All Forum Posts by: Steven McLarty

Welcome @Taylor Holden. We are new to BP as Okie REI's as well. We have had two rentals for awhile but never concentrated on them as a real business. That has changed as our professional lives have changed. We share the same apprehension as well but are committed to the endeavor. We are finding it hard to find good deals and the makes the stress all that greater. But we have a contract on a new property and will be taking an equity loan on one of the original homes we have had for many years. Once that is complete, we hope to acquire a couple more. Then repeat! Then repeat. Then repeat. Scary for sure. Reach out if you are in the Tulsa area. We are in BA/Coweta area.

Steve

Great feedback folks and thank you so very much.  Right now we are relying on the numbers for the decision.  The market we are working is a mix of both 3/2, 3/1.5 and 3/1.  They seem to be selling equally as the market is really getting tight.  Good deals are tough to find as you know but we are not going to jump on bad numbers.

Signed and sealed pending inspections.  Excited to say the least.  Property went on the market yesterday and we jumped today.  We have been watching it for over a week and it was in better shape than we expected and the price was lower than we had hoped AND we got it less than we modeled in the BP calculator! 

Do single family three bedroom homes with one bathroom limit opportunities? We are being told to focus on 1.5-2 bathroom homes because single bathroom homes limit our tenant pool. The best deals in our area seem to be one bath homes. We really appreciate your thoughts and input.

Thank you Scott. We have the LLC and all properties and the transactions for those properties will go through the LLC.

Thank you Tyler.  We will be reaching out to various bankers and mortgage companies this week.  George is these do not work out, I may reach out to for your help.  

The LLC will protect our personal finances from the rental property litigation.

Hello. We are new to active Real estate investing. I recently left the aerospace industry after 29 years and my wife closed her ladies boutique. We are now embarking on our new chapter and want to actively invest in REI. We have had two single family rentals for many years but have only passively involved ourselves in those properties. However, one of these properties is paid off. Now that we are "self-employed" we are not receiving positive feedback to our efforts to finance new properties. Our LLC is only a month old so we do not have a history. But we do have cash and will be buying another rental within the week without financing. We would like to leverage the paid off property for financing additional properties. Any advise how to approach this with mortgage companies or banks?

Input is appreciated.

Investment Info:

Single-family residence buy & hold investment in Broken Arrow.

Full Brick, 3 bedroom, 2 bath.

What made you interested in investing in this type of deal?

Good rental investment

How did you finance this deal?

30 year