All Forum Posts by: Tina Johnson

Hey Nate! I house hack here in Tulsa but it was definitely tough finding a multi that fit my needs. I got mine under contract less than 8 hours after it hit the market.

Congrats!

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Tulsa, Oklahoma

Twice I have gone to the bank for a cash out refinance and the first time I ended up with a 5 year fixed with a 20 year amortization (80% to value) and the send time I ended up with a 10 year fixed (90% to value). Both times I was hoping for a 30 year fixed. What am I doing wrong? (note - one loan was $60,000 and the other was $45,000 - maybe it has to do with the size of the loan). I tell them what I want...but then they come back with something different)

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Today 5:30. The address is listed above.

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Congrats!

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Kyle you are a gem! Thank you for your feedback and again for your time. I am going to look at 2 in a few minutes and have offered $110,000 on #1. I will see #3 on Thursday. we will see. I am 51 so I feel behind the game and rushed and that doesn't help. Thanks again and take care.

Originally posted by @Kyle Shankin:

Originally posted by @Tina Johnson:

I don't think there's a wrong way to do this. If you feel that a 20-unit isn't going to over-extend you, then it's definitely worth doing some research.

You might be able to do options 1-3. It sounds like you have 78k. For deal 1, you'd need $41,250 (25% down payment on 125k plus the 10k for repairs). That would leave you with $36,750, more than enough for 25% down on the second deal with almost 15k left over to use as a down payment if you were to find a hard money lender for your flip. Of course, you'd need to check all of your numbers to make sure it works.

If you don't want to do all of them. I like the idea of #1. It already has a renter, has a unit ready to rent and only needs 10k to get a 3rd unit ready. That sounds like (relatively) easy money. I really like the idea of 1 and 3 or 2 and 3, that would get you some passive income with a nice capital gains project to help fund your next deal.

Of course, I'm just speculating. You have all of the hard facts and know what you feel comfortable with doing.

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Originally posted by @Kyle Shankin:

@Tina Johnson All of these look pretty good from the information that you've given. What's stopping you from going after all of them?

wow - I guess that is the real question huh! Money! I have $15,000 cash, $32,000 HELOC I just paid off and now have access to again, $12,000 personal loan and $19,000 401k loan.

It is all just becoming so confusing for me. I guess I am leaning toward the $155,000 deal hoping to get for a lot less and possibly the flip. But should I just wait and go for the 20 unit?

one of my biggest problems is my first 3 deals have been under $40,000 so I think that is making it hard for me to see the real numbers.

Thanks for your time and response.

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I am looking to buy more properties....but I am having problems figuring out what to do.

Currently 3 deals I am looking at

1. Asking $155,000 (hoping I could get for $125,000). duplex plus little house - all 2 br, 1 bath. rent 1900 per month ( all 3) 1 has a renter currently, 1 rent ready and 1 needs about $10,000 worth of work - looks like the cash flow is around $850. Cash on Cash return about 39%

2. Asking $99,000 (hoping to get for $85,000). triplex (3 br, 1 bath, the other to 2br, 1 bath) rents 1450. Cash Flow around 700 and cash on cash 41%

1st in class b- neighborhood and appreciation likely

2nd in class c+ neighborhood and appreciation questionable

1st would definitely have more desirable tenants (not to say 2 tenants would not be ok).

3. $60,000, extensive rehab about $50,000 and this would be a flip for anywhere from $30,000-50,000 profit

4. Just saw a 20 unit pop up for $290,000. Should I wait and see whats going on with this one.

Background - been in the game less than a year. I have 3 SF rental properties cash flowing about $250 each.

Thanks for any input you could provide.

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That is awesome!

i am 50 just getting started. Got my first 2 a few months ago and made offers on 2 today. I am ready to roll.
Originally posted by @Ryan Evans:

Started at age 26, now I'm 27 and have 7 units. Not all of us millennials are afraid of a little hard work!

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I am fifty and just purchased my first 2 properties a few months ago. Hoping to become your mother Thanks for sharing.

Originally posted by @Russell Brazil:

My mother didnt start investing until she was about 50. We've started selling off her units, but a couple years ago she was sitting around 15 units in her mid sixties.

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I will finally return home next Tuesday from working in Colorado the last couple of months. Hoping to make the next meetup.

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All Forum Posts by: Tina Johnson

Tina Johnson has started 3 posts and replied 19 times.

Post: Do you house hack in Tulsa?

Post: Cash out refinance question

Post: Tulsa Investors Meetup

Post: HIT MY GOAL OF 100 UNITS!!

Post: Need help comparing deals

Post: Need help comparing deals

Post: Need help comparing deals

Post: Anyone started investing in RE at age 35 or later?

Post: Anyone started investing in RE at age 35 or later?

Post: Real Estate Meetup at Cabin Boys Brewery