All Forum Posts by: Mitch Messer

Mitch Messer has started 80 posts and replied 2142 times.

Hello. I found a 2 bed 1 bath with an assumable mortgage of 5%. The location is good, located within 10 minutes of a major city. The property was built in the 70's. I'm eyeing it as a potential STR play. The property will cash flow as an STR, but will lose $100-$200/month as an LTR, and I'm ok with that. My concern is that the property has been sitting on the market for 80 days. i live out of state, and I wonder why the property has not been snatched up already. Is there something wrong with the property that I'm not seeing? I like the fact that it has an assumable mortgage with low interest rate, and low downpayment ($16K). But I don't want to get suckered into this property just because it's a low downpayment with assumable mortgage. Should I be concerned that this property has been sitting for over 80 days? Should I move on to something else?

Without details it would be impossible to know whether this is a great opportunity or a dog with fleas.

My best recommendation is to find yourself a great local real estate agent, preferably one who is also an investor, and get their perspective on this.

0 Votes

Quote from @Abigail Joanna:

Sales agent is pushing me to put the offer in and have a long option period so they can get the tenant out, but I'd rather wait to submit the offer until tenant eviction is completed. Agent suggested two weeks to get her out, but last week said she could be out by Friday, yesterday, and she is still there.

Thoughts? Thank you.

The seller is experiencing peak anxiety now, so why not get this under agreement TODAY?

I would push for a clause extending the due-diligence period to end a day or two after the tenant is out, to inspect for any new damage and adjust accordingly.

But, get that deal!

I think it was the legendary Ron LeGrand who said it best: "You can't steal in slow motion!"

3 Votes

Austin, Texas

Quote from @Jason Malabute:

Hey Mitch! Hope you’ve been doing well—crazy to think how far we’ve come since the mentorship days.

Yes, it's possible for a husband and wife to lend on the same deal using separate checkbook IRAs, but the structure has to be airtight to avoid triggering prohibited transaction rules. The safest and cleanest method is to set up a single promissory note where both IRAs are listed as co-lenders, each with a 50% interest. This keeps everything equal, avoids conflicts, and makes sure each IRA stays compliant. Just make sure all payments go directly back to each IRA, and that the borrower isn't a disqualified person. If it's structured right, it's totally doable—but definitely worth running by a tax attorney to be safe.

Hey Jason! Yeah, it's been a minute!

Thanks for confirming this. We did exactly this for a deal we closed last month.

Hope you're doing well, also!

0 Votes

If you're actively investing in Tulsa, Oklahoma, it can be very helpful to know:

❓ When was a property last sold and at what price?

❓ Who are the legal owners of a property?

❓ What are the property taxes, and are they current?

❓ Who owns the properties next door and/or across the street?

Fortunately, Tulsa has an incredibly helpful online public database for researching property data, and it's 100% FREE!

LOCCAT (https://ais-usc-tulsacounty-web.azurewebsites.net/FullMapView) is the Tulsa County Real Estate Information System. It aggregates data from the Tulsa County Clerk, Tax Assessor, and Treasurer, into a single, easy-to-use map interface.

As an active real estate investor, I rely heavily on LOCCAT to help me uncover potential investment opportunities, track local housing trends, keep an eye on my competition, and much more!

I've put together a short video explaining how to we use LOCCAT as investors. If you'd like access, let me know in the comments. It's completely FREE and there are no strings attached!

0 Votes

Tulsa, Oklahoma

Quote from @Albert Gallucci:

I see investment properties that flippers are trying to sell and also have listed for rent. They are not rented and they are not sold. My broker tells me you can get this much rent for this and I dont know how to find varification. When she says that she is basing it on what people are asking. The cunnundrum is maybe they are asking too much and thats why its not rented. Is there any place that list what units actually rented for , not just the landlords pipe dream of what he thinks he can get?

I would check with multiple local property managers who have comparable rental properties in the same markets as the target property.

They know exactly how much they're getting, as well as how long it should take to find a suitable tenant.

Please be sure to thank them appropriately for their time and assistance. I give them Starbuck gift certificates, myself!

1 Vote

Allentown, Pennsylvania

Congratulations to operator Shanelle Sherlin!! 🎉🎊🪇

This week she closed her SECOND private money acquisition deal with us at Home Pride Capital, this one involving a great property in Sand Springs (Metro #Tulsa), Oklahoma!!

The plan is to acquire this 2BR single-family house in need of renovation, perform a moderate rehab, and hold as a rental. When completed, the home will provide safe, #affordablehousing for some fortunate local family.

Shanelle got a private loan for 100% of the purchase + 100% of rehab costs (half at closing, the rest in about 60 days)!

ZERO hassle, ZERO draw fees, and we closed just 15 calendar days after we provided her with a proof-of-funds letter!

Meanwhile, our #privatelender receives 12% (annualized) interest (that's $640/mo!) over 6 months, while the local community gets a beautifully restored home returned back to the housing stock.

It's ALL part of how we like to #DoWellDoingGOOD!

#PrivateLending

#PrivateCredit

0 Votes

Tulsa, Oklahoma

Quote from @Kevin Martelo:

Hi everyone, I’m Kevin! I’m based in Queens, NY, and I’m just getting started on my real estate investing journey. I recently joined BiggerPockets because I want to learn how to build financial freedom—first for my parents, and then for myself.

My long-term dream is to purchase an apartment in Barranquilla, Colombia, where my parents are from, so they can retire comfortably. I’m also looking to invest here in the U.S. and create rental income through small multifamily properties or house hacking.

I currently work as a Spanish interpreter and earn about $27K/year, so I’m starting from the ground up—but I’m committed. Right now, I’m focused on learning, networking, and preparing to make that first move.

❓One thing I’d love advice on:

What’s your best tip for someone starting with limited income but big motivation and discipline?

Looking forward to learning from this awesome community and connecting with like-minded people!

Thanks,

Kevin M.

Hey Kevin, welcome to BiggerPockets!

I was raised in Queens, NY and I can relate to your goal to build financial freedom.

Also, while I've not yet visited Barranquilla, I have lived in Medellín and Santa Marta, Colombia! It's a beautiful country.

Fortunately, your personal income has little to do with your desire to learn real estate investing.

When you're starting out, only TWO skills truly matter:

1. Learn how to analyze, recognize and organize money-making deals.

2. Learn how to speak to sellers in such a way that they want to tell you their problems.

To develop these skills, you don't need a dime. You DO need to put in the hours practicing.

Find investors in your chosen market who are actually closing deals. Analyze the deals they've done. Talk to the seller leads they throw away.

Get some repetitions under your belt and you'll be well on your way!

1 Vote

New York City, New York

Quote from @Calvin Huddleston:

I am looking for a wholesale contracts forum I can used as templet.

If anyone can help please contact me

You should join Georgia REIA (google them for the website). Last I checked they had a library of real estate home-study courses that members could access. You'll find what you need there.

1 Vote

Atlanta, Georgia

Quote from @Jason Eyerly:

Quote from @Mitch Messer:

@Jason Eyerly Congratulations on getting a property under contract.

Just don't celebrate too soon...

Your next step should be to quickly perform due-diligence, to see if you really have a deal or not!

At an ARV of $180K, with $70K in repairs, your MAO should be closer to $56K.

So, you're already in the deal nearly $10K too high!

That means if you're unaware of any major (yet hidden) repairs, you may end up LOSING money on this deal.

Get an inspector (or GC) out there ASAP to see if that $70K rehab budget is real or just wishful thinking!

How do I go about getting them out there while I'm remote? We haven't signed anything or made any agreements but I didn't want to ask for a contractor to run through before I have anything under contract - I'll exhaust my contractor already. Based on what I plugged into the BiggerPockets Calculator if I wanted to profit $25,000 and there was $70k in repairs it said max allowable was $78,000 so I actually told them $65,000-$70,000.

Fortunately, you're in a city with a strong investor presence.

I recommend you reach out to one of the many local real estate investor associations (google "Charleston REIA") for solid contractor recommendations.

I'll bet someone good would do it for a couple hundred bucks.

I'll just say this about using anyone's calculator: You need to understand the assumptions behind it. The MAO formula (max_allowable_offer = 70% of ARV - Repairs) has been around far longer than BiggerPockets.

In order to make a profit on a fix-and-flip, you've got to know your rehab costs, but you ALSO have to account for:

- Financing costs, including origination and interest payments (unless you're paying cash)

- Holding costs, including property taxes, insurance, utilities

- Selling costs, including real estate commissions, buyer concessions, closings costs

If you were to pay $78K, put $70K in to rehab, and then spend another $15-20K on financing, holding, and selling costs, you will NOT be seeing $25K profit.

Anyone saying different should be required to show you their math!

2 Votes

Charleston, South Carolina

@Jason Eyerly Congratulations on getting a property under contract.

Just don't celebrate too soon...

Your next step should be to quickly perform due-diligence, to see if you really have a deal or not!

At an ARV of $180K, with $70K in repairs, your MAO should be closer to $56K.

So, you're already in the deal nearly $10K too high!

That means if you're unaware of any major (yet hidden) repairs, you may end up LOSING money on this deal.

Get an inspector (or GC) out there ASAP to see if that $70K rehab budget is real or just wishful thinking!

1 Vote

Charleston, South Carolina

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All Forum Posts by: Mitch Messer

Mitch Messer has started 80 posts and replied 2142 times.

Post: Found a property with assumable mortgage for potential STR

Post: Putting an offer on a duplex with a tenant in the eviction process?

Post: Can a Husband and Wife with Separate IRAs Both Lend on the Same Property? If So, How?

Post: If You're Actively Investing in Tulsa, Oklahoma, You've GOTTA Know About LOCCAT!!

Post: determining market rent not market asking price

Post: Private Acquisition & Rehab Loan Closed 7/26/25 in Metro Tulsa, OK!! 🎉🎉🎉

Post: New to Real Estate – Based in Queens, NY & Ready to Learn

Post: Looking for a Whole sale contract in Atlanta

Post: I Accidentally May Have A Property Under Contract - Now What?

Post: I Accidentally May Have A Property Under Contract - Now What?