All Forum Posts by: Meredith Burt

If it helps, the property is in Oklahoma. Any advice is greatly appreciated!

Great advice everyone, thanks.

@Lance Castillo out of curiosity, why would you prefer a balance sheet lender over any other lender? Newbie to the world of rental lending here.

Following this thread. I appreciate all the insights! Having grown up and spent time in Utah on and off throughout my life, I'm just so surprised to see that area becoming like other major cities where a lot of residents will end up renting forever and not buying a home. Of course, I see nothing but growth in the future, so it makes sense.

@Rhett Tullis you didn't scare her off, she was "lucky" enough to find a burned out house to renovate near her home in Texas. It's keeping her plenty busy!

I have my eye on a commercial property that was an original tiny local grocery store and another shop. It is now totally surrounded by residential and I'd like to rezone it residential and turn it into multifamily(duplex and quad). It isn't currently for sale, but is for rent, and has been vacant for months, possibly years. The city said there is a good chance it will get approved to become residential. 

1. How do I offer on the property pending approval from the city to rezone? How does earnest money work in this situation?

2. What is the general overall process, from making an offer to having it rent ready? While not my first major remodel project, it is my first time trying to do it with zoning changes.

3. Anything else I need to know? Thanks in advance!

@Lawrence S. I moved to Oklahoma from out of state and find it to be a good option for out of state investors. I don't have many recommendations for OOS specialists (because I live here), but @Alyssa Dyer with Table Investments is/are very knowledgeable and responsive and specialize in working with people outside Oklahoma.

Rhett Tullis is a property manager that I haven't personally worked with, but who was very helpful to my sister when she was exploring investing here from Texas.

Hi @David MIchelsen, have you watched the BiggerPockets webinar on How to Analyze Rental Properties? You can watch the archives with an upgraded membership, or wait for the next one (that one is a repeated webinar, I believe). I think that's a great place to start to see where you're having trouble. That being said, I know I analyze MANY, MANY properties before I find ones that work, so it could be that you need to just keep going. 

Also, you could spend time in the Deal Analysis forum and see what you can glean.

Thanks @Cassi Justiz, I agree!

@Alyssa Dyer thank you! We ended up hiring parts and then doing a lot of work to recoup our costs. Our holding costs were very low in this situation so it made sense. I'm glad we did it on this one, but going forward we now know where we need to be to hire everything out.