All Forum Posts by: Tyler Weinrich

There's a few I've found and used in OKC. @Scott England is one that might be able to help. Give him a shout out if you are looking for a company to manage your whole rehab. He's got the crew, just needs a house and as much or little direction as you want. 

@Michael Walker My first rental was a 20% down house. If I didn't realize before that this was the expensive and slow way to go, I sure did after writing that down payment check. Since then I've found some local banks that are pretty investor friendly as well as some private lenders I work with. There are other options out there. Most banks will do a commercial loan on an investment property for up to 90% of cost (purchase plus rehab) quite easily. They will also refinance you up to 80% of the ARV if you purchased it with cash or hard money.

If you are looking at larger multi-family, that 15-25% down becomes less negotiable but from what I hear there are creative ways to come up with that money. You can have the seller carry back part of the down payment or bring in a private lender for part of the down payment. 

Late but welcome to investing in OKC! If you have any questions and want to meet up for coffee sometime, just message me on BP. Always happy to help

James Curnutt - affordable lawn Kings - 405- eight one six -5251 - tell him you want the Tyler Weinrich discount

@Vince Mayer I got my license before I started wholesaling. The company I used to work for sold software to real estate agents so they pushed me to get my license to better understand our customer base. It hasn't made a huge difference but has helped. Easy Access to comps and mls is nice but not needed. You can pull lists with your license via your access but other ways to get lists. I am able to collect a referral fee on listings I give to other agents which is nice. Helps to monetize more leads. 

@Bryan Arnold for me I got less from the books and more from podcasts and forums. The BP forums were like a giant book for me in the beginning. There are some regular posters on there that have great insights and knowledge being shared for free. Podcasts (BP and other) were great to see how real people started out and what happened. However, being tied to the real estate industry the last 7 years from my past job and now investing, I read the Gary Keller books a lot and got a lot from those. 

@Brie Schmidt Thanks! Your podcasts were some that I really enjoyed. Inspiring stories inspiring others. 

@Broaderick Brown Thanks!

@Kyle W. Thanks Kyle. 

I bought my first property in middle of 2013. My wife threw out the idea of buying rental property as a retirement plan. After a discussion one night with some alcohol involved between two people that had no idea how to invest in RE, we decided we'd invest in real estate. We bought some books. I found BP and devoured every podcast. The forums were my life outside of work for a few months. 

I learned all the terms: ARV, LTV, COC, etc. After a month or two we started looking for houses. We started with an agent we knew in an area we grew up in. After looking at a few properties we found one we liked. It was a solid 3/1 only needing a few grand in finishes to be rent ready. We ended up paying slightly below asking on it with 20% down. Great rate and terms but that 20% hurt!!! After a few weeks of repairs we got it rented later in 2013 and it cash flows beautifully to this day.

We immediately knew we couldn't do 20% down each time and pay near market price. I mean we COULD, but it would take forever to build up a portfolio right? So in the beginning of 2014, BP led me to wholesaling. What a great concept. Off market properties at a huge discount. Sounded so juicy and straight forward. I set aside $5k and I dabbled in the game. Still working a 9-5, I outsourced the mailing and list pulling, took calls on lunch and after work. End result? I made my money back, maybe netted a few hundred. Good marketing, not so great list I would later learn. 

I knew something was there though. So, I decided to do my own marketing. All in house. In the middle of 2014, I set out to start marketing to my own lists and print my own marketing. I began with some probates and smaller absentee lists. I had enough cash to keep the marketing afloat for a few months. I pulled the probate leads myself. Read through court documents, learned the system, got the leads, printed the letters, stuffed and stamped them. Damn that was so many hours invested. I also got a promotion during this time at work. I was in a position I REALLY liked. REI was no longer the top interest but I still spent time on it to keep it going.

I floated my wholesaling hobby from the middle of 2014 until October 2015. I made some extra cash, positive income for sure. Most of it I just put back into more mailers. Testing things out. Different letters. Outsourced cheap postcards. Full page letters. Yellow Letters. You name it, I tried it. I had to. 

I still had only 1 rental. Same one we bought in 2013 and this was towards the end of 2015. The original reason of getting into wholesaling was to find more rentals for us at a discount. I got lost somewhere along the way though. There are lots of shiny objects in real estate. Lease options, wholesaling, rentals, flips, owner financing, BRRR, private lenders, MF, MHP....where does one focus to get the best results? I pivoted a few times deciding I was going to master X then Y then Z only to arrive back at wholesaling and single family homes.

October 2015 rolls around. My dream job turned into a nightmare earlier in the year. I was so unhappy at work, I dreaded waking up. Then one sunny day in October, I got laid off along with 75% of my division. I left smiling. I immediately went out and bought a new computer with my 1-month severance check and knew exactly what I was going to focus my time on: wholesaling. I reevaluated everything I had been doing. I simplified what I was doing and got systems in place. I came back to BP and the podcasts to focus on what I wanted and how I was going to achieve it. 

2016 was my first full year in wholesaling. I survived. It was scary. I wanted to quit many times. I came out ahead though on the year as a whole. I eventually brought in a wholesale check almost equal to my entire 2015 salary at my previous job. 

Now it is 2017. I'm going all in. I have some lending behind me. I know how to deal with sellers and find deals. I have a solid stockpile of cash to play with. I understand that it is all just numbers and risk/reward. Money is just green paper. Don't be afraid to spend it. I'm keeping some of the properties and not just selling them all for a quick paycheck. I have 4 rentals lined up in the the first 40 days of the year so far with a potential for as many more in the next month. I have the confidence now to make everything explode for me and the cool, honest people that I partner with. 

It all started with BP and a few books. Thanks :)

I might be interested. Can you send me details on exact location and what loan balance is at? On my phone so if I overlooked that info sorry. 

Zillow and CL get most of the traffic and have been all had to do so far. I think there are some facebook groups you can post stuff in as well.