All Forum Posts by: Micheal Briscoe

If you haven't found a lender, I use Tom Rosser at Gateway Mortgage when I finance conventionally.  He's been great and creative when necessary.  A true closer.  

I had two come back at 60k on appraisals.  Rest were all 70-90K I believe.  Bought with 5 of the 7 vacant.  Have filled 3 of 5 for $1,100.  Have two vacancies still to fill and 2 to turnover here in the next few months.  All 7 should be renting for right around the $1,100 mark.  

Probably a 6 month timeline, but any help is appreciated.  

Edit:  Market is a small city of ~95k.  

I have a 7 house portfolio I purchased at a 12.5 cap. Severely under rented.  Used commercial lending, but late in the game they bumped me from a 20yr to a 15yr term.  Performed commercial mortgage appraisals on all 7 individually and appraisals came back ~20k (total) over collective purchase price.  Single portfolio mortgage in place, 5% @ 15am, 5yr balloon. 

Cashflow is still good, but as we lease up and stabilize we’re doing better than I expected. We’re looking at stabilizing around a 20 cap based on original purchase price.  Trying to explore lenders/lending options that would allow me to cash out /refi the portfolio based on performance numbers with the possibility of a longer term. Even a 20yr would have more appeal. No early payoff penalties with my current lender. 

Something that is particularly common in Lawton. Lots of package deals and the way Comanche county records things doesn’t help. 

 They’re literally all over the map. Mostly NW addresses.  One SW, which is my only 4/2 and it’s proving the hardest to lease. 

Don’t think I have any in ‘Old Town’ or whatever they call that area. 

I’m two months into my Lawton adventure. I bought a 7 house portfolio from a private seller. All older, mostly 3/1’s ~1,000 - 1,200 sqft.  But all well maintained with central heat and air.  

5 of the 7 were vacant. My PM covers OKC and Lawton. She aims high and typically locks in top tier tenants.  The mom and pop previous owners had been renting for ~$700/door. We’ve leased 3 out of the 5 for $1100 now.  Still two vacancy’s. I’m at a crossroads and defaulting to my PM. I’d factored higher vacancy but also ~$900/door.  I had expected lease up to be slightly faster. 

Overall, off to a great start. Will be running at a 20 cap if we get all 7 to $1100, which I think is possible. 

He’s likey experienced same as I have. I have a couple +1% purchased deals in a hot neighborhood ($1295 @ 122.5k and $1395 @ 113k).  Due to the nature of the market, their values are 205k and 185k now. Rents have only came up to $1350 and $1495.  

The current return on equity looks poor, but I’m anticipating our market rents to start closing the gap.  And there’s nothing on (or off) the market that justifies cashing out and redeploying. 

Would be a good idea to budget ahead of time and set some funds back.  

In your situation, I would look into a HELOC. Either on your primary or on your rental. Rental HELOCs are hard to come by, but they are out there. I can almost guarantee they'll have better terms and structure vs the options you listed. Especially over a refi at todays rates.

Use the Meetup Ap. There are several meetups that utilize it for scheduling or advertising. There's a REIA, a wholesalers breakfast and couple of investor monthly meetups that all post their meetups on there.

There’s about a 100 investor/wholesaler groups on FB as well that occasionally organize impromptu lunches or coffee. 

Scared money don’t make money!

OKC was one of only 14 cities that grew by 100,000 residents from 2010-2020. The market is tight. It’s both a cashflow and appreciation market right now.