All Forum Posts by: Cory Lader

@Brendan Harrison let's connect. I'm interested in this market and learning more about it.

Hello BP! I'm starting up some direct-to-seller marketing in Tulsa, OK and I'm looking for some boots-on-the-ground help since I am located in NJ. My partner and I are primarily looking to pick up properties for ourselves or wholesale them off if they land outside of our buy box. Ideally, this person would be able to meet with sellers, walk the properties, and take photos for us as needed. I'm all about creating win-win scenarios so feel free to DM me with what I can provide or help you with in return for helping me out. 

Let's connect!

Thanks @James Wilcox I was also considering wholesaling this to someone local. Would you happen to know anyone who invests there?

Thanks @Michael K Gallagher! It's vacant due to some recent property damage and it's generally not in good condition. Fully leased up, I think gross rents are around $4,200/month or $50,400 per year. Assuming a 10% cap rate, how would you go about finding the ARV? Would you just use a 50% expense ratio until you get a chance to see what the seller has?

Hey everyone! I recently stumbled upon a 7-unit apartment building in Fulton, KY and I'm wondering if anyone on here has any thoughts regarding that market. I only saw 1 apartment for rent on apartments.com and I'm not sure if that's a good thing or a bad thing... Any advice on this area would be greatly appreciated!

 That's tough to nail down as stated above by Nathan. I usually run 8/8/8 for a quick offer. I'll run 10% for repairs if inheriting tenants as well. Also, don't forget management. You can run the % you currently pay or 10% which is typical for small long-term rentals. You could also get quotes for a new roof and mechanicals and divide the costs over their remaining lifetime or if it's a value add replace them both during the reno. You'd leave a little extra money in the deal but you'll have the peace of mind and likely lower expenses since you know they've been addressed. 

 I'm currently doing at least 10% (that's what we're seeing in my market) and a 10% minimum contingency in reno. This is also market specific. I'd look at your comps and see how much the prices have decreased and then annualize the decrease and account for it in your offer.

I agree with everyone else as well. Offer what makes sense for you and 6% discount is only accounting for the agent's fees... not much in the way of helping you. 

Have you ever had to leave in the middle of an episode for an unforeseen reason leaving the other host to keep going without you? 

Both strategies work in any market, the key to being successful is by buying either type of deal correctly.  Account for decreased ARVs, unforeseen renovation costs, etc. Pad your numbers during your underwriting and you'll typically come out on top.

You make your money when you buy correctly.