All Forum Posts by: Ryan Marrs

Hey @Preston Roach, It should make a good buy and hold. I don't think there was enough there to really make a flip profit unfortunately, but my main goal was to buy and hold. With Hindsight I wish I wouldn't have paid over $21,000. In the future I think I'll stick with higher ARV homes so I have more options. Probably 50-100k range.

Regarding loans, this is for sure about as small of a deal as they come. I just started talking with my bank again today regarding what terms I can get, waiting to hear back. I confirmed with Arvest that they will do loans under 30k before I bought (didn't check terms..). I'm trying to get a 30, but doing commercial loans, which they consider me under since I'm using my LLC they usually don't like to do anything but 5/20 arms. I may check back with Supreme Lending and see if they'll go for it. I'm sure if I check with enough banks I can get that 30.

I do this part time and have a day job in IT management. I hope to be working on my own businesses full time within the next few years. 

@Russell Hutcherson, For sure was a bit naive on the bathroom repairs... Best to make these mistakes on the small deals through! Did your first deal end up profitable, or was it part of your tuition? 

I actually purchased the 4plex in Okmulgee. I've had my eye on a few multi family in Tulsa too, but the numbers haven't been as good. 

Thanks, Jeremy! Yes, luckily I've managed to keep the numbers under control by working in my business rather than on. I actually had 5 different contractors quote me (mostly to learn their pricing). The bathroom alone would have been 2500-4000....Doing it myself it's right at $750 and a lot of sweat. Initially when buying the property I estimated $5,000 total. It's looking like I'll end up between 6,000 and 7,000. 

Only work I ended up contracting out was the new windows, installing new front door, repairing rotted wood along outside wall below front door, and rebuilding the front awning. Windows were largest single expense at $2800 for all 8. I got a great deal with Ronco, I'll update how the worksmanship goes. 

Since you're in my area feel free to reach out to me. Be happy to give you a walkthrough. I'll also update this thread after completion.

Good luck on your BA BRRRR! If you're open to it I'd love to swing by and check it out.

--Currently two in a half week in rehab as of writing this--

After having success with my first 4plex and 2/br home rentals I was ready to find my next deal. My original plan was to purchase a property at the County Tax auction, which didn't turn up any good deals for me...So I had this 30k 3 year loan on 9.6% interest rate I was setting on (My fund still depleted my my first deal I chose to borrow in order not to miss out on the tax auction opportunity...). I had two choices, find a deal fast, or pay the money back and eat the $1100 origination fee. I found a small 1 bedroom house for sale in a decent part of Tulsa, OK. The price had just been reduced to my affordable range. I estimated I would have enough to purchase and fully rehab. I'm on week two of rehab and hope to be done in another 2 weeks. Timeline is good, but I ran into a few more problem than I initially planned for, such as bathtub and surround needing replaced, 2000 nails in sheetrock (I don't no why...), rotting wood under front door, horrible texture on walls on top of wallpaper that made prepping the walls extremely tedious, subflooring replace in bathroom and hall, windows and seals needing replaced (new that), and detached garage siding totally rotted.

Numbers: First noticed when seller moved asking price to 26.5k (from original 34k). House is only 600 sq ft, and single bedroom.

• Purchase $23,000
• repairs $6,500 (so far at $5,600, doing everything myself but windows and front door replace)
• After repair Value hoping for $35,000-38,00
• Rent $600
• Taxes $300

My game plan is to finish up this rehab (which I've learned a massive amount!) and refinance under a 30 year for $25,000. This should leave me cash flowing around $150 per month. I'll be all in according to my BRRRR calculator $6,800. So, it was no money down, but unless refinance for higher it will end up costing a bit. Since my cash reserves are building up I'm in a position I can afford the $6,800 and in return have a higher cash flow from this property.--Currently two in a half week in rehab as of writing this--

After having success with my first 4plex and 2/br home rentals I was ready to find my next deal. My original plan was to purchase a property at the County Tax auction, which didn't turn up any good deals for me...So I had this 30k 3 year loan on 9.6% interest rate I was setting on (My fund still depleted my my first deal I chose to borrow in order not to miss out on the tax auction opportunity...). I had two choices, find a deal fast, or pay the money back and eat the $1100 origination fee. I found a small 1 bedroom house for sale in a decent part of Tulsa, OK. The price had just been reduced to my affordable range. I estimated I would have enough to purchase and fully rehab. I'm on week two of rehab and hope to be done in another 2 weeks. Timeline is good, but I ran into a few more problem than I initially planned for, such as bathtub and surround needing replaced, 2000 nails in sheetrock (I don't no why...), rotting wood under front door, horrible texture on walls on top of wallpaper that made prepping the walls extremely tedious, subflooring replace in bathroom and hall, windows and seals needing replaced (new that), and detached garage siding totally rotted.

Numbers: First noticed when seller moved asking price to 26.5k (from original 34k). House is only 600 sq ft, and single bedroom.

• Purchase $23,000
• repairs $6,500 (so far at $5,600, doing everything myself but windows and front door replace)
• After repair Value hoping for $35,000-38,000
• Rent $600
• Taxes $300

My game plan is to finish up this rehab (which I've learned a massive amount!) and refinance under a 30 year for $25,000. This should leave me cash flowing around $150 per month. I'll be all in according to my BRRRR calculator $6,800. So, it was no money down, but unless refinance for higher it will end up costing a bit. Since my cash reserves are building up I'm in a position I can afford the $6,800 and in return have a higher cash flow from this property.--Currently two in a half week in rehab as of writing this--

After having success with my first 4plex and 2/br home rentals I was ready to find my next deal. My original plan was to purchase a property at the County Tax auction, which didn't turn up any good deals for me...So I had this 30k 3 year loan on 9.6% interest rate I was setting on (My fund still depleted my my first deal I chose to borrow in order not to miss out on the tax auction opportunity...). I had two choices, find a deal fast, or pay the money back and eat the $1100 origination fee. I found a small 1 bedroom house for sale in a decent part of Tulsa, OK. The price had just been reduced to my affordable range. I estimated I would have enough to purchase and fully rehab. I'm on week two of rehab and hope to be done in another 2 weeks. Timeline is good, but I ran into a few more problem than I initially planned for, such as bathtub and surround needing replaced, 2000 nails in sheetrock (I don't no why...), rotting wood under front door, horrible texture on walls on top of wallpaper that made prepping the walls extremely tedious, subflooring replace in bathroom and hall, windows and seals needing replaced (new that), and detached garage siding totally rotted.

Numbers: First noticed when seller moved asking price to 26.5k (from original 34k). House is only 600 sq ft, and single bedroom.

• Purchase $23,000
• repairs $6,500 (so far at $5,600, doing everything myself but windows and front door replace)
• After repair Value hoping for $35,000-38,000
• Rent $600
• Taxes $300

My game plan is to finish up this rehab (which I've learned a massive amount!) and refinance under a 30 year for $25,000. This should leave me cash flowing around $150 per month. I'll be all in according to my BRRRR calculator $6,800. So, it was no money down, but unless refinance for higher it will end up costing a bit. Since my cash reserves are building up I'm in a position I can afford the $6,800 and in return have a higher cash flow from this property.

Is this still available? 

@Blake Brose, were you able to find and work with some contractors you would recommend? If so I would appreciate any recommendations.

Thanks!

Hi David,

Is this property still available for purchase? If so I am interested in seeing it.

Thanks

Hey

@Jason Ross Thanks for post. I to will be attending the Tulsa County Tax Auction and am doing my research. From what I understand the banks Lien will not hold after notification, therefore they will likely show at the auction to bid. I'll keep you posted when I find out for sure. And for your last question tax liens can be payed all the way up to the point the deed is issued to the winning bidder. There's a list on the County site to keep your eye on that shows what properties have paid up.

This will be my first County auction to attend so I'm pretty excited. A couple things to remember is you'll need to bring cash or cashiers check, payment has to be made immediately. You can also wire money to the Treasury before June 9th.

Hope to see you at the Auction and good luck finding some deals!

-Ryan Marrs

Thanks for the welcomes, everyone. I'll be sure and keep in touch and share my experiences on here.

Lisa,

The MFP is located in Okmulgee. The town hasn't really growing since the 80's, but it does have a couple things going for it like OSU and the Creek nation. Also, the property was fully occupied and the numbers made sense. 

Hi BiggerPockets Folks,

I think it's more than time I finally made some posts. My names Ryan Marrs and I live in Tulsa Oklahoma. I work in the IT field and have been obsessed with working on my side businesses for a few years now, which include building websites and a donut delivery. Haven't reached the point I feel I can give up my day job (which I do enjoy), so I started looking at other ways of building wealth and found this amazing website called BiggerPockets.

I've been reading info on BiggerPockets, reading books, and watching video's on investing for the past 6 months now and really want to start reaching out and meeting new people who're doing the same.

I just bought my first investment property earlier this month which was a 5-plex. What a great experience! Best 25k of my own money I've ever spent. Immediately got a rental check for $2,100 back. That's as much as any of my side business have done in revenue after 6 months working on them...

Looking forward to meeting great people! Feel free to reach out and say hi.