In contract for another deal in Oakland, just doing it a little differently this time
I have to say that finding BP and meeting so many motivated people on this forum has really gotten my juices flowing to find and make deals. I closed on 4 units in a single complex in Oakland back in February, and have been doing much of the rehab work on my own. However, between demo and skim coating walls, buying materials, working a W2 job and spending time with the family, I was able to find another deal in my new farm area. The deal is for a triplex consisting of two 2/1's and a stand alone 1/1, in the upper East Oakland area called Reservoir Hill-Meadow Brook. Purchase price is $468k. This is not currently a 1% deal by BP standards, but the building will be handed over empty! For anybody who does not know the Oakland market, an empty building is a HUGE plus and 1% might be attainable after renovations.
What is different about this purchase for me, is that I have stepped out of my comfort zone and partnered up with a fellow BP'er on this deal. I am a lone wolf by nature and have done all of my deals in the past flying solo. I was willing to risk my own money and time, but bringing a partner into the mix changes the level responsibility. However, after reading so many stories of successful partnerships on BP and also meeting somebody who has a skill set that I do not, I decided to step out of my comfort zone and reach out. Thank you @David C. for taking the step forward on this project with me. I am certain that I have much to learn from your experience.
To all of the newbies trolling the various posts and listening to pod casts but who are afraid to make a move, I say to you, step out of your comfort zone and make the bold move into REI that you know you want to make. Search out those people who have knowledge and a willingness to help you grow and become successful. Analyze the deals that you find and learn the skills you need to be confident in making your decisions. Once that is all done, the only thing left to do is have the courage to sign the offer letter.
Good luck to you all!
-Arlen