All Forum Posts by: Zach Sikes

Hey Kristi!

Welcome to BP. It's a great community. Let us know if we can help. 

That's me!  PM me if you would like to connect.

Be pretty careful here. Some people are willing to overpay for properties - don't be one of them. I tell my people to go back through their numbers and make the best offer they can where they'll sleep good that night whether they get it or they don't. Take the listing price out of the equation and make your offer based on your own evaluations.  Sometimes we see multiple offers still sell for below ask price, and we often see multiple go well above ask price. 

hey @Account Closed - I know someone you might like to know. PM if interested. 

Two unit property for sale!  Hot urban OKC area that sees multiple offers everywhere.  

Main house is updated - new paint, windows, roof, granite counter tops, stainless appliances.  Currently on month 2 of a 12 month lease at $1100, deposit at $1100. 

Garage apartment is rented at $495, just finished the first month on a 12 month lease.  New roof, insulation in ceiling, front door, and freshly painted.  

Laundry on site on main level of garage, next to garage. 

If anyone is interested, let me know.

@Levi Carter

It might be more important to find out how much it will cost to finish and how much it would sell for - then we know what you can pay for it.  We've seen it before where people sell things for less than what they have in it. 

Depends where it is. We have a ton of new construction inventory in certain parts of town. The right price always makes up for it though.....

@Eric Robinson

Great questions. It's important to look at the big picture. What I'm hearing you say is that you'd like to keep as much cash in your pocket as possible - is that right? 

We need to look at the overall deal to find the best way to structure a deal. It might add 2-4K to the deal, but the cash flow usually covers that in 3-4 years. I'd be happy to sit down with you and walk you through the options. 

@Eric Robinson

PM me if you want some great lender recommendations. When you go into the MF arena, the typical fha and va rules can change. Typically the biggest issue is debt to income ratio, as both of those loan types are low down payment loans and typically have higher monthly payments. 

Another option you might consider instead of the FHA loan is a 5% down conventional with up front seller paid mortgage insurance. It will remove mortgage insurance, which is a considerable monthly expense. With the new rules on an fha loan, mortgage insurance never falls off even when you hit 78%-80%.

We're starting to see showings decrease - although it's hard to determine whether it's the cycle or season.