All Forum Posts by: Micheal Briscoe
Micheal Briscoe has started 4 posts and replied 49 times.
Post: Rehab Estimate Cheat Sheet

- Edmond, OK
- Posts 53
- Votes 63
I just ask my contractor for rough quotes towards ‘future projects’ with the explanation that it allows me to bid more competitively.
And I had windows bought and installed at $250 per window through my GC. 2-2.50 sqft for painting. ~$100/panel on fencing installed (rough quote, haven’t had any done yet). Roofs are a toss up, but I’m having one done tomorrow on a 1,000 sqft home for $7k. That’s not replacing the decking. If I replaced the decking with OSB it’d be 11-12K with lumber prices.
Post: OKC BRRRRs OOS investor

- Edmond, OK
- Posts 53
- Votes 63
@Corey M. I feel like this is almost a baited question. You came asking about BRRRR's and now your touting a turnkey company.
I had to google REI Invest to even see who they were. I know nothing of their #'s. I rarely trust anyone's purported cashflow #'s.
I can bet a lot of their success that they are having is due to their system, scale and marketing. If your not generating your own leads (which I’m sure they are) then everyone else in the middle is eating your pie. There used to be enough margin the buy off the mls or buy from a wholesaler and still make your $$$. That’s not the case in today’s market.
Post: OKC BRRRRs OOS investor

- Edmond, OK
- Posts 53
- Votes 63
Same same. It's ridiculously hot here. Anything that needs work is going for ARV-rehab. There's absolutely no margin that I'm finding. Wholesalers ARVs are way over optimistic.
Post: Resources in Duncan OK

- Edmond, OK
- Posts 53
- Votes 63
Looking to network with other investors there and/or an agent.
Post: General Contractors in the OKC metroplex area

- Edmond, OK
- Posts 53
- Votes 63
Ive used Joeseph Monroe with Leal Construction, but all my stuff has been relatively light. Painting, some minor drywall, windows, a front door and a tile kitchen floor. Happy so far.
Another I’ve had out for a quote was Kyle with Essential Construction. Their stuff looks great on FB and their price was a bit higher.
Another I may get a quote from for my next is 360 Renovations. An acquaintance recently had a flip done via a them and it looked great. Sounded very reasonable.
Post: $175 cash flow but CoC 3% - Would you buy?

- Edmond, OK
- Posts 53
- Votes 63
@Charlie Anne I still think this could be a deal, you just need to go over the numbers. I’m a bit confused as you have 7.5k in closing costs but I think I also read the seller was paying closing costs? How in depth is the rehab budget? Are the items in the planned rehab absolutely necessary or things you just ‘could’ do? I’d also suggest at least talking with a local property manager to get a better idea of projected rents.
And definitely shop your lenders. I’d have 2 or 3 options in my back pocket. Do you have a mentor or friend that can help you evaluate your #’s?
Post: Whey are there so many houses for sale in Edmond?

- Edmond, OK
- Posts 53
- Votes 63
@Stephen Sokolow again, not a realtor. But I’d consider ‘old’ Edmond the areas around UCO, more specifically just South. For flips, I see more going on in the smaller, older homes. The west side of Edmond is mostly new and overbuilt. Anything big you could flip you can almost find a new build, so why go to the the trouble.
@Jase Machado a provision most are missing (at least in regards to the 401k) is that if you redeposit the withdrawn funds within 3 years its treated as a rollover and not a withdrawal. Meaning you’d pay 0 taxes.
Post: Options when DTI is too high

- Edmond, OK
- Posts 53
- Votes 63
Originally posted by @Lola Omishore:
What rates/loan terms are you looking to secure ideally?
The rates on 30yr fixed at the moment has me drooling. My properties are borderline BRRRR's, just didn't pursue the refinance as I prefer the cashflow. I had a refi lined up to drop from 5.25 to 3.75, but the job shift nixed it.
In my current model, the 5-6% range could work, but it makes it a bit lean due to the rising house prices with low rates.
I guess I’m looking to pivot, just trying to examine all options/possibilities. And it may take a bigger shift than I had anticipated.
Post: Options when DTI is too high

- Edmond, OK
- Posts 53
- Votes 63
To keep the story short, employment changed via a corporate buyout. Pay structure and scale changed. Conventional underwriting is having a hard time due to the extreme amounts of overtime (168 hrs/week).
Just looking to see what’s out there as information on options outside of conventional lending is a bit hard to come by.
Current strategy is buy & hold with an emphasis on cashflow. I make a decent amount at W-2 so 25% down and good cashflow hasn't been a problem. Currently have 2 SFR's at 5.25% (job changed 5 days before refi / blew it up). Closing on another I've had under contract with a ‘construction' loan, 4.5% with 20 year ARM. Term kills the initial cashflow.
Had a quote on private money at 12%. Bout fell out of my chair.
Last I looked at rental specific lenders, they were 7-8% on the low end.
Any other options or paths I’m not looking at? Partnering is an option and I’m tempted to go ahead and try to jump to MF if I’m going to be utilizing commercial style financing anyways.