All Forum Posts by: Daniel Green

I have a great, full-time job with the opportunity to make an additional $15k/year in 16 months. It's a great job with great benefits. However, I have no time to get out and get into properties, meet with other investors or sellers and focus on everything else. My wife and I are incredibly motivated to invest, but have no time. So, I'm considering quitting my cushy full-time job. The plan would be to get a decent part-time job that will bring in consistent income and then become a part-time realtor as well, thus allowing me some flex in my schedule and the opportunity to get into properties without relying on a realtor. Has anybody ever done this or does anybody have any thoughts they'd like to share?

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I'm currently looking into purchasing six condos as a package deal. This may be an easy answer that I'm already aware of, but right now I'm a bit mentally exhausted and would love some help thinking.

My question is, if I purchase all six condos for one price, would I then be able to refinance each condo individually or would I have to refinance all six into one loan?

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Congrats on getting started, @Jeremiah Dye! BP is an awesome resource. You should be up and running in no time!

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My wife and I are looking for multi-family properties in the Oklahoma City metro area. 2-8 units is preferred, but open to bigger projects as well. We'd also prefer something that needs some work.

Any leads are appreciated.

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Originally posted by @Matt Stacy:

I'm a lawyer in OKC and also an investor. Happy to help you with your business. I'll agree with @Brock Baum in that setting up an LLC is a very simple process if you only need a simple LLC. You can easily do a simple LLC yourself. Things can quickly get complicated if bringing in partners, using certain types of financing, hiring contractors, and many other aspects of real estate.

Lawyers protect you from legal liability and accountants limit your tax liability. Those two things aren't always aligned, but equally important. Lawyers should also help you plan and protect you from possible future life events like death and divorce. The structure of your business, more specifically your operating agreement and financial structure, is very important if either of those happen.

Don't let fear of the cost scare you from contacting a lawyer or accountant. It isn't nearly as expensive as you probably think.

Matt Stacy

Attorney

www.stacylegalgroup.com

Matt, I'd love to connect with you to discuss a similar matter. I'll send you a PM next.

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Originally posted by @Shaun Lewis:

Hello Trevor!

When can I go by and take a thorough look at this duplex? When are the current tenants lease up?

Hey, Shaun. I've seen this duplex making the rounds again lately. Were you ever able to take a look?

Trevor, I may be interested in taking a look as well. Thanks!

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Originally posted by @David Zheng:

@Daniel Green
Unfortunately I wouldn't know about that...is it a lot of rehab or something you can get done in a week or two? if its the latter, you can still write a lease just having the start date of the lease when you project the rehab to be done.

All my places were ready to rent as soon as I closed so the tenants could basically see what they were getting. I let prospective tenants come with me during the inspections period and if they liked it, they would sign a lease with me. I would always write a clause where if I didn't close, the deposit would be reutnred and lease terminated.

but it gave me peace of mind that once I closed I had a renter in place.

Makes sense. The properties we're looking at are definitely rehab properties, so I'm not sure how easily we could get a tenant to commit before it's fixed up. Certain properties are just a lot of cosmetic updates, but others are fairly big projects that would justify a significant rent increase, so it's hard to envision being able to get somebody to sign.

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Originally posted by @David Zheng:

Portfolio lender. but some bank do conventional with different underwriting. Personally

I started investing this year with a 70k salary. right now I've bought 6 houses worth around 850,000. my DTI is OFF THE ROOF and since my rental income haven't hit taxes, I show only my mortgage debt. I however have 3 portfolio loans and 3 conventional. the lenders I worked with counted my rental income as long as I showed deposits and proof of lease towards my DTI. even when I got leases while still in closing, they would count those.

really depends on lender so start calling :)

This might be a newbie question, but how do you show proof of lease if the property requires some rehab?

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Originally posted by @Frank Jiang:

Have you only talked to the one lender? Every bank has different underwriting criteria for issuing a mortgage. You want to find a bank that is willing to add a percentage of the expected rental income of the duplex to your income. You don't want to turn to private money immediately as it is significantly more expensive than a conventional mortgage.

I have talked to a few different lenders - Specifically local banks who do everything in house and don't sell off mortgages. However, I haven't talked to any portfolio lenders like @Luka Milicevic mentioned. That's a great option that didn't cross my mind. How do portfolio loans tend to work? The same as conventional?

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All Forum Posts by: Daniel Green

Daniel Green has started 13 posts and replied 25 times.

Post: Rules with 6 month seasoning period

Post: Quit FT Job to become PT Realtor

Post: Refinancing Multiple Condos

Post: Hi, I'm Jeremiah and I'm new.

Post: Looking for multi-family properties in OKC

Post: CPA In Oklahoma city

Post: DUPLEX in HOT AREA!!! Oklahoma City, Oklahoma

Post: Not enough income for conventional mortgage

Post: Not enough income for conventional mortgage

Post: Not enough income for conventional mortgage