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All Forum Posts by: Josh Chappell

Josh Chappell has started 14 posts and replied 47 times.

Post: Seller upside down - whats my next move??

Josh ChappellPosted
  • Rental Property Investor
  • Guthrie, OK
  • Posts 50
  • Votes 16

These are new ground for me. I need the advice of the pro buyers on here. Here is the situation:

- House is worth about $55,000 in its current condition and needs $30,000 in repairs - ARV is around $130,000

- She has a USDA Loan balance of $60,000

- She has a HELOC of $20,000

- Monthly payments for both loans are around $1,000/month

- I own the house next to hers and its a great rental and would like help her out with this situation and get a good deal (win-win) 

I have never done a "subject to" deal or any other super creative financing. I need some advice on my next steps of action. This lady has gone through moving, getting divorced, facing current health problems and needs my help. Please help me help her. 

Thanks in advance! 

    Post: Commercial Property Due Diligence Checklist

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    I am looking for some educational materials (articles, forums, checklists, podcasts, etc.) specifically from those of you who specialize in commercial property. My background is in single family properties and we are about to lock down our first 7 unit, single story, commercial property. I want to have all my ducks in a row. Thanks a ton! 

    Post: Oklahoma Tax Auction

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

     - Attorney: Contacting an attorney and asking all your liability questions wouldn't be a bad thing - its your first deal and hopefully it alleviates fear and clears up things in your mind. Fear can be a monster to deal with. 

    - Evictions: We have done a few things with evictions after purchasing auction properties and I think one thing is important to realize. People from all walks of life fall on hard times and you have to know what type of person you are dealing with. With one person, cash for keys might be great. Another person isn't going to move until the sheriff knocks on their door. 

    Post: Oklahoma City Balance Sheet/Portfolio Lender

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    PM me and I'll give you a few names. Good luck with the property! 

    Post: Evictions postponed in Oklahoma City Area

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    Thanks for the update. 

    I know that all dockets were being postponed in Logan County. 

    Post: Bill Back Water in Edmond Oklahoma?

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    @Michael Clayborne thanks for you input! I appreciate it. 

    @Tracy Streich Thanks for you insight. 

    @Will Fraser Yea there aren't many MF in Edmond for sale! I thought a few people would know which one I was talking about. Thanks for the info on the GOV Plans. I wasn't aware of that.  

    Post: Pro Property Manager for MultiFamily in Edmond Oklahoma?

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    @Rodney Miller thanks Rodney. I’ll check him out 👍

    Post: Pro Property Manager for MultiFamily in Edmond Oklahoma?

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    @Cassi Justiz the one I was looking at was a 16 unit

    Post: Pro Property Manager for MultiFamily in Edmond Oklahoma?

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    I have been analyzing a few multi-family deals in Edmond Oklahoma and Im looking for the best property managers in the area. Please let me know if you have anyone in mind. My background is in SFR and I self manage all of those. Thanks!

    Post: Bill Back Water in Edmond Oklahoma?

    Josh ChappellPosted
    • Rental Property Investor
    • Guthrie, OK
    • Posts 50
    • Votes 16

    I am analyzing a multi-family deal where the current owner is paying for all water. Is water bill back typical in Edmond? 

    Also..

    The owner is paying for some of his tenants electricity even though they are separately metered. Why in the world would an owner do this? Seems a bit strange. I wonder if he just leased up the units as fast as possible to list the property...a lot of the current tenants have been on a lease less than a year.

    Your thoughts on these two things would be awesome!