All Forum Posts by: Jimmy Martz

Caleb, 

Feel free to reach out.  I’m a full time real estate investor & I live in Norman. 

Hello BP,

I became inspired to post an update after getting invited to be the guest of a podcast last month after someone came across  my "3 years and 14 doors" post that I had submitted a year ago.   After adding 6 more houses to the portfolio this year, I finished off the year by purchasing a portfolio of 11 houses this month.   It amazes me still that I was able to sign a loan for 850k which is quite a bit more than I have made in my 13 years as a band director!   

The highlights of the deal were:

895,000 purchase price;  1,169,000 bank appraisal ;   All 11 houses are rented and the portfolio is cashflowing!  

I hope this post gives hope that if success can be found on a teachers salary in Oklahoma, it can be done.   Many thanks to the wisdom of the BP community!   

 When I was researching this, I spoke with a dozen different lenders  and none of them knew about this strategy. I even asked @Alexander Felice  for the contact info for the lender he uses.   He was very willing to help and gave me this contact info but this person didn’t do business in Oklahoma. However, they gave me a few references for other lenders. After following the trail on those references, I found someone that said they could do it.   It didn’t work out and those details are above.   Here’s my reasons for the post:   

     1.) Where are all of the lenders and mortgage brokers on BP & Why are none of them commenting on this strategy?  

2.) My updated post was 5 months ago and not 1 person posted anything here related to their success with this strategy.  

I’m left wondering if this is a strategy to continue to pursue or if Alex has just found a lender that has an extremely flexible interpretation of fannie mae’s language.   I’m definitely interested in hearing from the wisdom of the community on this.  Thanks. 

@Jim K.

Thanks for sharing such a personal memory.   I will definitely keep this story in my thoughts as I continue forward.   

@John Warren thanks for the insights. Well said.  

How many different conflicting opinions are there in real estate that cause doubt and inaction?   Here are the ones that I have had to deal with.  Feel free to add you own issues and how you dealt with them.  

1.  Get properly educated before making a foolish newbie mistake vs. analysis paralysis & "you can learn to ride a bicycle by reading a book.  Go out & do it".  

2.  "Work smarter, not harder" vs.  "work so hard, people think aliens did it"(saw a meme on linkedin recently with a pic of the Egyptian pyramids and this quote)

3.  Find highest-and-best use of time vs.  GSD (Get S... Done) Mode.  

4.  Opportunity costs of a deal vs. sitting around & not doing a deal hoping for a better one.  

I feel that these are just scratching the surface of this conversation & I have had long conversations with many people about these things but my personal philosophy is that these ideologies all are worth considering but at the end of the day, action is what will prevail.   And different dilemmas need to be addressed at different points in the business.  Here is the foundation in which I run my entire business at this point:  Work hard AND work smart; if one fails, the other will prevail.      What's your formula for success?

BP Family,

I read 100 posts for every one that I post but it's been 2 years since my last update so here goes. My wife and I have been using the BRRRR strategy to get up and going and we are now at 14 doors since our1st rental purchase 3 years ago! (10 SFR's & 2 duplexes). For those who are just starting out, the process will work if you educate yourself and take action!

The plan is to continue forward with the goal of entering into commercial multi-family real estate.  

I have a property in ft smith & need to find a good property management company to service this rental. I am looking for recommendations and some standards for normal rates in ft smith; particularly

% of rent as mgmt fee

Who gets late fees collected

Amount charged for doing inspections(if any)

Amount charged to lease a property. 

Renewal fees(if any)

Charging extra on repair charges

Other misc fees

Thanks!

Update: i found a lender that said he could do it but it turns out, he was unable to get it done. After Ifound iut that he coukdn't close inside the 6 month seasoning window, My option was to do a 75% loan after the 6 month seasoning period or start over. I chose to wait and get the loan closed with him as opposed to starting over with paperwork, appraisal costs and another hard pull on my credit if I chose to change my lender. My closing is supposed to be tomorrow but I found out today that the lender tried to submit my loan to the underwriters as a SFR(its a duplex). This change caused me to have a $2,400 charge to maintain my current interest rate AND they will now only do a 70% LTV loan. Those 2 things changed my cash-out amount by over 12k. Not too happy about this process. If anyone finds someone who actually can pull off the delayed financing exception, please post but this didn't work out so well for me...

 Live & learn :-)

Im interested.  send me a pm