All Forum Posts by: Wale Lawal

I learned alot from that episode @David Osborn and @Aaron Amuchastegui did a great job explaining the Foreclosure process.

Thank you guys

@Daniel Edwards Yes, Real Estate is a time tested vehicle to building wealth and financial freedom. Unfortunately, I have made a couple of financial losses before realizing this. 

Good Idea keeping notes on what you have learned on a weekly basis.

Since you are just getting started, I will suggest you focus on Wholesaling and Buy & Hold if you want to quickly build your rental portfolio. Use Wholesaling to find great deals for yourself and keep them. Buy and Hold is the way to go.

Flipping should only be a seasonal strategy because you pay taxes on capital gain and it does not help you build your portfolio fast.

Goodluck 

Video Games and Exercise.

Great information here. I will look into this myself.

Investment Info:

Single-family residence buy & hold investment in Spring.

Purchase price: $115,000
Cash invested: $7,500

After Repair Value (ARV): $165,000

Buy & Hold Rental Property added to my portfolio with a $285 monthly cash flow.
Listed for $136,000 and seating on the market for 81 days so I made a cash offer of $114,000 and 2% commission for myself since I am also a Real Estate Agent representing myself.
Not a super great deal but still cash flow.

What made you interested in investing in this type of deal?

Its 10mins drive from my primary residence.

How did you find this deal and how did you negotiate it?

MLS.

How did you finance this deal?

Hard Money Lender

How did you add value to the deal?

Fixed the foundation and few cosmetic repairs of less than $800

What was the outcome?

Rental for $1350 on a 2 years lease. Rented to an happy tenant.

Lessons learned? Challenges?

Keep pushing and learning.
Look for motivation in sellers
Solve the problems that is too hard for sellers to solve or don't have time to solve.
Make your offer easy and close quick.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. I work with Jet Lending on this one. Rob Trigg is a savvy loan officer. I will work with him again.

@Javen Wilson Yes is possible but you will put in a lot of sweat (sweat equity). The deal must make absolute sense (65% of ARV minus rehab cost) for it to make it a "no money" or less than 2% of purchase prices down. It's simple you are simply trading your time, talent, energy for money.

I must warn that is not as easy as most people think because even hard money lenders (asset base lenders) want to see some cash reserve in your bank account just in case you run into some unforeseen issue.

Goodluck

Start from your local market, then expand to any market you are comfortable with. 

Goodluck!

You made the right decision @David Avery I like your move and will definitely yield more results. We all need to buy more assets and less liability. 

Opportunities are coming and only the prepared investors like yourself will win once opportunities start flooding the market in early 2021.

Cash Flow Quadrant For Life.

After 1 year of analysis paralysis, I bought my first rental property in May 2020 using the BRRRR strategy.

Purchase Price = $72,000

Rehab = $34,500

After Repair Appraisal = $163,000

Rent = $1,425 for 2-years lease 2-weeks before completion

The project was completed under budget and ahead of schedule.

Welcome @Kevin Freeman BiggerPockets is a great platform to learn and connect. Just don't be a stranger. Ask questions and watch how folks will jump on it. 

Goodluck