All Forum Posts by: Andrew Grieb

Welcome @Andrew Davenport to Edmond. We've been stationed in several states and it is always difficult to get started in the new state. feel free to give me a shout, but I would recommend going to one of the REIA meetings in OKC.

we had pulled one out of our first town house in Baltimore when the wall between the kitchen was removed; no real loss of heat since the dining room radiator was huge.  I would look for other remodels where they are doing the same and look for smaller radiators.  Plumbing work is pretty simple, but old pipes can cause issues.

Equity Trust is who we use because they are the oldest or one of the oldest custodians and are pretty conservative. They do not allow checkbook control. We have a duplex in our IRAs and we prefer to invest by writing notes to other investors with liens on the property for the IRA. That is much simpler than the ownership of the property in the IRA. Go directly to the IRS website to see the guidelines on ERISA approved investments and prohibited transactions.

Radiators are awesome! Don't get rid of them. Seriously consider doing ductless air conditioning system to keep the radiator heat.  Some people love that heat because it keeps the moisture in the air.

Look around your area to decide what is most consistent and popular.

@Shannon Vanderweide Another Option with the LLC is moving the property into a simple trust, such as land trust and have the LLC as the trustee or controlling member. It is not a violation of the Due on Sale clause to move the property into a trust. Then you could assign the beneficial interest in the trust to the LLC. I have never heard of a lender calling the note as long as you are making your payments as agreed. Some people don't file the transfer of beneficial interest and just hold that document separately without filing it. Lots of different opinions. Good luck

@Ron Harris You stole my thunder Ron; great suggestion for getting to know the community if you are local.

@Account Closed are you looking to invest strictly as a buy and hold investor here in Oklahoma?  Do you have any ties here as far as management/other investors here, or specific ideas on how you are looking to invest in Oklahoma?  Some investors I know like to just invest on the financing side from out of state, such as writing notes/mortgages on the properties with liens in place just like a bank, while others like me are comfortable investing in my own property out of state--but that isn't really the norm.  We have properties in OK, NY, and MD but we are pretty careful about buying where we are familiar.  Send me a message sometime if you want to chat or are in the area.

I currently own a duplex in my SDIRA and also use the IRA to fund other investors deals, so the IRA grows tax free with no benefits now. I always look for other SDIRA investors to fund my real estate purchases now, so that way I use those private funds just like a mortgage. The SDIRA owner gets growth, that they want, a lien on my property securing the IRA funds, and I get a tax write off for the mortgage on the property while making rental income now.

If anyone is looking to learn about lien positions on a properties at a loan value of no more than 70% ARV, give me a shout and I help educate you at least on how we do it. Good luck.

We have had good luck with Propstream and bought several properties through marketing to the lists we get off of there. My wife is also a real estate agent and the MLS has some great resources too, but I like Propstream for creating excel spreadsheet property lists in our mail merge. The biggest criticism I have is that the address information is not always pulled from the county records. When I create an excel spreadsheet, the mailing address will sometimes need to be updated manually from the county website, so that is time consuming and we have had a V.A. do that for us some of the time to make our lives easier. The other problem is that the information is only as accurate as the county websites it pulls data from, not the Propstream software. Some counties really stink as far as updating the information way too slowly. It took us some time to learn the software and use with other tools, but it has made me money.

I really appreciate your time and info @Timothy Daniels.  I am actually at the location this week and I have found self-managing owners that I will be picking their brains this week to get all the local info I can.

The weirdest thing about this location is this county.  They keep sales info private and do not post sales information online; all the sites such as Zillow or Trulia do not list area comps or sales information.  This is making things difficult to analyze.

Thanks for your help and have a Happy New Year.

@Timothy Daniels Timothy I noticed you said you are already in the vacation rental game; we currently own 7 standard buy and hold properties and we are eager to buy a condo in two different VR markets that we travel to regularly . 

Can you give us some guidance on how you conduct DD on a VR property?  It might help Rhonda above and I know it would be greatly appreciated by us.  Thanks for your input.