All Forum Posts by: Anna Hammerle

@Rob Harris Thanks Rob. I don't have any building experience...would a builder be interested in taking on a project this size in your opinion?

Julie Marquez thanks! I'll do some more looking!

Hello BiggerPocketeers,

I am still a new investor with three SFHs.  I recently came up with an idea to buy a small piece of land, 1/4-1/3 acre and build a small house (300-400 sq.ft), as a rental.  The total investment I had in mind was between $50,000-70,000.  However, my lender tells me they will not extend a construction loan on an investment property.. Does anyone know if there are lenders out there that do this?  I would love to get any feedback as well as suggestions on how and if I would be able to do this.

@Bill Gulley

Thank you for such a thorough response! Do you recommend that I approach owner finance independently? I have seen deals listed on MLS on which owner finance is an option.

Thank you all for the replies.  I think it was more of a misunderstanding over text on her part.

@Paul Choate

Paul, I assume the title on these properties is in your name?

@Brian Gibbons

Brian, this realtor was/is my PM whom I ended up using when I started looking for properties this summer.  She seems to lack experience but I like the idea that she will continue to take care of the property for me after the sale.  I would like to keep working with her as long as I don't get the feeling she is trying to pool the wool over my eyes, which will quickly wrap things us for us.  This being said, I do think she is just confused about what I was asking her for.

I have asked my realtor in Oklahoma to find me owner financed properties. She has just informed me that there is "no real owner financing" in the state of Oklahoma; it basically turns into landlord/tenant law and you would not own the property until it was cleared with title, and therefore owner financed properties could not be rented. It was my understanding, that if an owner owned his/her property free and clear, with no mortgage on it, then he or she could act as a lender for the potential buyer. Why wouldn't buyer own such property? Does anyone have any input on this?

@Eric Robinson

Hi Eric, I started with a SFH. My interest in owning multi-family homes has sparked since then though.

Hello everyone,

I have finally decided to take the plunge into REI; have thought about it intermittently for years, but at last in the position to do it. I am under contract on my fist property in Oklahoma, and have started to look at areas in Ohio and Indiana. I have done some reading on the forums and am truly impressed at how helpful everyone is! Given that I am just starting, I am looking to start building relationships (hopefully long lasting) with realtors and property managers in these areas. I welcome all input and advice you all have and are willing to give.