All Forum Posts by: Bethany Patterson

I haven't interacted with too many yet, but so far they seem to want an LLC. I'm wondering now if I can get hard money for owner occupied.

Hey Simon, welcome to the city. I've been traveling for a bit, just getting back to OKC this weekend. I'm a local investor with SF right now, I have a few target neighborhoods but those can be adjusted as I find good deals in other areas! Are you coming to visit anytime?

@Kara Courtney

Hey Kara, welcome to the OKC market. I have a pre-approval through First United Bank for mortgage no less than $40,000, and for anything under $40,000 I work with Oklahoma Credit Union. Either of them should be able to take your $60,000 mortgage. We closed with First United last week with a non owner-occupied rate of 5.6% . Not great but seems average for right now. I can send you names and numbers/email if you're interested.

I have the opposite problem, I love so many deals and don't have enough money for them! Let's get together and talk.

@Cassi Justiz

I don't understand why every person in Oklahoma doesn't buy a house!! People our age were skeptical of my decision 7 years ago but now in the present we have (almost) 4 houses and they're buying their first now... I only wish I'd had the ability and knowledge to buy more back then!!

@Nathan Allen

I keep considering it, I don't know that I could get the full $60,000 tomorrow without some more updating: kitchen is old, laminate countertops and a tiny sink because the cabinets are old and small, yard could use some help, needs a few new windows. But I'm keeping my eye on the market! And in the meantime the cash flow is good and I can do upgrades slowly.

@Alyssa Dyer

Yes! My (romantic) partner bought a home two years ago that we live in. Then I bought a second rental a few blocks away the next year. And he's buying another house this month that we're still deciding what to do with. I think we should work on it for 2 months, move into it and do a live in flip over 2 years (projects in the area make me think the market is going steadily up in that area in the next year-ish). Then we would refinance current residence to turn it into a rental.

Investment Info:

Single-family residence buy & hold investment in Oklahoma City.

Purchase price: $71,500
Cash invested: $5,000

Purchased 3-bed 2-bath home as a primary residence in 2012, lived in it as a primary residence and rented the back half for several years. Converted to full-time rental early 2018. Estimate $60,000 in appreciation earned since 2012.  Rented for $1,100/month now, cash flow $350/month after pulling out mortgage, capex savings.

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

I knew it was a great deal in 2012: our apartment was $400/month, increasing to $500/month after some small improvements. When I purchased the house the mortgage was $550/month and we had a renter living in the back half of the home paying $400/month.

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

I got in touch with a local realtor after I applied for a job with him! I ended up taking another job, but then asked him to help me find a house. This was a house listed normally on the MLS.

How did you finance this deal?

First time homebuyer program with a zero-down local program tacked onto it. I had to pay for the termite inspection and one other one, got the seller to cover closing costs, so I moved into the house for less than $1000 cash.  We lived in the house for 6 years, then converted it to a full time rental.  Updated a bathroom, painted and improved some flooring.

Yeah the Barrel is closed now!!  Do you want suggestions for alternate locations?

I moved to OKC 6 years ago from New Jersey not planning to stay too long, but still here and happy as I've ever been.  It's a growing city, moving fast into the modern world, though not quite a 24-hour city yet.  I own two homes, about to purchase a third and looking to move into multi-family soon.  

It's odd that some areas of the city use their "neighborhood" names, for example everyone knows Heritage Hills close downtown and most people know the names of the sections of the city closer to downtown, but the farther out you go the less the neighborhood names are used, and the more we use locations since the city is such a square: south of 240 (interstate I-240), west of Meridian, north of Quail Springs mall, etc...