All Forum Posts by: Michael Bennett

Hello @Jon Wimmer. I am an investor in the Tulsa area. Although I am not a wholesaler my team and I come across deals all the time and I don’t mind sending deals your way! From my understanding you’re looking for a duplex or higher for your first property? Any particular price range?

@Brady Lamprecht great job! The house looks like it came out great! Keep up the good work!!

Thank you for sharing, this is definitely inspiring for a new investor like myself.

Hello @Doug Scroggins, I am in the Tulsa area and form my research there are quite a few lenders and banks that will lend to consumers for rental properties with a good enough credit score. Have you looked into any banks or local lenders?

Keep up the good work @Chase Gibson! I’m currently working on building my portfolio and will hopefully close on 3 rental properties before the year is up!

Hello @Jason Rogers, I’m also new to the real estate market here in Tulsa and as I learned you just have to let the deals come to you one by one. Basically what I’m saying is just aim for one deal and focus on that first stepping one foot in front of the other. Once you get comfortable and feel that you have an handle on things then you can do from there. We currently have 4 house at the moment. One that is a week away from being listed, one we just started demo ooh this week and two others that’s waiting. The two that’s waiting could have a negative impact on us because every day that they are sitting they are costing us money. But the deals were too good for us to pass on and we also feel that we can handle the volume once we get around to them. Just waiting in city permits at the moment!

Thank you everyone for your great words of advice! I’m eager to start this journey.

Hello @Tracy Streich, I’m just now seeing your response. I’ve recently contacted Collin at Sharp Mortage and spoke to him about his basic requirements... also we do know our current investment is across the way from the Brady Heights area and currently at the moment we’re all in about 120k. Realistically I’ve been preparing for anywhere between 170k-180k as the final sales price which is still a win on my eyes. When the bank originally appraised the property at 200k I was definitely astonished that the priced it so high. We’re currently hoping that the house around the corner from our property sales at a attractive enough price. But we are definitely fans of the Brady Heights area at the moment.

@James Galla thank you! I will definitely look into that option!

I currently have a business partner that I work with that is currently generating 95% of the cost for our flip projects. This is either from cash or private investors that he has on his end. With me only being able to provide 5% of the cost this allows only for a small percentage of returns on my end. My credit score is typically anywhere from 660-690 and I currently have a mortgage on my credit so it is kind of difficult for me to get approved for a loan from a bank. I was recently approved for 2 rental properties by a bank but I think that is because the properties are turn-key with an attractive NOI. When the bank advised me that they could work with me on the properties I presented an alternative offer of property that was for sale for 35k that needed about 70k in renovations and comp was selling for about 160k on the area. I had my business partner compile the offer with the renovation estimates and the information on the comps but the lender stated that “we mainly do those type of loans for people with tons of real estate experience because people can get into a lot of trouble if they don’t know what they are doing.” I reassured him that my partner has more than 2 years of experience but that wasn’t reassurance enough for him since I have only been in real estate since around May of this year. I knew it would be a long shot but hey I figured it wouldn’t hurt to try. Current project: 239 E Newton Pl, Tulsa Ok, 74106. 1910 sf, Purchased for 27k at auction in June 2018. Renovation cost are currently at about 90k. Bank appraised at 200k. The house is a week out from being completed and ready to list. Recent comp is pending sale. 1309 N Elgin Ave, Tulsa Ok, 74106. 1416 sf, pending sale with listed price of 160.9k Next project: (Waiting on business partner to send address). Purchase price was 120k from wholesaler. Will add about 100k in renovations and bank has appraised for 325k. The house is located in close proximity to The Gathering Place which increased the value of the surrounding neighborhoods. Recently Purchased: 1342 N Denver Ave, Tulsa Ok, 74016. Purchased at auction for 45k. This house has not yet been appraised but our associates have done many houses in this neighborhood with sizable returns. The house is located in the Brady Heights district which is an historic neighborhood where the property values are increasing. With me having so little cash to invest I am missing the opportunities to earn more profits and also the ability to assist my partner in completing multiple projects at once. If anyone have any recommendations on a great HML I will greatly appreciate it. Thank You