All Forum Posts by: Wesley Mullen

Awesome find and job well done! We were hoping to be able to BRRRR our first property, but won't have the capital to do a good one until later this summer. We have a lead on a buy & hold currently, so hoping it will work out and if everything falls in line, be on the search for a BRRRR at the end of the year. The concept of BRRRRs fascinate me so much, but I feel we are limited in options in our area (Norman) and would need to expand to the surrounding areas to really take advantage of potential properties.

Hi Everyone, 

If you've followed some of my first posts, you know I'm new to this game. In my last post I mentioned a potential lead we are working and hope to share more details on that as it progresses. As we get closer to to acquiring our first property, we were wondering at what point should we attempt to look for a PM? The house should be nearly rent-ready at time of purchase. Should we begin interviewing potential PMs prior to purchase to ensure we have one ready to rock once the house is ours? Or should you wait until a certain point during the negotiation/closing process? 

Once we know at what point to contact them for an interview, what are some of the vital questions to ask? I did enjoy David Greene's BRRRR book (great book btw) in which he discusses the 4 things he looks to accomplish during a PM interview:

• Finding out about them as a person
  Finding out about their experience & skill
  Whether they invest themselves
  A list of resources

I don't want to go on and list out all the specific questions already listed in the book, but wanted to see what the BP community recommended as well? One key aspect we are looking for is to locate a PM that will still treat our single property as well as someone with say 10 or 20. We don't want our property to get shunned just because we only have one when others might have multiple. 

Since I tossed in the keyword(s) of Oklahoma (OKC/Norman), does anyone have any specific recommendations of some PMs to vet and reach out to? I know the relationship with a PM can be important and vital for successful REI and given our lack of experience, it would be helpful to rely on their experience and wisdom to help us get off on the right track.

I appreciate any feedback and/or recommendations!

Hello BP Fam, 

As a new member and beginner investor, I wanted to share our experience from the weekend on our first walk-through and share some details on our first potential lead. 

My uncle is also a REI and has been in the game for almost 20 years. His agent made him aware of a deal that may fall through and were taking backup offers. My uncle wanted to allow us the opportunity to take make the offer first, but since it was going to be a cash offer, we currently didn't have the capital to make such an offer. However, my uncle still let us tag along and walk through the property with him to evaluate the property itself and discuss what rehab was needed room by room. It was such a great experience. We also got a taste of how contractors can affect the rehab process as my uncle got two quick bids that were at least 30k apart. Although we are not personally involved, we'll be sure to monitor it closely to see how it plays out and use it as a learning tool.

Additionally, we also came across our first potential lead. Our friend from the gym is buying a new house, which is contingent on them selling their current house. We have begun discussing our interests and are planning to do a walk through in the next few days. The house is not listed, but they are asking for ~130k. We believe the actual market value to be around ~160k. We're unsure on the rehab needed, but believe the house to be at or near rent-ready status; thus are estimating a conservative 10k in rehab - we'll know more once we walk through. Currently without looking, we were thinking of offering ~120k and be able to save them costs of listing the house. Rent avg in the area is around 1250; so were hoping to get 1300. Running the numbers, we would look to cash flow around 440/month with an ROI of nearly 14% in the first year. We would have to get financing on this deal and expect to have to put 20% down.

Being a REI newbie, the excitement in these two experiences only reaffirms our desire to pursue this REI journey. I wanted to share to see if there was any feedback, but more so to share our experiences this weekend with any other newbies that are out there and trying to acquire their first deal. We'll continue to share to update how this lead turns out! We're committed to getting our first deal under our belt.

Hello! My brother, his wife, and I would be interested! We are relatively new to REI and are looking to network to grow our knowledge and connections in the area! We are located in Norman and hoping to connect with other Okies in the area!

I'm new to this, but noticed OKC was mentioned and found this information intriguing. I tend to agree with Douglas in that although the OKC metro may not be appreciating as much, the surrounding areas (esp to the west) have continued to grow with time. Even Norman has multiple new housing divisions going up which is increasing values of the older homes (and in turn rent - I was a direct victim of this as a tenant). Also, OKC is quickly growing as a hot spot for new careers as it's fairly affordable to live here. As I begin to dig further into the surrounding markets as I/we begin this REI journey, I'll have to keep this post in mind and try to come back with updates that I find out.

Side note, being from Iowa originally and having multiple friends move to the Des Moines amd surrounding areas, I wonder if this is the case as well?

Very interesting post that could prompt a lot of additional research!

Hello BP Fam!

I wanted to hop on for a quick second to introduce myself. I'm fairly new to the REI world. About a month ago, my brother, Zach, introduced me to RE and the idea of gaining Financial Independence. He is a PDR (paintless dent repair) technician and due to the seasonal aspect of his career, was looking into ways to earn passive income. Through his research, he discovered REI was one of the most profitable. I on the other hand, work a 8-5 desk job. I never thought about the possibility of one day being financially independent because I never knew it to be an option. Once we, along with his wife Haley, got to discussing the topic further, we became determined to make this idea a reality.

We set a goal to acquire at least one property by the end of 2021. I made it a priority to begin self-educating myself. Along with several books Zach lent, he introduced me to the BP podcast that he found while searching for RE podcasts. I've only expanded my search for knowledge and connections through local REI Facebook groups, the BP Facebook group, and now officially creating by BP Profile (don't worry, I've advised Zach he needs to create a profile too!).

We are in the early stages of developing a strategy, by determining what our end goal is (monthly cash flow) and using reverse analysis to help build out a blue print to reach that target. Once we determine what our minimum cash flow needs to be to get started, we will begin to analyze our market and narrow our criteria to hopefully find that first property to acquire to get us in the game. From there, the real learning will begin.. 

Outside of my day job and new found interest in REI, my hobbies include powerbuilding (bodybuilding/powerlifting), culinary arts, storm chasing, being on the water (wakeboarding - learning to wake surf this summer), and of course spending time with my German Shepherd, Quasar.

I'm excited to join this BP Community to learn, interact, and share our REI journey.

Boomer Sooner!
Wes