All Forum Posts by: John Moore

@Doug Spence @Rhett Tullis

No it is not on MLS but is through an agent. I believe rents can go up because in Lawton, OK comparing other 1 bed and 2 bed units that are remodeled units average $650 for 2 beds and some are 700-800 range. Sticking with 650 to be safe. for one bedrooms $500-550. At the moment owner never increased rents and the 1 bed units are in the 400-450 range, I believe you can raise rents $50 on each of the 1 beds.

At this time another hurdle is finding a solid lender, the one I am using was great to begin with but now not responsive. We were looking at a conventional lender 20% down and using the rents from the existing units. there are some lender who will do this, as I would rather not go the portfolio commercial lender route. If you have any solid lender leads, please let me know. Thank you for all your input. 

Thank you @Abe DeHart would be very helpful to chat further. Yes 1 bedrooms can be tough at the moment they range from 400, 425, 450, 450 in rents and owner never increased. They are nice well maintained units. I believe getting them up to the $500-525 range will be reasonable, what do you think?

Hello I am in a deal in Lawton and would love feedback on the numbers if anyone has time to discuss in message or here. thank you. 

Thank you @Kyle Schoof Yes we have used multiple different calculators including the BP one. It seems to cover the 1% rule and cash flow after debt service but looking for investors who buy in Oklahoma to compare if the numbers make sense and after the initial response being not so encouraging on this opportunity, it has made me re-think if this is worth pursing.  

Thank you @Joe Villeneuve. Exactly why am posting in this group for guidance from peers, investors and mentors in the groups. What price would you pay for this? Inventory is tight and anything sent me on or off market has higher price points, needed heavy rehab work. 

On subject property - Rents can be increased to $3200 per month and potentially negotiating price to $190k. 

Hello, 

Currently running numbers on 6 units in OK. Would like to know if any experienced OK investors would have some time to review my numbers and let me know if I missed anything?

$210,000 price

2x SFR and 4 (1 bed Units apartments). Well maintained properties. No heavy rehab needed.

$2870 PM (some rent upside as these are a little under market)

$325 PM -  Owner pays water

$491 PM - New taxes and insurance  estimate 

$1200 PM - Debt service estimate

$143 PM -  cap ex (5%)

$300 PM. -  Maintenance estimate

$411 - Gross PM cash flow. 

Do these numbers look good to you? What am I missing in my evaluation?

Best regards

@James Ma Do you invest gross profit or after tax deductions? Are you investing into a fixed stock or a high yield savings so if you need to access the cash flow you can?  

@Chris Cooper Do you have any lender recommendations for 2-4 units and insurance companies so we can get some quotes? I would love to know more about landlord/tenant rules if you have a breakdown as we do here in LA. There are so many rules here, I have many fact sheets and data resources for LA if anyone needs it. thank you

Hello, we are in process of purchasing 5 units. 

(1 sfr and 4 plex.) We are considering a conventional loan with 20% down and then transferring title to LLC or Trust (any experience in this would be very appreciated)

Would like another set of eyes on the numbers. As this is 3 separate structures, the insurance will be higher (any insurance recommendations will be much appreciated) 

160,000 - price (well maintained. all rented.) 

$26,700 SGI (below market rents)

estimated projections - 

7000 - expenses, water, management. 

4900 - new taxes and insurance

10,800 - debt service

5,900 NOI +/-

A few factors why we are on the fence, water is master metered. Owner pays this. 

No washer and dryer in units, or shared laundry. A plus to save on water but I think tenants prefer to have laundry

available and that is a plus when increasing rents/turning units. Can you increase rents to account for the water bill? or introduce a coin operated laundry and then increase rents? Any experience with this?

Does anyone have rentals in OK and can help with a few questions?

Lastly, any recommended lenders? I spoke to a couple but not found that awesome lender who can really offer guidance for best loan scenario for this investment with 15-20% down. 

Thanks so much.

I would love to connect with someone to run numbers on a property I am buying here. Any experienced owners in OK that can give me a few mins? I will message you. Thank you.