All Forum Posts by: Kiera Underwood

@Brandon Wallace I'm a big fan of paying off a 30 year mortgage in 15 years especially if you're young. The ability to refinance and double your portfolio when those loans are paid off is great! And paying yourself instead of interest for 15 years is ideal. However I personally end up spending returns to purchase more. I absolutely wouldn't recommend increasing your lifestyle though. That's the silent killer! 

@Sean Starkey curious if in the meantime you could qualify for a much a lower cost STR? I'm assuming the second that you wanted to buy was in the Yucca area as well? In Oklahoma City I'm aware of STRs in the 300k range that take around 20k to furnish and that cash flow at ~$400/month. This is factoring in the insane 6+ interest rates/mortgage payment. An investor I know just closed on a 500k duplex that will cash flow at over $1500/month. This is true net cash flow after vacancy, maintenance, PM, and like I mentioned before of course the mortgage payment. Is diversifying location up your alley at all?

Also I love Huntington! Just work remotely from there for two months and got back to Oklahoma this week. Can't wait to go back!

@Susan Guzzo totally hear you! For STRs we're normally in the 300k range so we'd just bundle a few. I hope the search is going well. 

@Bethany Peysen if it's in the Oklahoma City area I'm sure that I can help. Where is it located? 

@Susan Guzzo you could easily put together a package of properties in B areas with solid cash flow in OKC if you were willing to position as STR. Is that something you're interested n?

@Kristina Boothe BRRR from out of state is a big jump! I have helped people pull it off, but it takes a ton of trust. You absoltuly have a leg up in that your husband is a contractor though. Do you plan on traveling to the location to do the renovations or trusting a property or project manager?

Regardless congrats on that 508k!! 

In Oklahoma City you can BRRR, but for an out of state investor and with repair costs still being inflated it's tough for a true brrr to allow you to leave less than 20% in the deal. It's doable, but it's tough. I actually just passed on a duplex in a developing area that I was ready to purchase. The price looked right, but my bids came back too high. If you're doing your own repairs, that could open you up quite a bit. I'll look out for your thoughts!

@Jordan Naeem so excited that you're getting started! I love the using your primary residence to begin the process approach. I did the same thing! Luckily we both live in markets with great numbers, so in that alone we're a step ahead! I help a ton of investors get started in the OKC market and they're almost always out of state investors that I love educating. But I am so grateful that I got to get my feet wet years ago with first hand knowledge! You're in a great spot in the process. Good luck! 

@Lain McCanless I just came across a 330k duplex in a premium/tourist focused area of Oklahoma City. The PM I'm connected with manages short term rentals and the numbers are looking like when positioned as a STR a 40k net annual take home if you pay cash or 16% cash on cash if you finance. At the least OKC should be on your radar! Happy to answer any questions.

Section 8 does have federal guidelines they have to follow!

There is a checklist on their website that you can find that goes over everything, but honestly it's so subjective by each inspector that we stopped using the checklist. Basically the inspector doesn't have a checklist they follow & they can use their own discretion. We came to this consclusion after talking to several other property managers and inspectors themselves. Our rule of thumb is that if the city is going to give you a thumbs up as far as code and have a permit passed then that's a great starting point. Everything more cosmetic is very discretionary. 

Let me know if you have any other questions! Good luck with the project.

@Alex Talcott exciting! What all will you do on the trip out? 

@Boruch Vann I've worked with hundreds of out of state investors over the last couple of years! You can absolutely start your portfolio from out of state. That said, there is risk involved and you'll just want to make sure that you're working with a team that you can trust. Read their reviews, talk to investors that have worked with them before, look at what they've sold and how it's performing. If you'd like to talk about what it looks like feel free to ask any questions at all. I'm happy to share my experience!