All Forum Posts by: Ryan Williams

I am looking for a good General Contractor referral. Preferably someone that has experience with investors in the area. I am looking to do my first flip.

Thanks for the help!

Ryan

I am looking for a killer realtor to help me buy some properties in Birmingham. I need someone that has expertise about the different pockets of the city.

Thanks,

Ryan

I am wanting to work with an Attorney in Oklahoma to help complete the formation of my LLC as well as get a lease put together for my current properties. Does anyone have a good contact for someone in the area that can provide the services for a good price?

Thanks for your help!

-Ryan

Jason,

Call my buddy Greg Sanders 405-607-6014 (Insurance Broker) in OKC. He'll shoot you straight. Roofs cost between $10,000 and $20,0000 on a 3,000 SQFT home. Your premium is about right for that size of home. My premium is around $3,000/year in my 3500 Sqft primary home in Edmond, OK. Let me know if you need any other references in OKC area. I'm a local investor willing to help.

Ryan Williams

Thank you @Lara White for the reply.

My credit score is very good, so that is not the issue. My lender said that since it was a triplex and not single family home that rates would be different and they would require a 25% down payment. Thank you for letting me know that it has fallen out of contract, my realtor did not know that information. The renters are under contract until July of 2022. You were right about repairs! this house does need some TLC but it's location is very good. It is the last residence before the shopping and restaurants in downtown Stillwater. Currently I think I will manage it from Edmond, but I'm open to a property manager in Stillwater which I know a few. 

Thank you for the hint about lead based paint. There were not any disclosures on this property since the owner does not live in the home. I need to find out about the electrical and pluming. I do know that the owner is a plumber in the area so that possible will be up to par. Roof and foundation will be good to go. It has a metal roof that looked good from the surface but my inspection will be able to give me more information about that. 

The piece I am really puzzled by is the financing piece. My lender has been good in the past but I was under the impression that small multifamily could be financed like a single family without larger down payments and higher interest rates. 

Thank you @Tchaka Owen for the reply. 

1. Taxes should be around $1300 and insurance should be around $500 annually.

2. Currently one rents for $450 and the other for $400. I would anticipate raising rent to $500 and $550. 

3. Condition of the property is not great. I saw it today and I would need to add new appliances, exterior paint/siding, new window AC units.

4. Tenet would pay all utility costs.

Good evening everyone! I am a newbie and working on my second deal. This triplex is located in Stillwater, OK (home of Oklahoma State University). Each unit consist of 1 bed and 1 bath and rent for $450/month and listed for sale for $110,000. I am thinking about renting 2 of the units as long term leases and 1 doing a short term airbnb type. Unit is located 1 block from downtown shopping and just over a mile from OSU campus. Just wanted to reach out to this to see what I'm missing. Is this a good deal? What type of financing could I get? My lender is quoting me a conventional loan at 5.8% with 20% down. Thanks in advance for any help you can provide.

Ryan Williams