All Forum Posts by: Dakota Adney

Does anyone know if this program has similar owner-occupancy requirements to an FHA loan? To my understanding, it's kosher to utilize the FHA loan program, live in the property for 12 months, and then move out and use it as a rental. I assume this program has its own set of requirements.

@Lucas A Davidson I closed a re-fi two days ago on a rental property- 30 year, 5.25% fixed. It’s possible with the right lender.

@Brandy Bruce I see cheap properties in north Tulsa for $20k-$30k every day. You’ll need to come up with a few extra thousand for repairs and closing costs, but you’re very close to doing an all cash buy in certain neighborhoods of Tulsa.

I called my county assessor's office about this a few days ago. It seems very simple in my county: call them, set up a time for them to come out, they re-measure, and there is no fee. The agent said it is in the best interest of the county for the measurements to be correct (property taxes), so they're happy to do it. 

@Kyler Ng Congrats! I'm in the Broken Arrow area. I just completed my first BRRRR thanks solely to BP.

I recently struggled with this same issue on my first BRRRR. It took several weeks for me to learn the solution: The key factor is whether there is a lien on the property. If you purchase with cash, it's technically a "cash-out refi" and there is a 6 month season period required by Fannie/Freddie. If you purchase with OPM (HML, private funding, etc.) it's technically a "rate and term refi" and there is no seasoning period. @Jerry Padilla is an expert in this area and helped me better understand.

@Matthew Gray If you're able to find a good enough deal, you may be able to finance with a HML. They basically supply short-term financing for flips and BRRRR's, for a fee. They will lend based on the deal, not your income. Call Jeff at Revolver Capital (https://www.revolverfinance.co...) and talk to him about their terms. He recently gave a presentation at the Tulsa REA meeting. 

Hey BP!

I just got a house under contract at a great price: $64,500, estimated ARV $136,900. It will need at least $30k worth of rehab, but still could be a perfect BRRRR. My personal capital is tied up in another BRRRR at the moment, so I will need to find a private or hard lender to complete it... Which would ultimately eat some of the equity I would get in the BRRRR.

A family member told me they LOVE the house and wish they had won the contract. They're looking for a fixer-upper and don't mind working on it while they live there. How can I take advantage of this? 

Here are some options I thought of:

1) Close, re-sell to them with owner financing enough to cover my mortgage and still cash flow a little?

2) Lease at a lower rate if they pay for the rehab while they live there?

3) Sell it to them outright for $75k after I close?

4) Assign the contract?

Open to anything OUTSIDE of the BOX!

@Brandon Spurlock Great stuff here! What rate and term were you able to get on your refinance? I'm shopping for lenders now to complete the refinance stage of my first BRRRR in Oklahoma.

@Andrew Postell deserves some sort of award from Bigger Pockets for this thread (e.g. a "knighting" ceremony officiated by @Brandon Turner). I'm sure you've spent dozens of hours writing this and responding to each question. Thank you for being a tried and true member of the community!