All Forum Posts by: Shannon Green

Quote from @Wayne Brooks:

Quote from @Shannon Green:

Below are the numbers . I am open to other lenders and products, But currently seeking funds of $467k

One of my goals in Real Estate is to acquire and manage homes in my hometown. I have recently come across a portfolio with 8 homes. These homes have strong rental history. In a good area, good schools , shopping , everything! I am looking for a Partner to JV with for the downpayment of this DSCR loan I have attached terms and a snapshot of the homes. Seller won't release any further info until Buyer is verified, POF etc.. Understandable. I am familiar with the neighborhoods. I would plan to keep 6 homes and sell the other 2. I would evaluate the homes and their condition to determine which homes would be the best candidates for selling quickly. These homes are all PAID for. No LTO contracts. From the sale of the 2 homes I would repay part of the loan for down payment. The 6 homes would be kept long term. I will manage. I have worked for and with property managers but not as one. That is my goal. I have a remodel happening now that my funds are tied up in. I happy to answer and question or hear suggestions. ZIP for Woodland View homes 74145, Gilcrease Hills 74127, Hidden Springs 74011...Thank you for your time!

A few things that jump out at me, in addition to @Don Konipol Comments…

-$1,500/yr for insurance on 8 houses (less than $200 each)?

-$1700/yr for taxes (less than $150/yr each)?

-no vacancies

-no repairs

-no maintenance/capex?

 Thank you for pointing that out to me. After a few conversations with Seller I was able to get the correct taxes. $12,141.00 annually

6 of the 8 are vacant. She didn't want do anymore leases as they are done with property management. the 2 occupied are on month-to-month. So this gives an option to sell or rent. She provided what repairs the houses need or don't need.

Insurance ran her close to $14,000.00 annually

Quote from @Don Konipol:

Quote from @Shannon Green:

Below are the numbers . I am open to other lenders and products, But currently seeking funds of $467k

One of my goals in Real Estate is to acquire and manage homes in my hometown. I have recently come across a portfolio with 8 homes. These homes have strong rental history. In a good area, good schools , shopping , everything! I am looking for a Partner to JV with for the downpayment of this DSCR loan I have attached terms and a snapshot of the homes. Seller won't release any further info until Buyer is verified, POF etc.. Understandable. I am familiar with the neighborhoods. I would plan to keep 6 homes and sell the other 2. I would evaluate the homes and their condition to determine which homes would be the best candidates for selling quickly. These homes are all PAID for. No LTO contracts. From the sale of the 2 homes I would repay part of the loan for down payment. The 6 homes would be kept long term. I will manage. I have worked for and with property managers but not as one. That is my goal. I have a remodel happening now that my funds are tied up in. I happy to answer and question or hear suggestions. ZIP for Woodland View homes 74145, Gilcrease Hills 74127, Hidden Springs 74011...Thank you for your time!

Here’s the REALITY
While I compliment you on your ambition and drive, lenders want the borrower to have their own cash in the deal, not borrowed money for down payment.  Partners, while possible, don’t go 50-50 when it’s their down payment and their credit.  Further, you don’t have the property tied up in contract.  So any investor will say, what am I giving up equity for?  
Additionally, the seller won't provide the financials, so how do you know it's any kind of "deal". Maybe it is, or maybe it's just 8 more overpriced SFR.
You say you’ve “come across” this property.  Is the property being advertised for sale? By owner or by a broker?  If so, and it’s not a deal only you have access to, I have to deliver some bad news.  You bring nothing to the table if the property is being advertised for sale.  You have no capital, no credit, no purchase contract, no experience in analyzing deals, and no special knowledge valuable to investors.  Sorry if I seem brutal, it’s not my intent.  But a dose of reality is needed.  

 No I completely appreciate that. That's part of why I posted this. I am new and feedback like this helps me tremendously.  

Thank you for your time!

Quote from @Jeffrey Abraham:

What is your credit score I'm going to give you a quote from a hedge fund and see how we compare. I understand you are looking for a partner how much do you have into the deal?

Good evening, 

Thank you for reaching out. I'm at 620. Which is why I understand I will need assistance for a loan of this type. Currently the bulk of my funds are tied up in an antique rehab I'm doing. I have 10k now..in the fall I will have another 40k. I understand this is not a significant amount at all for this type of loan. I am new to Bigger Pockets and investing.  But I am not new to caring for and  updating homes and what they mean to people. This is a solid investment for the right investor. I appreciate your time!!. 
 

Investment Info:

Single-family residence fix & flip investment in Oklahoma

Purchase price: $70,000

CURRENTLY 7/13 ... In Vinita, OK. 121 year old heavy rehab!
10 PIERS LATER... BUT SHE'S GOOD... MORE PICS TO COME
I had my eye on this house for a while. I wanted a real challenge with a real property with great potential.

Below are the numbers . I am open to other lenders and products, But currently seeking funds of $467k

One of my goals in Real Estate is to acquire and manage homes in my hometown. I have recently come across a portfolio with 8 homes. These homes have strong rental history. In a good area, good schools , shopping , everything! I am looking for a Partner to JV with for the downpayment of this DSCR loan I have attached terms and a snapshot of the homes. Seller won't release any further info until Buyer is verified, POF etc.. Understandable. I am familiar with the neighborhoods. I would plan to keep 6 homes and sell the other 2. I would evaluate the homes and their condition to determine which homes would be the best candidates for selling quickly. These homes are all PAID for. No LTO contracts. From the sale of the 2 homes I would repay part of the loan for down payment. The 6 homes would be kept long term. I will manage. I have worked for and with property managers but not as one. That is my goal. I have a remodel happening now that my funds are tied up in. I happy to answer and question or hear suggestions. ZIP for Woodland View homes 74145, Gilcrease Hills 74127, Hidden Springs 74011...Thank you for your time!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $72,000
Cash invested: $40,000
Sale price: $180,100

I found this great little house coated in smoke but solid. Everything went great. Sold for more than anticipated.

What made you interested in investing in this type of deal?

I was interested in this deal due to its location and being a good solid house

How did you find this deal and how did you negotiate it?

I found this house on our MLS . I'm an agent . easy negotiation, we did offer asking price since everything is selling so fast here. but there was still a good marge originally.

How did you finance this deal?

I partnered with a person I have known for years. He is in Corporate Realty and wanted do some residential real estate. We will continue to work together. He funded and I managed.

How did you add value to the deal?

We added value with complete updates. Opening the Kitchen. Closing in garage to make a full laundry room and a 3 rd bedroom. I chose light colors to open it up more..

What was the outcome?

Good outcome. Sold for more than anticipated, Under contract in 8 days

Lessons learned? Challenges?

we were very fortunate not face any major issues. My contractor is very thorough and a great problem solver. We never went over his initial bid.

Hi , my name Shannon Green. I'm an agent w Coldwell Banker in Tulsa OK. I'm new to flipping and this whole crazy creative world. But so far I love it. My background and still, I have owned a residential/commercial cleaning service here in Tulsa for 25plus years. Im about to sell my first flip in April. If ever there is a way to pay for my education, man is this. I have a property under contract that looking for funding assistance. 121 S Brewer Street Vinita Ok 74301. COE 4/9..ARV 275, PP 70K, RC 115K.Currently a 3/2 2332 sqft . We have plans to addon another bedroom upstairs and full renovation. Making it 4/2.5 2500+sqft.. Built in 1903 , 2 story beautiful property and home.

https://photos.app.goo.gl/h8vP4weciWgrTD6y5

SOW-

https://1drv.ms/x/c/0e127042d7c9a7dc/EVv8duJp3FBOhof2I2Vix58... curious if investors outside of OK have heard of the American Heartland Theme that has been in talks for sometime. Vinita OK. Google it if you haven't,  potentially huge. I drove to take a look for myself.  They have broke ground so that's a start.. This is definitely an area I would love to work with lenders on for a few reasons. This area is beautiful, rolling country hills and farms,near Grand Lake and an easy drive near highway and Historic Route 66. Vinita doesn't have much in the way of places for people to stay.  Vacation rentals pop into mind and much more. Something I'll definitely keep an eye on for myself and other investors!

Shannon Green 

918-902-7632 

[email protected]