All Forum Posts by: Cleotha Euwins

@Will Fraser shhhhh stay away from Chickasha 🤗

A friend of mine just bought a property in OKC. Property has an in ground pool. All the pool equipment is there but needs to be ran again to get back working. Pool need drained.

He would like to get the pool running and has asked around to get pricing. Is there any pool people any of you may know that I could get him in contact with to get more estimates and to get some one out there to do the work?

He's hearing a lot of people are busy given the season as well as some people would rather do small jobs right now cause it's the season and don't want to take the time to do one in a day when they can do a few small ones.

@Dustin Mathenia thank you

@Will Fraser awesome. I'll be looking out for it

Hello, all!

I'm seeking to purchase a Multifamily home in Oklahoma City through private lending.

This is out of my comfort and experience zones . I've never been one to ask for money so I really didn't know how and definitely didn't feel comfortable. Well, I put on my big investor pants and decided to try it out and ask around with several people I knew who were a little more well off than others. Of them all, one was up for the chance to try his hand at lending. He is a house flipper but has never lended before and does not know how. He funds his flips with personal money

Now that my comfort zone issue was resolved now for the experience zone haha. I've only don't conventional lending in the past and most certainly do not know how to go about legally accepting the money.

A few things.

Do I need to go through a title company? I assume him depositing the amount in my account is definitely not the way.

How and where should the contract if any be written up? Are there forms here available for that which can get an individual started?

Another thing(off topic. Kinda) I saw was a Hard Money lender one time said he couldn't lend to me if I had money given to me and hadn't had said money in my account for more than 60 days. Are there some that will lend as long as you have funds available regardless of time?

What do terms for private lenders usually look like? Are they short like that of hard money lenders? Or is it just something two or more individuals work out?

Any additional info anyone wants to add that I should know please do. I didn't have much to ask because you don't know what you don't know!

Additionally I'm also looking for hard money lenders that have lower minimum loan amounts as I have some properties that don't require much for purchase/rehab!

@Cameron Tope do you use the rental landlord items from bigger pockets? Yes, same situation. This is a close friend of mine and not worried about the contract details in particular. I just want to document it

Hello everyone.

i decided to house hack a single family home for the first time instead of a multifamily. for those of you who have done this before or anyone that may know, how was the agreement/lease written up? The tenant is renting one room from me and i just need assistance with the contract. where to get it, write it etc. 

@Mike DeBusk I will say that honestly just work your numbers. Add in the cost of management which in MOST places is reasonable. I'm going to give all of my properties to a management company regardless of how many I manage.

Do your due diligence on the PM company. Interview them. As many as you feel you need to in order to find the answers and representation you need. When you find a good one it will be well worth it to let someone do it. After all, it is their career. They do it everyday.

@Will Fraser hey Will, I would love to get a chance to sit and meet with you sometime soon in the next week in OKC if you have the time.

@Mike DeBusk with 5k you should probably look into house hacking. Find you a small multifamily that you can get into with a FHA loan (3.5%). With that loan you have to occupy it for a year but it's how a lot of people start out. You can even fix up the one side you live in so when you move out, provided it's improved you can likely raise the rent a little higher

If you have someone living on the other side then they can pay some of your mortgage. In some cases all but we will assume they won't cover the whole thing. As long as they are paying something and you are paying less than you would without the help, you are winning.

You could do the same strategy with a single family home as well. You would then need to rent out per room.

If you are not up for moving or having a roommate, you could stay in your home and just look into hard money or private money. (I won't get into explaining it to avoid long post but there is a multitude of info on it in the forums) A lot of hard money lenders want you to have some skin in the game, ie: a percentage of the down payment or a few months worth of interest payments in your account which is what the 5k would serve as.

The hard money lender, within their qualifications for you and their guidelines for the loan, would basically purchase a property for you that you did you due diligence on. You would then rehab the property. Also with their money provided you found a lender that will lend on both. The rest of the steps (and for prior to) I won't explain due to length, again, but I think I've given you a lil bit to at least read up on.

I hope I was somewhat helpful. I tried not to get too in depth so it is easy to read. Good luck!