All Forum Posts by: Jonathan Barr

Also Michael Blank

Look at listing that have sold.   Usually the pictures will make it looked it was flipped or many times it'll say the description flipped home recently renovated etc...   Pay attention to see who is the listing agent and if they have done handful like 2-3 in a year most likely they are good agent to contact.

I would look at which agents in your area actively sell flipped homes.   Most likely they are helping their investors on the front end finding deals.   If you can get on those agents radar they may give you chance to work with them.   This will also depend on if the current investor they work is occupied with their projects.   Therefore they may have need for someone like yourself to do a deal with.   Usually how it works is if they bring you a deal then you give them listing on the back end.  If the agent is the listing agent for that fixer they just need to disclose to both parties that they representing both of you. If you few of these relationships that can keep you busy with deal flow.

Hi I would repaint the exterior give it a little more pop.   If you can use of the parking area to create some more outdoor space I think that could be huge.   Removing some of the concrete pad and putting some grass for like dog run I think could be a big plus.   If you possibly easily vacate the other unit I think it'll make easier for you. Though I know with rent control that would be tough.

Using active campaign along with some automation and so far so good.   I also have it attached to my website so I can know when my contacts visit my site and which pages.  Just gives me some extra insight how to better service them.

I would do the refi cash out of you plan paying the funds right away. Then you have one fixed payment that will never change. If you take out a heloc its usually a fluctuating rate though its usually interest only. I don't think you will necessarily get more cash in your pocket with a HELOC. I think the cash out refi the sure fire way to hedges some risk.

I would keep in mind if you had rent it because market takes hit can you break even.

It honestly seems like 50/50 deal plus paying him for his contracting services as well.   Are you going to be doing the design because maybe you charge a fee for that.   This is the kind of thing you really need to talk to the a Real Estate attorney.   Roles and design making powers need to be clearly defined and put in writing.   There will be some upfront costs but this will save a lot headache later if things don't go the right way.   Which if end up doing enough deals one will eventually make little or no money or may have loss.   You need figure with attorney what happens in worst case situations.   Its like insurance you hope you never use it but you are sure happy it was there if you ever need too.

Its a little weird that he didn't have them sign a one year lease.  That's basically the norm.   I would make stipulation in your contract that requires the seller to sign one year leases with these tenants.   That way at least you have more of guarantee for the next year. I would closely look at collections make sure these people don't owe anything or are late.   Due to Covid you don't know if these may have lost jobs.   So it would also be a good idea to see the background information for these tenants.  If they are in service industry their might be some concern there.   That's my two cents hope that helps.

I'm buying multi-family in OKC happy to connect