All Forum Posts by: Wale Lawal

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

I am a Project Engineer and I started REI about 3 years ago. It has been an interesting journey and I always look forward to my next deals.

@Karl McGarvey I will suggest you keep the payment and buy another rental. The car payment interest rate is low so I would not bother about it.

Good luck.

@Edgar Ehrsam Formal Education is still a valid asset. Does it worth it for your personal goal? It depends.

Real Estate Investing is a great strategy for financial freedom but without formal education to get a good job that will allow you to have a substantial downpayment or buying real estate with cash, Investment may not be possible for that individual except you want to start with bird-dog (Wholesaling, Real Estate Investor Apprenticeship, Assistant etc).

I have a Bachelor and Master's Degree in Chemical Engineering and I will say (with confidence) that it all worth it.

Goodluck man!

My insurance agent will be able to help you. He is an investor friendly Insurance Agent, understand the lingo and focuses on saving investors money with his competitive quotes.

Send me a PM for his contact details.

Investment Info:

Single-family residence wholesale investment in Cypress.

Purchase price: $145,000
Cash invested: $200
Sale price: $155,000

This is a whole sale deal that took 2-months with constant negotiation with seller.
Seller was not super motivated because the house is just 8-years old and need on $4,000 in repairs (Mainly carpet and few drywall replacement).
I had to walk-up my numbers to seller asking price of $145,000 and sold the property for $155,000. I paid my acquisition specialist 20% (in this case $2,000) and I gross $8,000

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

Great location
Great Assigned Schools
Long term tenant in place - She has been there for 8 years
Tenant takes good care of the house
Less Landlord headache
ARV and Comps supported my offer.
Majority of my private investors want the house.

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

Cold calling and marketing

How did you finance this deal?

No finance involve - This is a wholesale deal

How did you add value to the deal?

Added value to my investors by bringing them a decent deal with a tenant that has been in the house for 8 years and willing to stay for another 6-years at least.
Great schools and desirable location on Cypress 77433.
Only $4,000 in repair needed.

What was the outcome?

Wholesale the deal (Assignment of contract) and gross $8,000 within 3-weeks on having the house under contract.

Lessons learned? Challenges?

Know your numbers
Know your comparable
Bring a great deals to investors
Understand your market
Be patient with sellers
Have a reliable team to support you - You can not do it alone.

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

I am a Realtor myself. Contact me for great deals.
I work with Post Oak Title and they are great to work with.

@Ramsey Rimkeit, Thank you for sharing your experience. 

I don't take tenant screening lightly because they are the main determinant of how successful my investment will be. 

I use smart move and visit their current resident, I also call 2 of their references just to see how good of a tenant they are.

@Todd Powell So sorry about that. I'm glad you are bouncing back stronger.

It is well you and your family

Welcome to BP @Adam Chmielewski and good luck in your investing!

We all started somewhere and make couple of mistakes that eventually shape our investments journey. 

@BiggerPockets .com is a great platform to learn for free, connect for free and gain life time freedom if you choose to. Feel free to reach out if you have any specific question. 

I will suggest you read Rich Dad, Poor Dad if you have not already. That will help with your mindset and keep you focus on your BIG WHY.

@John Stevenson Great Post and comments here. I love the way everyone is pouring out creative financing strategies.

I have done couple of hard money financing where property makes a great deals typically 65% ARV or less LTV.

I will like to hear from my local investors on what creative financing strategy is working during this COVID-19 Pandemic.