All Forum Posts by: Micheal Briscoe

@Bobby Chapman there are several Facebook groups dedicated to OKC Real Estate that are a bit more utilized  than the forum. Different crowd than what you’ll find here, but both formats are extremely useful. 

From the Facebook groups, I know of two Investor meetups this week, one tonight (2/17) and another Wednesday (2/19). I’ve yet to attend any meetups, just letting you know they’re out there. 

There’s also a local OKC Podcast that has some good info on the local market.

As a coffee lover, a drip pot and filters would be ideal. I’d bring my own coffee. Another cheap alternative is a French Press and kettle.  

What I see in my county is taxes are assessed at last sale, and only rise in small increments.  Could also be a homestead exemption in play.  Example, I’m set to close on a property that’s been taxed at $600/year consistently. Last sale was $40,000 in 1994. When I close, taxes will be reassessed on my purchase price of $97,000.  I should expect my taxes to be ~$1300/year after reset.   

Local Facebook groups are the only place I've networked with wholesalers. On a few distribution lists. Lots push their offerings in the groups with their absurd numbers. Once you know your market well enough, you'll know immediately whether their ARV's and rent projections are in the ballpark. As for their repair estimates, that's a laugh too. Lots of ‘no repairs needed' and they haven't been updated in decades with with dirty carpets, etc.

I’ve not seen a wholesale deal yet in my market that makes sense utilizing hard money.  The few I have looked into would’ve been alright for cash buyers.  YMMV

Depends on your strategy, but I had the thought that 1/1 duplexes would excel in STR sphere. Rent on a 1/1 here would range from 500-650. I think one could easily beat that doing STR (situation dependent). I've been looking at numbers quite a bit, but with no experience in that realm and frequent out of town work trips, it's not something on my immediate radar.

MLS at the moment. 2 that I've found have been properties that were relisted due to contracts busting. 1st had 3 contracts bust. 2nd had a cash buyer back out due to a probate issue that was going to delay closing. It was actually being taken off market, but Redfin flagged it for a day as back on market. I'd already ran #'s, knew it was a good deal. My realtor knew the listing agent. Got it under contract with an extended closing period to allow them to clear title.

Most wholesalers in my area are delusional in their asking price, rents, and ARV's. It's probably less than 5% of wholesale properties that are even worth running numbers on.

I'm currently working with an agent, however, I do most of my own prospecting on the MLS. Meaning I identify properties, and just use my agent for showing/2nd opinions and to help with the back end. We've closed 1 deal this year, had another set to close 12/19 that is now delayed to 2/20. We've probably seen 30 properties, offered or attempted to offer 10-12, usually on short notice as MLS deals are by going to hang around. Most in the 100-125k range.

There just seems to be a slight disconnect between me and my agent. Is the workflow inappropriate?  Or is my agent just lacking a little gung-ho attitude?  Ive sharpened my pencil enough now we typically only look at properties that I’m 90% sure we’ll put in an offer of some kind in on. 

Last thing, I don’t ask him to do crazy low balls. 

2 daughters on the Autism spectrum (4 & 5).  That sums up my WHY.  I have a great job (200+) but it requires me to be away from home 2/3's of the year.  I'm looking to real estate to replace my W-2 income so that I can be at devote my time to family.  Hopefully what I establish will continue to provide for them as well because right now their future is a lot of unknowns.  

I'd suggest talking to lenders (local banks/credit unions) about what you can get pre-approved for. I'm assuming you're looking at potentially househacking your first deal, FHA financing, etc. It's not the only way, but may be your easiest way to get started. Once the lender looks at your finances, they'll issue you a pre approval with an attached fee sheet showing what you can expect to pay at closing (fees, prepaids, etc).

For reference, I closed one @ 5.25 / 20% down with Gateway in July.  Have a preapproval from Weokie for 4.875 / 15% down as 'investment' loans.  Multifamily (2-4) requires 25% down.  Those stipulations change if you're doing owner occupied.  

For insurance, you can PM me and I'll pass my brokers info to you.  Once you get a feel for one property, you can gauge most in the same area.  If you're looking out of state, expect #'s to change dramatically.  I couldn't believe how much more expensive some areas in Texas are.  

For contracting cost, you can contact some local contractors and have them ball park a few of the more common rehab items, such as flooring, painting, window replacement, etc.  There's two portions to everything you need done, labor $ and material $.  Spend some time in Home Depot and Lowe's and you can figure out material cost.  Scott Trench's book on estimating rehab costs was helpful as well.  

Feel free to reach out.  I'm in Edmond as well.  I'm only a step or two ahead of you at the moment, but still learning all the time.  Good luck!