All Forum Posts by: Zach Sikes

@Bruce Park 

I'm not in the Knoxville area, but I am curious. What did your old Realtor do that caused you dissatisfaction? 

Typically an FHA transaction is pretty simple. Why did you decide to walk away?

What's the address? It's usually a price or marketing problem. 

@Alex Duarte 

I've been at a couple of national brokerages and a local. PM me if you are interested in my experience. 

What are your goals?

#1 - sell houses. A $100,000 house is usually $3,000. One a month isn't too hard. 

#2 - offer your service to a top producer. Do data entry, etc.

#3 - Show homes for a top producer in your office. Do all of the showings for a buyer, and ask for 15% of the deal. 

@Eric Robinson 

Thanks for correction.  I wasn't aware.  We don't see it that often.  

@Jason Garder 

Welcome to BP!

First thing - The max loan amount on an FHA loan is $271,050. At $360k, you would need to bring $90k in cash for your portion which negates the benefit of an FHA loan.

I would look at a conventional residential loan. Minimum down payment is 5% for owner occupied (which I assume you're doing based on wanting to use an FHA loan).

PM me if you would like a couple of good loan officer recomendations. 

sending you a PM. 

Jessica, 

The more deals you do, the more profitable you will be. I also think that I'm Houston you should have a higher sales price.  You can also find a much better split. I know at KW after I pay in a certain amount (between 30 and 40%) of each deal for the first $2mm of sales I don't have to split with the brokerage. This means that I make almost ask much from that 3rd million in sales as from the first 2 together. I'd be happy to have a local KW team leader reach out to you if interested. 

I'm in the process of interviewing different lenders for my rental purchases this year.  I'm looking for additional lenders to meet with that will do a revolving line of credit, so that I can purchase, rehab, place a tenant, then refi to a more long term type of financing.  Does anyone have any recommendations for here in the Oklahoma City or Edmond area?

By the way, I have a little bit of a track record - two current rentals, one new build that I've GC'd, decent credit, and good income. I'm a good candidate.

@Eric Noland 

Are you wanting cash now or long term cash flow? You can always rehab and rent then set up a heloc on the property to buy more or flip more.