All Forum Posts by: Todd Willhoite

If this is your first time buying, it is probably worth hiring an attorney to guide you on the first one.  

Is a live in flip an asset?

Thank you @Joel Owens that is exactly what I needed to know. Looking to purchase on a 1031 deal, but looks like only a $1 mil deal. NNN probably not a space to look at until in $2 mil range, so $500k + down payment.

Thank you for the data Deren.  I think some of the markets, like Oologah, have so few rentals that the data is skewed by what is available when they sample.  The data says rents are lower in Owasso than Claremore.  A comparable house in Owasso rents for more than a comparable house in Claremore.  My guess is that with new apartments in Owasso there will be more rental units offered for lease and that may effect the data. I have seen small increases in rents in Claremore over past 2 years, but nothing dramatic, more like the $25 - $50 a month you mentioned.  I have noticed longer vacancy periods between tenants, but not more than a month or two.

In the NNN world what does typical financing look like?

i.e. What are typical term lengths? What are typical interest rates? What is a required minimal lease term remaining on NNN tenant? What is minimal amount of loan in order to get non-recourse debt? What is the typical required down payment percentage? What is important in a loan for a NNN property that I am not asking about?

Thank you @Account Closed. I ended up closing a vent that was allowing water into the crawl space and putting a plastic barrier under the space.  Next time I will look into spraying closed cell foam.  Thanks again.

As mentioned before, if the deal can't support 10% interest it probably isn't a deal.  Having said that, another option is to partner with someone who can provide money for part of the deal.  The other option is to call many lenders until you find one that will make the loan.  The other problem with getting finance on your first deal is that you don't have experience to make the bankers comfortable with your ability to pull off the deal successfully. If that is the case, then partner with someone who has done rehabs/flips/buy and holds before and they will probably have lenders they can work with.  Getting that first deal done, even with a partner, will help open doors when you go back to banks for the next deal.

I am in process of cash out refinance on a duplex in Oklahoma and for 30 year rate just locked in 5.5% on non-owner occupied investment property, no points.

Does anyone have experience (good or bad) with contractors in the Tulsa who seal off crawlspaces and install dehumidifiers? Looking for recommendations or warnings.

Congratulations on your success and the future you have ahead of you!