, and if you take better care of the property and the tenant, you can keep the houses rented. Some people consider it compassionate investing, and it can actually help a neighborhood turn around. Best of luck, and let me know if you need an investor friendly realtor!

Lisa

Oh, never mind, I see it now. I'll be out of town next week. Have fun!

Lisa

Hi Garrett, when is the meetup taking place?

Thanks,

LIsa Williams

Micheal, I would agree, investigate Section 8. It will serve to help some underserved population tenants, and it can get you better rents. I have considered going that route, but am mainly focusing on short term rentals right now, purchasing and managing, for myself and others. My personal philosophy is buying properties that I am proud of and would live in myself. I have no desire to be a slum lord, or treat tenants badly. Compassionate investing can be lucrative, if done right.

Michael, my advice would be to not forget your due diligence. Check credit, past landlords, work history, and even OSCN, (Court records) here in Tulsa. Many times you can see if a tenant has a history of eviction, or other issues that could interfere with their ability to pay rent. Trust your gut, but strive to get all the info you can on prospective tenants. Some will still become problems, but that happens with all property classes, to some degree. Good luck!

Lisa Williams

Hi Roman! You are in the right place to find info and advice about RE investing. Lots of people willing to share their successes and failures! I have mostly lurked on here, occasionally reply to people if I have any direct knowledge, but learn lots just reading. What is your situation now? Are you renting or do you own a home now? House hacking is an option for getting into RE, if you rent. I wish I had known about it when I bought my first house! Sounds like you are in a good place to jump into investing.

I have been investing in short term rentals. I have 3 STR's now, in just under a year. Two are in Tulsa and one is down in Galveston, TX. I enjoy finding and getting the properties ready for guests, and find it more lucrative than "regular" long term rentals. We use Airbnb and Homeaway/VRBO for our properties, and are starting to manage other STR's also. I don't see much discussion about STR's on here, but would love to talk about it if anyone is interested.

Lisa

Hi Seth. The first step is hard, but arguably the most important! I work with investors and some of them are brand new also. House hacking sounds like a good plan! Look for 2-4 properties, with some tenants in place. You'll have an easier time getting a loan if you already have a tenant paying the mortgage. Best of luck!

Lisa Williams

McGraw Realtors

Yes, build some credit. Put utilities in your name, open a Best Buy credit card, and pay on time. In a year, you have some cash and the credit a lender will look for. Hard money can be useful, but talk to a traditional lender and build a relationship. I would think about finding a rental that is occupied, when your friend the lender says he/she will agree to give you a loan. Much easier to buy a property that will pay for itself and you can show the lender that is the case. Good Luck!