All Forum Posts by: Brian Dickerson

So the "sending qualified leads constantly" part is mostly what had me write this post. What does that mean to you?

I heard of someone who had a realtor that was hand picking and basically analyzing deals for the investor. To me that sounds awesome but way above & beyond what I've yet to experience with a realtor.

A knowledgeable, hard working realtor is a key component of a successful investing team.  Of course we want our realtor to be motivated, responsive, and able to take action quickly too.  Sending you comps when you ask, showing properties in a timely fashion, etc.  That what I consider the basics and bare minimum.  What I want to know about are things above and beyond these basics.

We are still new at this, working on our first deal so I an genuinely curious about this.  

What are YOUR essential criteria for a realtor you want to work with?

Does the REALTOR send you deals? Hand picked, above and beyond a standard auto-email MLS search? Analyze them for you based on your criteria?

What things "should" a realtor be doing for you as an investor and what is going over and above?  

I am looking for a recommendation for a property manager in Oklahoma City, OK. We have several properties we are looking at to buy but we need to verify the rents from the reputable source. Who or what tools do you use to determine real rent?  

@Manny Fernandez Happy to hear things are coming together!  What worked for you?  Did you change anything from what you were doing previously?  Howd you get those few deals?

Thanks for the input guys.  Still debating pulling the trigger on this.  A little scary taking on that amount of rehab for the first property, though I have some experience with rehab since we did a lot on our own house.   @Toshia Booker-Blakeley  - I did plan to keep this property long term, I was just concerned about having all that $ tied up for possibly 6 months until a cashout refi since I'll have to buy the property in cash and fund the rehab as well.  I'm going to look into delayed financing 

Working on our first deal and would love some input. Originally was looking for close to turnkey buy & holds but it's not going to work for our criteria in the market we're focused on. Trying to learn more about BRRR. Came across this bank owned property..brought a reputable contractor out for estimates, and these are the #s we have. I know for flips, 70% of arv minus rehab cost is a good goal as a purchase price, but how about for BRRR? Is this worth it?? An additional concern is having all that cash tied up for 6+ months. Are there lenders who wont make you wait 6mo to refi based on the ARV?

24k purchase price

32k in rehab

ARV = $70k conservatively

Rent after rehab = $800/mo

CoC ROI = 12.5%

Thanks for any input guys.

I posted this exact question a few weeks back. What I learned is that you can usually only get 70-75% LTV with a cashout refi. 6mo waiting period is common. However, a woman on one of the podcasts (don't remember which one) mentioned how she did her first deal in cash and financed it 20 days after closing using a "delayed financing exemption" . So I guess there are some ways around the waiting period.

Did this sell?

Curious about this as well. I know many people buy it in their own name and then transfer to the LLC. Technically triggering the due on transfer/sale clause of the loan but in reality it rarely happens.

Why not buy with LLC in the first place?

We have decent chunk of cash ready to invest in our first rental property.   In looking at deals, I see some that we could potentially pay cash for.  The benefits I see are quick closing and possibly getting a better deal because of a cash offer.  However, we'd want to get 75-80% of that money back if we bought with cash, which I understand you can do with a refi.   Is this a sound idea?  What are the possible downsides?