All Forum Posts by: Ezinwanne Hawkins

@Shane Woods mentioned last week that he took his children out with him while he was driving for dollars, and it inspired me to do the same. While my 12 yo was on Spring Break last week, she and I spent 3 full days doing the same. I learned details about her middle school life that I surely would have missed out on otherwise. In between, we had lunch, and she learned A TON about the business. I plan to take my 6 yo out with me tomorrow and Friday. Let's see how that goes :)

I'd definitely say try to incorporate the kids in the biz if they're old enough. Shanes kids were younger than mind, and I think this worked great for him too.

Re the spouse, my husband and I decided to start this business together, so it's been easier to meld home and work life.

GL!

I'm learning to evaluate properties for purchase and I apply a number of tests to see if the sale is a good deal.

The first test I use is the 70% rule. If the prop doesn't pass this first test, I pass. Using this rule, and assuming the wholesaler's figure should be closer to 20K, you should be paying a max of $105K for the property. I'd either negotiate a lower sales price, or pass.

I then use the 50% rule. It looks like your monthly expenses exceed 50% by $325, leaving you with just $25 monthly cash flow (I assume you plan to occupy one of the units). Assuming your expenses figures are accurate, they look to be a bit too high to make this property work.

Again, I'm new to this, but that's my $.02.

Hello Donald and welcome to BP.

I'm a newbie (I believe in full disclosure lol), but I'd suggest you go with the "cheaper" money. REI is all about making the #s work, so assuming you've been in your primary residence longer than a year or 2 (so your existing mortgage is seasoned enough for you to have met the minimum owner-occupancy timeframe requirements of your loan), I'd go with using the VA loan to purchase the 4 plex.

The rate you'll get for this owner-occupied residence should be cheaper than the refi rate. Plus you'll then have TWO income streams - rent from your former residence and rent from the 4-plex.

Welcome to BP :)

Congrats! This is exactly the inspiration I needed today. Keep us posted :)

Welcome to BP! An awesome podcast with @Karen Rittenhouse is what led me to BP - I've learned so much since then and I'm sure you will too.

My buddy @Lenoid Sapronov recommended Redfin recently, and it's been working great. Accurate, provides a good selection, and uses solid methodology for determing comps.

I've been combining Redfin with public records searches just to be on the safe side. Working well so far.

I love that you got your kids involved in the reconn :) I think I'll take my kids with me on my next driving mission!

I'm also interested in hearing how long folks' first deal took. Just trying to prepare myself :)

I'm interested in attending the meetup - hopefully I haven't missed it!