All Forum Posts by: Nate Sanow

It sounds like you've accounted for worst case rehab costs, and the low end ARV. Your ARV X 75% is $315,000 so if you're rolling closing costs into the new loan (which I do, to make it a true brrr) then it looks like it checks out on paper.

I agree with your other reply that $10,000 is a paint job today, made me chuckle.. although with time you do get preferential treatment from the subcontractors you employ… but again I like that your rehab budget is this high. I’d take steps to make sure it doesn’t go over, such as withholding a percentage of funds until the work is complete. 

Seems like a good deal. Best wishes

Time does forgive many real estate sins. 

If you can hold, and raise rents, and believe it will appreciate, paying 10% out of pocket isn’t the end of the world. It’s not ideal, but it’s fine. 

If your personal financial situation is such that the holding costs will hurt you, then do whatever it takes to offload. You said it could break even, that’s a win. 

Either way, don’t beat yourself up too bad. You can pivot, and get through this. 

Sounds like you have a good plan.  A lot of out of state people look to our area, and there are several good agents and property managers you can choose from.  

If you are wanting to learn our area I'd suggest looking at 61st ST and Yale Ave on google maps in Tulsa.  Saint Francis Hospital is nearby and is a larger employer.  If you're wanting B class, turn key, not a lot of issues that come with historical homes, this area would be good for you as the properties tend to be 1960's or newer.  

If you are wanting to be near other good hospital employers, but are willing to take on something older with "historical charm" then I'd like near the University of Tulsa, which would also double as a benefit of being able to pivot to student friendly LTR rental style should you need to.  Besides being near TU you are also near downtown and good pockets for hip, fun things to do like the growing Pearl District, Mother Road Market, etc.  

I personally haven't done MTR just yet, but I can say as an observation I've worked with a growing amount of buyers who stayed in an AirBNB / MTR type of place because they sold their house, or moved to Tulsa.  Certainly, population migration has benefited Tulsa in this regard.  

I wish you well and am stoked for you to consider T-town on your investing journey!!!

I want to get further to my goal of 27 total doors.  Specifically I want to finally cross the double digit count in my portfolio next year.  

I also plan to flip more, and still be an agent but less dependent on clients via flips and investing. I enjoy working with people but have learned I want to reserve the right to be more selective.  

Yes it can be done and something that simplifies it would be doing a quit claim deed into the LLC that holds it, and simultaneously refinancing it into something with a new lender. A previous lender can call stuff due when people deed it around.

Hey, sorry this happened.  GC is a chew the meat, spit the bone sort of dude.  98% of his crap is bone but he does have good takeaways.

I embrace them.  Running towards problems, and not from them.  I don't want the problem, but I won't fear it.  The real wealth of this business is in problem solving, and the quitters of this business usually do it when the problems seem too hard.  

I'd focus on selling for mental, emotional reasons...the math is less relevant.  There are ways to do a partner buyout, but, it only works if people are reasonable and understand of actual market value.  The only way to find market value will be to try to sell.  

I’m not sure what I’m more surprised surprised about. That law change, or, that $1m fee. I’m a fan of ethical wholesaling but when the fee is that large… it seems like someone is just pissed about the size. 

 @Wade Gentry hey I am curious how that goes for you.  I just signed up for Pro in part to move my stuff there, but it seems like some features needed aren't present according to some reviews I read...but now that I say that, I can't remember what they were haha.  So if you come back here or message my sometime how that transition goes for you I'd appreciate ya!