Brooklyn, NY 路 Member since 2015 路 84 posts 路 94 votes
When I learned earlier this year that I was pregnant with my second child I considered putting off my goal (AGAIN!) of buying my first property. Where would I find the time? My W-2 job had me working 60-80 hrs/wk and I already had a two year old to chase around in my "free" time. I'm so glad I didn't let these excuses stop me from continuing to educate myself on REI, analyzing deals and finally pulling the trigger because today my son turns one month old AND I just got the keys to my first property!
The property is set of fully occupied duplexes located in Abilene, TX. Each unit is a 2bd/1ba. I'm thrilled to have my first deal under my belt!
Atlanta, Georgia (GA) 路 Member since 2015 路 19 posts 路 0 votes
10y
Congratulations @Okeoma M. I am (or was since you have done your first) in the same position on working on my first deal as well. If you have any advice for a new comer I would greatly appreciate it. Congrats again and good luck on closing more deals and spending more time with you family.
Ocoee, FL 路 Member since 2015 路 20 posts 路 6 votes
10y
@Okeoma M. congratulations on your first deal. We would love to understand how you went about do that deal in another state. I'm in Florida and I've thought about doing deals out of state, because not actually being in that state it makes it hard. So how did you manage that deal?
Investor 路 Bay Shore, NY 路 Member since 2014 路 1k+ posts 路 688 votes
10y
@Okeoma M. - Congrats on your new acquisition. I know the feeling and you have demonstrated that there is no excuse to achieving your goal....that's if you desperately need to attain it and driven to doing so.
Now that you have taken action the sky is the limit.
Again, congrats and best wishes with your future REI activities.
Brooklyn, NY 路 Member since 2015 路 84 posts 路 94 votes
10y
@Lamor Royes I was able to make this deal work because I had a really strong team to support me. My family (dad and sister) did a lot of the legwork while I crunched the numbers from afar. I also worked with an agent who is also an investor and manages a couple of properties for out-of-town clients. His local knowledge of the market was invaluable even if we did butt heads on investment strategies!
Real Estate Agent 路 Leominster, MA 路 Member since 2015 路 31 posts 路 5 votes
10y
Congrats Okeoma, what kind of financing were you using? Did you need to rehab units? Can you give us numbers? Do you have a property manager there and how did you find him? If not, how are you going to manage it? Why have you decided to invest in TX?
Brooklyn, NY 路 Member since 2015 路 84 posts 路 94 votes
10y
@Michael Nocella The property was listed on the MLS but I got tipped off before it was listed so I was able to put in an offer right away. In the months prior to this deal I set a goal of calling the listing agent of 1 property a day, whether or not the numbers would work, this process familiarized me with the agents and helped me get comfortable asking all the right questions. If I was interested in learning more then I would let my agent know and he would set up the viewing. I usually FaceTimed in for these. Eventually I developed relationships with lots of owner/agents and property management companies so people knew I was looking and serious about buying. Before I knew it people were contacting me with leads,
Brooklyn, NY 路 Member since 2015 路 84 posts 路 94 votes
10y
@Larisa Van Valkenburg I used conventional financing. 30 yr. 25% down at 4.5%. Purchase Price $105K. Each unit rents for appox $500 but once renovated could bring in a little more. Since each of the units is currently occupied with longterm tenants there is no upfront rehab but each one will need to be spruced up once the current tenants leave. I'm hoping to store up some funds and tackle them one by one as they become available over the next couple of years.
I do have a property manager who I found after speaking to dozens of investors and interviewing 6 different companies. I'm still a little nervous about handing my investment over to someone else to manage but I'm sure we can work out the kniks along the way.
I picked Texas because I have family in the area and know I will be back and forth throughout the years. I specifically picked Abilene because it has a strong rental market and the homes are affordable.
Retired law enforcement and defense contractor/consultant in Afghanistan. 路 Round Rock, TX 路 Member since 2015 路 17 posts 路 6 votes
10y
BAM! Now this is just down right encouraging. Congratulations on EVERTHING, @Okeoma M. Fantastic work, there. I have this little feeling down inside that you will do well in all that you do.
Brooklyn, NY 路 Member since 2015 路 84 posts 路 94 votes
10y
@Don Washington III congrats on making the decision to invest in real estate and joining BP is a great first step. My three tips would be:
1. Educate yourself - I got a kindle and for $10 a month kindle unlimited gives me access to so many great ( and not so great) books on business, REI and financial independence. I also listened to every single BP podcast, attended every webinar and took lots of notes.
2. Network - I spoke to anyone and everyone who would give me some of their time. During the process you'll have to speak to a lot of people (lenders, appraisers, insurance providers, property inspectors). I asked every single one if they had investment properties and many said yes and we're excited to talk shop. I even got a tip from an insurance broker who gets his best leads from the mailman! I also networked with tons of folks on BP. There are so many people in this community who are willing to take the time to answer questions and share their experiences.
3. Understand the numbers - do not pull the trigger until you are sure the numbers work. You understand why the work and you have a clear exit strategy. Then run the numbers again...;)
Good luck! Feel free to PM me if you ever want a second pair of eyes on some numbers!
Atlanta, Georgia (GA) 路 Member since 2015 路 19 posts 路 0 votes
10y
@Keoma M. Thanks for the advice. I appreciate it. Its funny that you mentioned Amazon because that's how I actual discovered BP was by The Ultimate Beginner's guide to Real Estate Investing, so great minds think a like. 馃槈 I will also keep you in mind when I need some extra eyes to make sure that my numbers are good. Thanks again.
Congratulations on your first deal! That is super exciting... doubly so considering how you did it with everything going on. Heck, I find it difficult sometimes to balance a full-time job with investing and being an agent... I can't even imagine having kids and a husband thrown into the mix!