All Forum Posts by: Tyrell Rutledge

@Stephanie Potter Thank you for the thoughtful well composed reply. This house will be rent ready with an ac and some other very minor repairs. I had hoped I could do more and still break even on the refinance.

ok so it is an FHA loan and it is assumable. Are there any downside to taking over a loan like this? I spoke with the title company and the title company and the transfer is going to cost about 2000$. So far I'm seeing 2000$ out of pocket to get this 120k arv home for 75k. Am I missing anything major? I have a good handle on exactly what the house needs so no surprises in that department.

I appreciate your feed back everyone. This is my first deal and I really want to get it right.

In the meantime I would just make the payments for them on their existing mortgage? I would just have to hope the existing mortgage company doesnt pull a due on sell clause? I am in the process of finding out if their current mortgage is "assumable"

So what you are saying is I take position of the home, title exchange, and then refinance it paying off their loan? I have about 15k in Reno I am hoping to do to raise the appraisal, I dont know how I would work this in before my refinance.

My brother and sister in law recently purchased a new home here in ok. Their old home is in need of repair with about 75k left on the mortgage. The arv is 120k. Rents around 1k.

Here is my question. They are willing to allow us to assume their mortgage and transfer the title to us.

I want to brrrr this property and do a proper reno. Will I be able to refinance this after a standard seasoning period even with their name on the existing mortgage?

Thank you for your time everbody,

Ty

I do like him. I appreciate the input sir, this is definitely something to consider.

I have no experience, but if my bank didn't have the product I wanted I'd start making phone calls. They are free and you can call several banks in no time to find someone who does have the product you need.  Hopefully someone can chime in with a better recommendation, or reference. 

Cassie I really appreciate the input, I didn't even consider needing to get licensed. I'll have to find a resource on this.

Thanks Chase I'll get back to you.

Any recommendations from anyone on a CPA knowledgeable about real estate here in OKC? 

Howdy everyone I am new here in okc and wanted to reach out to get everyone's opinion on my plan and hopefully some recommendations on some stuff.

My wife and I are interested in trying some creative financing strategies because we want to retain our cash reserves at this time. We are interested in finding buy and hold deals for ourselves.

My father in law recently moved from his free and clear property south of tinker to his retirement home in Tuttle. He is nearing retirement and was thinking he would sell his tinker home to finance upgrades to the Tuttle home.
I have proposed that he turn his 3/2 1800 square foot home into a rental that I could manage to gain experience. Furthermore I have told him about how he could use a Heloc on the property to become a short term money lender to fund my brrrr strategies and earn more money from the interest I could pay him for being my hard money. We all have a really good relationship and I'm wanting to make this a win win for everyone.
What does everyone think about this?

Do you think I should consult with a CPA before we start renting? I am looking for an investor minded CPA in okc for my long term plans. Also are the landlord forms here on BP a good deal or should I shop around with someone local. I have the forms that were included with The book on managing rental properties.
Thank you for your time everybody!

Ty.