All Forum Posts by: Rob Terpilowski

@Dustin Rose, where in OKC is it?

Hey @Thomas Colvin,  who have you spoken with?  I may be able to refer you to some other lenders in Oklahoma City.

Hi @Christopher Winkler,  what's the seasoning period for a cash out refi?  Also what is the minimum loan amount?

thanks,

-Rob

Hey @Zac Celli, yep its totally possible. I'm BRRRR-ing in the general OKC metro area, but a recent deal I did in NW OKC was a $64k purchase, $22k rehab, appraised for $130,000 and is renting for $1,300/month. I've got some other projects going on in Midwest City, Norman, and Moore. Those three properties however have ARVs under the $100k limit that you are looking to get. If you are only looking in OKC proper you'll need to stick to some of the nicer neighborhoods.

Hey @John Turner, I'm an investor in the OKC area.  Send me a DM and let me know what you are looking for.  I do flips, rentals, and some wholesaling.  

Hey @Andy Mirza probably looking at about $4k in foreclosure costs. There is some hope it could go up in value, but rent wouldn't be more than $600 for a house its size in that neighborhood and I typically don't hold anything under $800/month.   I talked with agents/wholesalers/investors in the area about possible exit strategies and I think the best option will be to wholetail it...get it cleaned up, put on the market and sell it with owner financing to someone who wants to do the work to fix it up.  Sounds like the best course of action will be to see if I can track down the seller (The DIL had been executed w/ the previous lender), and see if I can get him to sign a new DIL.  

I appreciate the input!

-Rob

So the saga continues with this one.  Apparently even though the DIL was sent in for recording, it was never recorded due to the signature and notary date being different, which in turn means the QCD from the previous lender to myself was not recorded either.  So as it stands right now owner on record is still the original homeowner and I am the current mortgage holder.  I did a title search and there are about $2k in city liens on the property, but no other liens.  The as-is value for this property is probably about $15k and I'm into it for about $10k at this point.  I'm thinking the best course of action at this point is to foreclose on it (seems like it will be cleaner than trying to do another DIL with the owner) so I can sell it and attempt to recoup my funds, but would like to hear others' thoughts.

thanks,

-Rob

@Kurt Michaelson  I'll send you a DM. Last time I got in a discussion like this the moderators deleted the posts from the thread.

I'd like to connect with more in OKC!

Thanks Bob,

I'm going to reach out to the lender who the property was deeded to have him execute a QCD.  Will let you know if I'll need that referral.