All Forum Posts by: Tanner Cole

@Will Fraser thank you for the input. I've been trying to find homes that have the possibility to be flipped and so far I've found one that has the possibility. The other 2 they are asking to much to flip it perfect for somebody wanting to live in it but not enough money left at the end. I've debated on trying to get one that I'd be lucky to break even on after reno and just renting it out until appreciated enough but that seems like a terrible idea when there is other markets.

@Will Fraser that's my worry I'm wanting cash flowing properties that will have appreciated over the long term and be able to sell them 15 to 20 years from now.

Altus isn't bad but the only thing keeping this town alive is the base which should be around for a long time but the town has been losing population over the past 10 years.

I think I may try flipping a few houses in altus to buy properties around the city.

To start off the market I live in (Hollis, OK) is dead and the town has always been declining but I do have the opportunity to invest in other towns close by but they are still small towns which don't really work for the brrrr method.

Should I start looking into long distance? I've definitely considered fort worth, Oklahoma city, and Lubbock since there's more opportunity and they are growing cities not declining. My biggest issue is trying to learn these cities without being in them. I plan to go to some rei events to hopefully network and find people that are like minded.

In the meantime my plan is to buy properties locally and attempt to flip them to fund the purchases in these bigger cities. Does this seem to be a good idea or is it better to just stay in these smaller towns that I know? I just feel it's going to be hard to grow fast in these smaller towns.

I'm just getting into real estate investing and I've been doing comparables. I've found a property that's on foreclosure which is going up for auction next month. My initial plan was to do a cash out refi on my first rental but the appraisal came in under 100k and I'm having a hard time finding a bank to do the loan. I've never used a hard money lender and I'm definitely nervous about that idea.

The property I've found has a starting bid of 14k and should appraise for 50 to 60k after renovations. It looks like it needs about 15k in renovations but with being a foreclosure it's hard to tell for certain.

My issue with hard money is I wanted to brrrr it but with it being under a 100k I won't be able to cash out refi.

@Rob Terpilowski I live in hollis but work on base.

@Caleb Brown I assume that I would go throu a title company to transfer it to my name. I wasn't sure exactly how to get that process started if it was on the owner or me.

I've been reading and watching as much as possible but haven't purchased any books specifically on real estate investing.

I currently own 1 rent house but that wasn't planned it was just my first house that I didn't want to sell so I rented it out.

I'm currently Renovating the small things on my rent house to brrrr it but with supplies being limited I may not be able to finish it by the end of the month like I had planned.

My question is should I do a cash out refi even if it's not finished by the end of the month or prolong it a little more and push off the refi?

I've been driving around my city finding abandoned properties and have located the owner of a few of them but I haven't made contact to see if they are interested in selling. When doing this method how do you go about transferring the deed to your name?

@Rob Terpilowski I'm a little late to your post but I'm just now getting into rentals in altus.

@Jon Kelly that's my plan I think I read to much of Dave Ramsey believing debt was evil. I'm now realizing that debt is bad for the common person but for someone trying to build true wealth its not bad.

My plan is to refi the house and really start searching for a house to renovate. I'm 27 now and my goal is to have 10 properties by 30. If I can swing more than that awesome but I won't be disappointed if I can get atleast 10 within the next three years.

Thanks for the input. I was pretty sure I knew the answer to those questions but asking pros for some clarity never hurts either.

Well now it's time to get the ball rolling for a refi and look at purchasing another property. I've found a few but the owners will have to come down in price to make it worth while. I've been driving around my city and have found a few abandoned homes just have to contact the owner now.