All Forum Posts by: Cade Olof

Hello everybody!

I wanted to see what people's networking questions are. When meeting new people and trying to get to learn more about them I find it easy to ask the same boring questions. But do you have any questions that are really unique and allow you to become memorable? 

My favorite question to ask is, "What is one thing about you that you wish more people knew?". This question is awesome and I find that people always say, "That's a good question!". It causes people to think and it gives you instant credibility with that person. Feel free to use that question and comment down below some of your favorite questions that you use!

Thank you @Dmitriy Fomichenko I appreciate your comment!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $375,000
Cash invested: $17,000

I bought the property using an FHA loan for $375,000. I had to put down 3.5% which came out to $17,467.97 after closing costs. I have to move into the property in order to utilize the FHA program. This then means that I can only rent out 2 of the units because I'll be living in the other one. So according to market rents, I'll be able to rent out the main house for $1650 a month and the back unit for $1050 a month. Which means that I will have a gross monthly income of $2700 (no OE included)

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

Location, location, location... This triplex is 2 miles from the University of Arizona! I knew that it'd be a great buy and hold investment because it will always be valuable and easy to rent out.

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

I met the owner, who was an investor, at a local meetup for multi-family. He showed me the place and I agreed to his price knowing that because of my low money down strategy, I'd end up making money.

How did you finance this deal?

I used an FHA loan and put down 3.5%.

How did you add value to the deal?

Well, the investor already had rehabbed the place so it was pretty turn key. However, my dad refigured the main house kitchen and I had 2 washer and dryer sets installed on the property. I definitely have made the property more rentable since I bought it.

What was the outcome?

I'm still working on the property getting rented but I've had tons of interest and it's only been a day. Like I said previously, I don't think it's going to be very difficult to rent.

Lessons learned? Challenges?

Where do I start??? One of the main lessons I learned was to check for split meters when it comes to multiple units. I knew that going in but didn't seem to check on it. So now I have to market the property with higher rents but include utilities. I don't think it's a deal breaker but I definitely wish I would've checked that out originally.

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

I'm an agent myself so I was able to represent myself as the buyer as well as the seller. That saved both of us some time and also made me some money! I did work with a great lender out of Phoenix if anybody is interested. I'd be more than happy to give you his contact information.

Stoked to be able to go!!! I look forward to hanging out and talking real estate!!! Thanks Kyle for putting this on!

Hello everybody!

I felt lead to create a post where people can vent and share weird stories that have happened to them when trying to network with other investors. I mean let's be honest, some stories are so weird and crazy that it would be impossible not to tell. So if you feel the need to, this post is a place where you can share your weird and funny stories with the rest of the BP community. Instead of venting to your family or relatives, vent to the people that might actually understand where you're coming from. Please keep it appropriate.

With that being said, I look forward to the funny stories that will come out of this post. Enjoy!

COMMUNICATION IS KEY!!! 

A study was performed for the purpose of figuring out if people had used the same agent to sell their home as the same agent who helped them purchase that home. When it came down to it, only a few of the clients used the same agent they did previously. When asked why they chose a different agent, they said the previous agent lacked communication. They never followed up with their clients after the purchase of the home and they lacked communication during the buying process. It amazes me that there are agents out there who do this!?!?! You will get most of your business by referrals. Treat every client like their your own family and communicate with them at all times, even after the transaction closes. Once you do this, you should never have a problem getting new clients and obtaining referrals.  

@Jacob Stokes

Hey Jacob! The agent knows you’re an investor and should work with you accordingly. That agent should be ready and willing to write your offers as you’d like. They can give advice but agents ultimately work for their clients and should fulfill their wishes. It is not in the agents interest to be concerned with your final offer. Their job is to write it up and send it!

Best of luck to you :)

@Saxxon Rybski @Account Closed

Thank you both for your comments... I believe that will be my next step. Cracking down on my desired neighborhood and drive4dollars. Thanks again for your comments. @Saxxon Rybski I would be interested in connecting. Like meeting local investors!

@Ari T.

Thank you for your comments and advice. FSBO and expired listings are categories I have not done much research in yet. Do you Ari have a system you use specifically when you drive4dollars?

Awesome! Thanks for the info :)