All Forum Posts by: Shawn Skaggs

I’m trying to get started investing in rentals in the Oklahoma City area. My question is about realistic reserves when figuring deals. I’ve been using the numbers discussed in a bigger pockets webinar that I attended. However, as I’ve looked at other deals posted in the forums it looks like my reserves are higher than theirs. What are realistic reserves for vacancy, repairs, and capital expenses?

@Richard Queen thanks for the information. I’ll be looking into it this week.

@Tom S. In the market where I’m at, I can make a lot more deals cash flow at a 30 year note than I can with a 15 or 20. I’m trying to buy properties that are close to being ready to go because I don’t have the time to oversee renovations right now.

@Kevin Luttrell Thanks for the advice

@Kevin Luttrell I guess I could, I just liked the idea of having it all in one note to pay to one bank. What are the advantages of using a HELOC to get started?

@Kevin Luttrell Thanks for the insight. I’m new to this and just trying to find out what all my possibilities are.

@Greg Downey I’m sure you know more about it than I do but I had two different banks tell me they could do it. That’s why I thought it was possible.

@Kevin Luttrell that’s correct

I am looking to buy and hold rental properties near me in Oklahoma but I’m having a hard time finding anyone who will cross collateralize the equity in my house and go 30 years on the final note.

I have a couple banks that are willing to cross collateralize so I don’t have to use my own cash but they only go to 15 or 20 years on the notes.

Any ideas? Is what I want to do that uncommon?