All Forum Posts by: Brian Wagers

20% down is typical with up to 30% on older properties. Start the conversation with your local lenders and can look up commercial mortgage brokers as well to compare

From what I took out of that your hustle is separating you from the pack. We want a tough market as real estate investors for one reason when anything gets hard it creates less competition as much give up without seeing those immediate results from minimal effort. Keep it up

Hey Perry,

Welcome to BiggerPockets as well. There a few differences in commercial including where your down payment can come from, amortization and interest rates, how the bank underwrites it (more focus on the property than the investor), etc. I would recommend bringing some numbers to a few commercial lenders in your area and starting the conversation with them.

Depending on what your other focuses a good realtor can be well worth it not only saving you time/energy but getting the most out of your property. Flat fees are not uncommon in commercial RE. The percentage/fee is negotiable and a good realtor shouldn’t get to hung up on it and should want to do what it takes to get the property sold depending on how high maintenance the deal (or seller/buyer) is. I You can really go either way but my personal opinion/vote would be to get one

Anyone in here actively involved in Multi Family in Tulsa? We currently own and operate 350+ units in Northwest Arkansas and looking at expanding into Tulsa as well as Little Rock. It seems like from the deals I have looked at that Tulsa is almost as hot as the market or as hot.

@Zackary Shephard That is sound advice for sure but Ben specifically says not for long term investments. I agree though that house hacking is a great first move and he could definitely do that with $50k. Even a fixer upper duplex,triplex, quad could be a great move as he has some experience with remodeling and could really force some appreciation along with getting his expenses down

@Ben Randall it sounds like you have your sites set on flipping/rehabbing as your title says next to your name and it also sounds like you want to be a very active investor vs a passive one. Bigger Pockets has a great rental property calculator as well as a fix and flipper calculator and book. Education is a big part and would zone in on the book/podcasts you want to focus on and go from there. Talk to some brokers in your area and let them know your search criteria. If you live in the house you could put less down as low as 3.5% or could put 20% down. If you are doing the work yourself you will save on the labor and just materials. Make sure you are being conservative with all your estimates. Good luck!

Yes they are worth the money (good ones) and Yes you can do it by yourself. I managed my first single family myself before got into multi family and it was very doable. @Brandon Turner's book on managing rental properties is basically like a text book on it. Managing one yourself can give you some good experience but my ultimate goal was to always hire it out to focus on other facets of the business

@Shiloh Lundahl Awesome story and congrats on your success and experience so far. I'm a firm believer in re-investing back into the business as well to continue its trajectory. How/what are you re-investing & allocating that $30,000/month back into the business currently?

@Kailin Wilson I would start with your education on all of the above. There have been whole books, blogs, podcasts, and courses about the above subjects. Networking is a good second step so you can come with questions and a solid foundation of understanding concepts and terms

@Jonathan Taylor Smith has a great point here. I would start conversation with local builder/developer to try and get some estimates and in addition would start talking to commercial lenders in the area and see what terms and criteria they are offering