All Forum Posts by: Mitch Messer

My wife and I lived in Tulsa in 2021-22 and we did 6 wholesale SFH deals while there. The typical cash flows were very attractive (over $250/door) and we consistently saw cash-on-cash returns of 10% or better.

Although we've since moved on, we LOVED our "Tulsa time" and continue to do deals there!

The program that brought us there, Tulsa Remote (http://tulsaremote.com), pays digital nomads $10K to move to the city, and they do (with a retention rate of about 90%). It's one of the most successful programs of its kind anywhere in the world.

Yes, I'd say Tulsa definitely deserves a closer look!

How many loan brokers have you already approached, and what exactly did they say was the reason they couldn't get you refinanced?

For the record: You're not doing yourself any favors here with no profile photo, no info about yourself, no social media links, and only 2 posts.

If you're seriously seeking funding, I'd love to help you at least get an answer, even if it's "no." (My BP profile explains how to reach me.) 

I'm an active investor doing cash flow deals in Oklahoma, Pennsylvania, Georgia, and Michigan.

I'd be happy to compare real estate market notes with you.

Chantel, is your property cash-flowing? If so, by how much?

How do you know how much the building is worth? How much cash are you trying to pull out?

Blake, if you've already got a track record of success doing this, why not just bring in private lenders to take down these deals?

Even those who might be willing to partner with you down the road will want to start off by lending to you. It's less risky for them and an opportunity to get to see how you operate.

Hey @Elijah Booker, welcome to BiggerPockets!

What concerns me most is that statement: "I have yet to have a conversation with a seller"

Here's the truth: It'll probably take talking to 50-100 prospective sellers before you even have a shot at getting a deal.

You don't get to change that.

You do get to decide how long you'll take to get those conversations completed.

Reach just 1-2 sellers per week and it'll take you a year or two before you get a deal.

Reach 10 sellers per weekday, and you'll likely get a deal within a month!

So get busy TODAY talking to sellers.

(HINT: It doesn't much matter where these sellers happen to be located. Find a cheap way to find sellers who need help, and then get busy serving them. And then, get better at it.)

And you were so close...

I recommend you take a close look at Tulsa! Strong rental demand, a growing economy, a supportive local government, and a business community that is seriously committed to making Tulsa the "Next Big Thing."

For starters, I would go back to all of the people complaining about the condition and test whether providing a repair allowance at closing would make a difference. Without tipping your hand, ask them how much of an allowance they'd need to make this a viable deal.

Maybe it's $50K, but perhaps it's far less!

Keep in mind that the money is only one factor; your TIME-cost is a far greater concern here. Doing a $50K renovation might take you months, which would mean even more holding expense.

And, the same problem you mention also applies in the DIY scenario: What if you take months to make $50K in renovations and then still don't get the offer you need?

Mentors get excited about helping people that they can connect with, whose dreams and goals are exciting and contagious!

You've been on BiggerPockets for over a year, yet you have no biographical info, no links to other social media accounts, and not even a photo. 

Honestly, would YOU mentor you?

If you already have the deal under contract, I'd recommend protecting yourself with an affidavit of agreement (AoA), rather than an NDA.

For one thing, the AoA gets recorded on public record and should therefore show up in a title search, preventing someone from swooping in and stealing your deal. The NDA is a private agreement and won't by itself stop a sale to another buyer.

I'm happy to share an example of our AoA. See my BP profile for the best way to reach me!