All Forum Posts by: Tyler Weinrich

Group to build a career with...

There are a few in town that will teach you for a fee. Is that what you are looking for? They'll guide you from nothing to knowing it all and coach you through deals. Just costs money. Probably $5000 - $15000

You could try working for a real estate investment company also. 

If you like free information and want to go it on your own, just attend local meetups, read BP, listen to podcasts, meet local investors doing what you want to do. You can absolutely do this on your own, just takes some hustle and money and time. 

Always open to meet up with local investors. If you want to grab lunch or coffee sometime let me know! I like the happy hour investor meeting (2nd tuesday of every month) at 6Pm at The Barrel in OKC. 

I'm an investor in OKC. Never bought from the sale but I know the process, have been there, and know many that have bought from sale. @Scott England is a good resource probably.

Our local rules are here - https://sheriff.oklahomacounty.org/202/Sheriff-Sal...

You don't necessarily need cash but you do have to have money within 3-4 weeks. That could be private lender or HML.

As far as what you are missing....I don't think there is much more to it. Some people go as far as entering homes up for sale to get a step ahead of other buyers. You should also know what the property is worth. Might be worth it to go and attend the auction one week so you can see how it works and decide if it is worth further investment. You can find deals there for sure but you might decide it isn't for you or that another method of acquiring properties is better suited for you. 

There are probably a lot of examples in the fileplace. I borrow a lot of money from private individuals. I'd be happy to share my documents with you. You'll want a note outlining terms of loan and mortgage pledging house as collateral. The ones I use aren't too complicated and haven't had any issues with them. If you'd like I can e-mail them to you, just message me on BP and we can connect. 

I agree with other posts that the market rate for a HML is 10-12% with some points. However, is your family member an active hard money lender? If they didn't lend to you what return would they be getting?

HML's are able to charge points and higher interest because that is their full time job. They know the business, they spend time in it, they know how to underwrite loans and people and deals. They expect a small chance present to take back your home.

Private lenders, your family member included, are a step further in the passive investor direction than a HML in my mind. They don't do this full-time usually. They don't have to worry about things going wrong as much. In exchange for a safer investment, they should expect less in return.

I borrow from several private lenders and we don't mess with points or amortization tables. If the deal is a flip, I pay 6-months' interest at day 1 and another 6-months' at day 181. If the deal is a rental, we keep it short-term with 2 year notes at 8-10% interest only. 

Welcome! OKC is great place to be. There are lots of good CPAs in town. I use alan switzer. Many good Realtors as well. Sounds like you want a commercial broker right? Not interested in single family homes? Or does "second would be flip" mean flip a single family home?

If you have any questions don't hesitate to connect. Happy to meet up for coffee or beers any time

Looking at a park and owner is asking $130k over what it will probably appraise for but is willing to finance the whole purchase. This got me thinking, if you could get the owner to finance 100% (or even 95%) of the purchase price at a rate and terms that would safely cash flow after all expenses (maintenance, vacancy, utilities, management, etc.).....would you overpay for a park? Assuming already on city water/sewer, individually metered utilities. At some point you'll pay it down enough to see equity. Until then, the cash flow should support the asset. 

Thanks!

Welcome @Daniel Nigri! If you ever have any questions or need antying just message me. Always open to help

As a member of the Homestead team I can tell you that there is no better place if you want to be  real estate agent. The amount of experience on the team in combination with leads fed to you makes it hard to NOT succeed. If you are thinking about getting started in RE as an agent and want to shorten the learning curve as well as time to making a livable income, get with @Zach Sikes!! Not to mention most of the people in the office invest so you get the best of both worlds!