All Forum Posts by: Lucas Hammer

I'm looking to buy a second home in Tulsa (again) and I'm looking to see if I can find a portfolio lender. It would be a second home for me, but I may rent it out at times since I live out of state (either vacation rental or during school years, etc.). Does anyone know of a lender in the Tulsa area that could help me out without requiring a 20% down payment? I can do 10 to 15, but I want to keep some reserves in case anything unforeseen comes up.

So I'm looking to buy a house out of town and was hoping to use a second-home loan to get a lower than 20% down payment. We'd also like to rent it out with a property manager for the first year while it builds up equity, but it's in a city that my entire family lives in, so long-term we'd want to use it as our own second house.

Does anyone know if a second-home mortgage requires you to occupy the property a certain amount of time each year or if there's another way to get a property out of state without a 20% down payment? It's a single-family home I'm looking into.

@Bob Malecki, if you still have it, I'm looking for a property in Tulsa depending on the details/condition.

Going to add my $.02 here. I found BP because it was the only site that was nothing but real estate. I like the idea of expanding, but I agree with all the other comments about sister sites and not diluting the best RE platform ever made.

@Nick Rutkowski Thanks, now I'm going to have that song stuck in my head all day.

@Jonathan Trimboli, I would probably put 50% down on a large $6MM complex or 2 $3MM complexes. Keeping leverage lower than your typical 70-80% LTV should help with higher cashflow and keep you safe in case of a downturn.

In what is probably the dumbest landlord problem I've had, there's a faucet in a kitchen sink that the handle is getting looser/stripped on the inside, so I'm looking to replace it. I can't find a single faucet under $200 that doesn't have some kind of reviews saying that they leak after a few years. Is this just a problem I'm going to have or does anyone have a recommendation on one that'll last a lot longer?

@David Chriswick is house hacking something you'd be interested in? Also, do you have neighborhoods in mind?

So I'm having a garage torn down and either a pad or a new one put in its place and all the big garage companies are giving me asinine quotes so far. I have a few more coming out, but I'm thinking about just hiring people separately and managing the project myself.

I haven't been able to find a demo company that works in my area so far (or at least one with any reviews or a website). They would have the be insured/licensed because the garage is a foot or so from my neighbor's coach house and I don't want any liability issues if something falls the wrong way.

Any suggestions?

Hey everyone.

I was wondering if anyone had a recommendation for a GC or concrete company that'll do a decent job without killing my budget on the west/southwest side of the city. I'm near Cermak and California. I'm needing a garage torn down, a concrete pad put in it's place, some fencing, a retaining wall repaired, and possibly a couple concrete steps repaired/replaced. I'll be financing the project, so I'll need quotes for the lender to release the funds for the repair work. Thanks!

Sorry for another post here, but I recently learned about the FHA Title 1 loan for home renovations and from what I can tell, I can get up to 24k for a 2-unit to fix it up with no prepayment penalty if I refinance. A couple of the local lenders I talked to never mentioned this, so does anyone know someone who has experience in this kind of lending?

I'm looking to find out if I have to have quotes up front and if the loan can be adjusted for overages. I'm going to have a few projects tied to the loan and just want to hammer out any details I can think of ahead of time so I don't get in over my head.