All Forum Posts by: Matt Merriott
Matt Merriott has started 8 posts and replied 18 times.
Post: Group showing of rental property?
- Posts 19
- Votes 14
Appreciate the reply's! Ive had 25 people message me from FB (the post says I wont respond to messages) 10 messages from Avail and 3 from Zillow in 3 days. The one showing I had on Monday told me she wanted it but has not completed the app. So hopefully I can get one in this showing on Friday and get this one rented.
Post: Group showing of rental property?
- Posts 19
- Votes 14
I have a full time job as im sure most do, so time is valuable. Is there anything wrong with doing a group showing of interested potential tenants? I scheduled 3 showings for 15 minutes each last monday and only one showed.
Post: Buying a foreclosure after sheriffs sale date is scheduled
- Posts 19
- Votes 14
Quote from @Kevin Sobilo:
@Matt Merriott, it absolutely is possible (in my state at least) to buy the property at this point before the sale. I just did EXACTLY this several weeks ago.
I had been working a deal which was an estate that the heirs had not taken control over and the house was going into foreclosure. By the time we got things moving the sheriffs auction was scheduled. We closed the sale about 7 days before the auction. I made sure the closing agent notified the sheriff so they would make sure to remove it from the sale and avoid any messiness that might cause.
So, if you can find the owner and make a deal work. It is possible. Keep in mind the mortgage balance to be paid has likely jumped up with the fees and foreclosure costs that the lender has tacked on as it has progressed towards the sheriffs auction, but if you can make the numbers work you can do it.
@Kevin Sobilo Awsome! thank you for the response!
Post: Buying a foreclosure after sheriffs sale date is scheduled
- Posts 19
- Votes 14
Ive tried to search the forums but have not found an answer I was looking for.
Found a house that has been foreclosed and is listed on the county record for auction 4/3. At this point is it possible to purchase prior to the sale date or is it too late and I will need to show up at the auction and bid?
Post: 1st time STR purchase question
- Posts 19
- Votes 14
Quote from @Michael Baum:
Hey @Matt Merriott, It is hard to tell as we don't know where it is located. How about telling us?
I would hope you could increase your occupancy.
This property is in Vian OK per the AirDNA sections. I checked on Mashvisor and there is no STR data because its not listed on AirBNB?
Post: 1st time STR purchase question
- Posts 19
- Votes 14
So I made an offer on a 1bd 1bath STR that grossed 15k last year on VRBO only with a flat rate of $150/night year round. 85 nights booked with 36 individuals. This is a lake property so one would think it's seasonal.
My question, if we add it to Airbnb and market accordingly is it likely we can improve from the 15k annually? Loaded question I know but looking for input
Post: Refi - Good deal or search around?
- Posts 19
- Votes 14
I currently have a rental which I purchased and rehabbed in full with a HELOC from my home. Initial investment was 81k, currently owe 74k at 7.5% for 4 more years.
I contacted the bank to refi and here are my options:
1. LOC and a fully Amortized loan 7.7% (can refi after 1 year)
2. LOC only for full value (approx 100k) 7.7%
They will also finance 85% of future investments or appraised value whichever is lower.
I feel option 1 is the way to go, I will still have around 25k LOC and have a normal payment over 25 years.
Or is 7.7% too high and I need to shop around?
Thought I would introduce myself, my name is Matt and I live and have properties in Eastern OK. I currently have a 3bd/1.5bath single family home and a 2bd/2.5bath townhouse/condo we are renting cash flowing $969/month between the two.
My wife and I have been wanting to get into real estate for a while and finally pulled the trigger in 2022 purchasing both of those properties. I found the BiggerPockets podcast and this community so ive been lurking for a few weeks now this being my first post.
Currently trying to work a deal on a lake property for a STR for property #3. We have a goal of 6 investments this year so as Rich Dad says, figure out "how you can afford it".