All Forum Posts by: Account Closed

I don't have any houses in Moore, but based on a Zillow search, it looks like your asking rent is consistent with what other owners are asking for similar properties. My guess is that you have a somewhat small tenant pool in Moore at that price range, so it will likely take a while to fill your vacancies. My $700-$900/month properties (in the Midwest City/Del City area) have always filled faster and had more applicants than my $1,200+ properties (in Edmond).

I don't think your lender will care, but you can always change your policy if you need to.

Ask them to raise the raise the liability coverage. They should be able to go up at least to $300k (if not $500k), and it only costs a few dollars more.

Your rate is in line with what I'm paying. Rates have skyrocketed here because of all the storm damage the last few years.

Agree with the other posters - can't think of any law you would have broken here. I would have asked him if he's planning to go down to the police station and file a criminal complaint...

Welcome, and good luck.

@Rhett Tullis - Agreed there are good tenants to be found at the lower rent levels. And at the price you're buying, I'm sure you're doing very well with them.

@Amine E.

Congrats! I'll send you a PM with the name of the lender I've used that does conventional cash-outs after 6 months.

If your numbers are right and you can qualify for Fannie Mae financing, then I like this deal. You aren't looking at huge cashflow. What makes this potentially a sweet deal is that you can do a cash-out refi 6 months after the purchase and borrow back most, if not all, of your investment.

$50k purchase, $15k rehab, $5k holding costs/misc. = $70k invested

$93k ARV * 75% = $70k (approximately)

Your P&I on a 30 year, $70k loan at 5% would be $375, leaving you $50 - $60 a month cashflow based on the 50% rule.

As others have pointed out, you can find better cash flow in a cheaper neighborhood, but I'd rather deal with $850/month tenants than $650/month tenants.

@Chris Wilson

Welcome, from yet another OKC investor. I own only SFRs, I've never been able to find a very good deal on a duplex here.

@Matt Laird

Really impossible to say without seeing it and knowing the level of finishes required, but I'd ballpark it at $30k+ based on what you've said here, maybe less if you're doing a bunch of the work yourself (we're in the DIY forum).

That kitchen will be expensive, as you need cabinets, countertops, backsplash, appliances, fixtures and flooring. I'd budget something like $8k - $10k. Bathrooms, if the rough plumbing is there, maybe $3k- $5k each. Siding doesn't cost all that much for materials, $1 a square foot or less. And it's fairly quick and easy to put up.

Do you need to replace the HVAC?

Other expenses: flooring, mudding, texturing, light fixtures, doors?, door hardware, baseboards and other finish carpentry, painting (interior and exterior), finish electrical, water heater?

Also don't forget holding costs, utilities, taxes, insurance, interest, etc.