All Forum Posts by: Scott England

I'm with @Rhett Tullis on this one for OKC.  They've gotten pretty unreasonable over the last few years and it's not worth the hassle and lost rent now as an owner.  

Hey everyone

I’ve got a bit of a random opportunity in Houston, but do not have much in the way of contacts there, as I’m out of state. At this point, I just need comps for a property, so if anyone is willing to do a fellow investor a favor, I would be most grateful.

@Hank Olken You probably want to go ahead and build that business first, then make your decision.  Those tax incentives look less like "favors" and more like necessary write offs the more one gets involved with investment property ownership.  

Bringing in an equity partner on your first real estate deal (if you can even find one) is not a good idea.  IMHO, there's a 99.5% chance it will be a negative experience for the both of you, even if the investment is profitable. 

Yes, there are banks that will lend 100% of the purchase and rehab costs, I know of 2 here in OKC, however, they are very few and far between and it's not as simple as just going and grabbing that loan.  There are a lot of hoops to jump through and the costs associated with them eat well into any margin or equity you create.  Most likely, though, you will end up with some form of hard money lender.  Either locally or one of the regional/national lenders, and even then, you'll come to the table with a decent chunk of cash.
 

As a fan of RK, and being a capitalist myself, I have to admit one must maintain a healthy dose of skepticism when a capitalist lays out a strong or controversial position on a topic, then works in a product or service to sell you that coincides with that position (much like when a socialist makes the argument that centralized power, under their control, is for your own good).  

Predicting a market crash the month before your book titled "The Capitalist Manifesto" drops is a bit too much for me, although it's brilliant marketing, and I don't necessarily think he's incorrect, in general.

Here's my prediction: There will be no crash in October and the book will be a success.  The democrats in congress will agree on an infrastructure bill in the next 4 weeks, which RK will point to as the reason the crash didn't happen, saying money printing is a short term stimulus, but only kicks the can down the road and makes the overall problem worse.  

All California based REI capital is welcome in Oklahoma. Live there, invest here, everyone's happy.

@Ted Holmes

There are only a hand full of direct lenders that are offering a 30 year term on a portfolio loan, and most of those have other terms/requirements you probably won't be okay with, so your options are quite limited.  Also, I wouldn't dismiss all brokers, as some of them have negotiated terms they can offer or access to private or lesser known funds you may not be aware of.  

@Andrew Dincola

I'd be happy to link up and talk about the area and help provide some contacts to get your team together.  Shoot me a message and let's get it set up.  

@Bryan Eugene Long I think sticking to the OKC Metro is a good idea.  I'd be wary of Ardmore if you don't have direct experience there. 

@Stefan D.

Thanks for sharing and a great point about the (often unwarranted) optimism on this side of the industry. Too much hype generated by those who have things to sell to the newcomers.

OOS investing has a lot of moving parts and should only be done with a well vetted team.