All Forum Posts by: Rhonda McDaniel

@Michael Ealy it’s the first I’ve heard if the 10 year rule of thumb. Newbie here, but I had already decided to only reinvest earnings for the first five years. Make that 10 or even 15 with my 15 year loans. Thanks for the pro-tip.

@Chase Cline. I’m interested if you’ll take payments

@Rita Medeiros wish there was a group like this in Tulsa of women TE investors.

Has anyone had trouble with your first lender when you changed a primary residence to a rental? We did this for two years, and every 12 months the lender had us submit a letter for "approval" to their main office. It was always approved, but I thought that was strange. Also now we have a HELOC on our primary residence with the same lender. I'd love for this primary to be a rental, without rocking the boat on our HELOC. Our HELOC is a 10 year agreement. We are in the first 12 months of our HELOC. Some language in our particular HELOC says:

"We can terminate your account, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if: (1) you engage in fraud or material misrepresentation, by your actions or failure to act, in connection with any phase of your line of credit (2) you do not meet hte repayment terms.'

I understand number two, I don't understand number 1 so much. What exactly is "material misrepresentation?"

Has anyone had trouble with your first lender when you changed a primary residence to a rental? We did this for two years, and every 12 months the lender had us submit a letter for "approval" to their main office. It was always approved, but I thought that was strange. Also now we have a HELOC on our primary residence with the same lender. I'd love for this primary to be a rental as well (without omitting the HELOC). Advice?

To your point. Yes you can rent out a room in your own home. Even if your mom's home because it has been authorized. Check the local going rate for 1bed1bath or 1room rentals and price yours accordingly. Find someone local. A sign in your yard and on your town's buy/sell FB page is usually enough to generate interest. Best of luck! Congratulations for taking the leap into RE investing!

Hi Nandy. I've done wholesaling in Payne County and live about an hour's drive from Stillwater.

I'd be happy to do your boots on the ground work for a small fee and can quickly scrape a list for you- my details are on my profile here or with McDaniel Properties on FB. 

What I can say is that wholesalers go in first with offering an all cash deal and rarely are looking to find owner fi. To find For Sale By Owner's I'd recommend: 1. driving the city 2. Scrubbing Craigslist, Zillow, and Facebook 3. Joining the Stillwater and Payne County rent/for sale FB page. Stillwater doesn't have a REIA meet-up group. Any lawyer can help you understand "owner financing law." In Oklahoma I use True Title and Escrow lawyer David Dryer. 

Go to the door with your letter in hand/ or post card and business card. I've had people "hide" inside, this way you can leave the letter on the door (bright paper). 

As a management company it seems out of your purview to actively find leads for investors...A better way to grow would be to meet more investors who already have properties needing to be managed...as a thought.

Home daycares, licensed by the state, do not require commercial zoning, at least not in Oklahoma. Home daycares are often preferred by parents because you can only have up to 5-8 children. That's like having a big family. It's a legitimate business, but should probably be ran out of a home someone owns. Why not do a lease option or owner finance with them to purchase the house, charge more interest for the higher risk, and have an attorney draft up something to prevent your liability in their business? Maybe it's opportunity knocking.   @Hubert Kim