All Forum Posts by: Nate Sanow

Yes :)

Brianna Ross is someone who wants to help people in this regard, if you are looking for independent and freelance counsel.  I know others more connected to title companies, as I work for one, but that is more relevant when sending in files / contracts and setting up a closing.  I've met Brianna at different networking events, she is both an attorney and an investor.  

I think nationwide we are seeing a crowded market in this space, particularly in up and coming urban areas like Okc. There are some niche sub-markerts in Oklahoma and what we lack for in huge spreads we make up for in steady appreciation that is virtually “certain” given the state is far behind national averages. Aka any investment here, within reason, can be a safe bet. 

Despite what my profile says I live in Tulsa ... but bought my first two in Okc. 

I still know a lot of people down there I like and can refer etc. 

Also if you’re open to driving a ways outside the metro, or buy and hold in urban pockets that are still up and coming with a 5 year play of waiting to cash out if ever, I think there’s a lot of opportunity still to be had. 

And besides that, welcome to our state!  Glad to see another person out there seeing value and the potential we are all proud of. Good luck in your endeavors! 

Awesome !

@Nick White @Jeff O'Neal @Jeff Filali @Corbin Marcotte   Hope to see some of you dudes at this!  See everyone tonight! 

@Maria Luna Hi ! I don’t live in your area but have used PM / HM loans. I learned from a friend, “talk to a variety of lenders and say you are here to interview them for what loan is best for me”. Point being, lenders love to lend. Their maybe someone in your area who will lend to the ideal terms you’ve described. That said.... I would NOT advise you to get a loan without employment UNLESS you get a partner willing to guarantee the loan and Split profit. You will still have monthly payments due and possibly a down payment or some points upfront. So unless you have a way to pay for it without conventional income, I’d be nervous there. I’m not the biggest expert at all but hope this helps. I just saw this didn’t have any answers and wanted to offer my $0.02 If I were in your shoes I’d just start going from lender to lender to lender to lender. Make it a goal to have meetings with 5-10 of them by the end of the year. I have learned a lot of things that seem like law are just bank or lender policy. After awhile you can start to tell who wants what, and probably you will also eventually tell they want to loan you $$$. I know how it is to just want to know where to start. And again if income or employment is an issue, but you have a skill set or a ton of effort that makes the deal make sense, you could approach someone about forming a partnership. Good luck !

personally I would do the original value add loan via HELOC if available. I plan on using 50-100k of equity between my two houses in the same way sometime in the next year. A wise mentor of mine said "turn your house into the bank" and so if you borrow against your property, to then buy another property, in a sense the bank "doesn't care" because you know have two assets, not just one, they can come after if you default. Also HELOC in theory could be zero down acquisition of new property besides closing. And the interest rates aren't bad. Plus once you do the refi your HELOC is still there if you want it to be, in theory you could recycle those funds over and over whereas with hard money or private money you'd have new origination costs and fees. But I'm not anti hml or pml!! I've used it and it made sense to do so at the time and would be open again.

The lender I’ve gotten to know likes doing refi’s when one is right side up on equity. I at the time had a credit score I wasn’t proud of but still got a refi because I was only asking for 60-70% if it’s new arv which was verified via a new appraisal. I actually had a flip turned brrrr and so I’m definitely not the perfect expert in terms of deliberate brrrrr stuff but have done two refi’s now. 

In short I think no matter how you borrow for loan A in the Brrrr scenario it's all about being all in under / up to about 80% of ARV in the end.

@Jerryll Noorden Good stuff

@Ben Leybovich I am also curious how everyone feels about actually buying the property but re-selling the same way you would as if you assigned a contract. No flip or reno. It could add closing costs but that can be negotiated and potentially taken out of the equity that a seller may have? It would force wholesalers to have a line of credit etc, but avoid getting their license if they do not want to. Personally I see value both in being a licensed realtor (married to one) but also not being one and doing things wholesale (I am not licensed but have bought from wholesalers and have started to consider doing some assignments etc)

I’d love to connect ! I know a lot of great people in Okc.