All Forum Posts by: Lara White

@Tre Tyler  I prefer local lenders!!  Ask your real estate agent who they recommend in the area as possible places to start.  See what kind of fees they charge, how long they've been lending, and no don't give them your ss number with the first conversation.  Ask if they work with investors.  Good luck with your first deal!  Let us know how it turns out.

@Brandon Keck  It's a different market I know, but I'll email you something I have for my local area (OKC).  Send me your email address and I'll get it to you.  (my email address is below in the signature box.  I think there is a great BP book too, Estimating Rehab costs, by J Scott (I don't have that one yet, but he's a wealth of info, so I'm sure it's great!!)

We are military too!  Air Force, 27 years...about to retire. Welcome to the BP forums!  It's a great place to start learning.  Set up some key word alerts on things you are interested in (examples: military, project quotes, Pittsburgh, Pennsylvania, full-gut reno, ....)  

@Tommy Nguyen  I am trying my hardest to not be jealous.  lol  I'm a Florida girl stuck in Oklahoma!  We lived in Japan for a couple of years too, and I miss that ocean something fierce. Do you get to do any diving out there as well?

Where are you looking at investing in? Only in Orlando? You should set up some keyword alerts to help get you connected/learn more about specific subjects you are interested in (for example: Orlando, multi-family, newbie, Florida, rental strategy, military investor, VA loan?) Just some thoughts!

Welcome to the BP forums and best of luck!

@Thomas Cooper I'm originally from Cottondale!  lol  But it' s been almost 20 years since I've lived there.  I bet it's changed a lot since then.

@Justin Oldham can you send me your local contacts too?  I'm always looking for good local lenders!  I have several, but it never hurts to have more.  Appreciate it!

@Graham Allen Find a niche that you like (ex. single family residence, near a military base, or a STR in a vacation place or near a large hospital system?) Pick something that peaks your interest! Do you like the DFW area? Or if not, have you thought of looking into markets that aren't in the DFW area? Find a good local realtor (there's tons of them here on the BP Forums) in the city you are interested in, contact them and just talk. Find a local investor meet-up, and make some local connections. READ some books and learn about different types of REI--tons of great ones here in the BP bookstore, pick one and you can't go wrong IMO. Set up keyword alerts here in the forums for the things that you are interested in (like booklist, DFW, Texas, newbie, pick another city or state, pick SFR or STR or Multi-family). Good luck and welcome to the BP Forums!

@Ty Hanson  Welcome to the BP Forums!  At a meeting, make connections, talk, exchange names/phone numbers/facebook connections.  Ask what they do (some will be wholesalers, some agents, some flippers, maybe a lender, other investors of course).  Offer value if you can, but just get to know a few faces/names and absorb is fine too.  I wouldn't be afraid to ask questions (I mean read the room, if it looks like no one wants that...I guess just sit there, but I doubt that b/c investor groups get together in order to talk!!)  Here in the forums, make sure you set up keyword alerts!  You might want to use things like (Wisconsin, Luck, newbie, self manage, property management, landlord)  Whatever you are interested in!  Best of luck to you!

@Melanie Murphy  My anxiety level just shot through the roof. LOL.   1% rule here in Oklahoma....   There are so many factors that go into what makes a property worthwhile (or not!), that I rarely focus on just one rule (like the 1%).  The OKC Metro market spans almost 2 hours across from east to west and about the same from north to south.  That's a LOT of different types of areas and properties. Also, if you are basing your purchase on the 1% rule today for a property....what will it be at in 1 yr from now... or 5 yrs from now.... will it still be 1%?  I can't tell you that. Rents aren't set in stone (yes, hopefully they will go up...but what happens if they don't).  The $100,000 property you buy here, will probably need at least light renovation, and will probably not get $1000/mo rent.  But that doesn't mean it's not a good deal.

Second question: What kind of price points for investors ...well that isn't an easy answer either... investors come in all sorts of shapes and sizes (not trying to be snarky!!) - I have some investors that are strictly looking for the $100,000-200,000 range (single family/maybe duplex) and then some who are looking for anything up to $800,000 (multi families units) - those properties are as different as night and day. What kind of property are you looking for? Single Family? duplex? Tri? Turn-key? Something to BRRR? STR? Will you self-manage, or use a PM?

Overall, I do think the Oklahoma market has a lot of great properties, we have a great employment base with lots of solid employers (from military, state government, energy, universities).

@Ethan Dromgoole Welcome to BP Forums! Set up some keyword alerts on the forums here to get alerts on things you are specifically wanting to learn (maybe start with: military, VA loan, newbie, first investment, a city or state you are interested in). That way you have a vector! And start saving money, get a side hustle even if you command will allow it -- even if you partner with someone on your first couple of deals, you'll still need some sort of capital more than likely.

Just spitballing more ideas: become a real estate agent, or an appraiser, or a home inspector, or volunteer at Habitat for Humanity building houses, join a local investors meetup, or non-local meetup for that matter if they have zoom!  Just get into it SOMEWHERE and start learning hands on.

Also check this out: https://www.va.gov/education/a...  to see if they will pay for your licenses! Good luck!

@Lee Whited I don't know anything about NewDay USA's product (other than getting a letter from them in the mail 2-3x week trying to get me to do it). Here is a good site to learn about what options are available to you with a VA cash-out refinance. https://www.va.gov/housing-***...

I did an IRRRL earlier this year myself (at 2.25% for 30 years!!) on my primary, so the IRRRL is a good loan product too (different though). I'd just be cautious about a lender that has to spam to get business. https://www.va.gov/housing-***...

Personally - I would find a local lender that can do the same thing for you but will save you time and heartache more than likely.