All Forum Posts by: Meredith Burt

Hi @Lawrence Bass, welcome! Lots of good advice so far. Though we've done live in flips before, we just started rental investing here in Norman/Moore last year. My advice for newbies:

1. Listen to the BP podcast as much as possible, choosing the relevant episodes like @Drew Eldridge suggested.

2. Read any recommended books, there's great info everywhere. You can get quite a few from the library for free on your phone.

3. Set up a report on Redfin or similar real estate search site to send you properties daily. Evaluate/analyze 5 properties every day to see how they would pan out if you were to buy them and rent them. If you don't know how to evaluate rentals, there is a webinar on how to do it here on BP that they do frequently.

These three things taught me a lot. Good luck, and thank you for your service!

Interesting and useful insights everyone, thank you!

I haven't done long distance investing yet, but am looking into markets where I go frequently (to visit family or travel) for when I do begin. Where do you like to go or want to go regularly? It isn't essential to go there, as stated above, but just a starting point for a new investor to explore. Currently we do BRRRR here in Oklahoma and I imagine it would work just fine long distance.

I can't speak to financing a flip specifically, but we recently refinanced a BRRRR duplex here in Oklahoma, starting the process just after quarantine began. I called several lenders and got all the details on what exactly was needed until we found a good fit for the project. We ended up going with a local credit union, second best option was a regional bank. Phone calls and emails are easy and free! Now is a great time to gather info and get educated so you'll be ready when an opportunity comes.

I'm assuming you're looking in OKC, but for Norman/Moore OK I've liked Norman Heating, Air Conditioning and Plumbing. They're responsive, work quickly, and well priced.

Last fall, these lenders told me they can refinance without a seasoning period if you have rental income:

Oklahoma Educators Credit Union

Bank of Hydro

These lenders said they could lend after 6 months of seasoning:

Arvest Bank

Bank of Oklahoma

Allegiance Credit Union

Not sure how they feel about out of state investors, but it's always worth calling to find out and ask for additional recommendations.

Bummed I barely missed this! I've been wanting to attend this meetup for awhile but the normal time/location is tricky for me. Hopefully I'll catch the next virtual one!

@Sonya Marin thank you for sharing. I've been very interested in this process and agree it's a bit complicated! Glad to see a success story. If you don't mind sharing, how much are the fees, and would you do it again?

@Ali Kattan your willingness to think creatively will help you figure something out. I'll suggest the boring but solid suggestion of finding a partner. Searching for a good deal doesn't cost much, so you could put all of your energy into that and, if it's a really good deal, easily find a partner or use a private lender.

One thing I think we've all realized from the coronavirus situation is that you must have plenty of reserves for when the worst happens. This could be a good time to hunker down and save until you're in a better position.

So much good stuff in here! @Teresa M. I agree with many of the suggestions as good options. I would personally keep calling lenders, especially smaller and local who understand the tourist market and properties there. Fingers crossed for you!