All Forum Posts by: Daniel Oluwaniyi

@Ronald Rohde I'll be buying as an individual. The property is in decent shape so I'm going to do a live in flip

Thank you all so much for your input. It's very valuable to me!

Hi BP!

So I've decided to make the jump and buy my first real estate property. Since its my first property, I naturally have blindspots and I'd thought I'll reach out to the community for help. Found this property through a real estate agent who reached out to me before listing the property. It's in Carrollton and the asking is 200k. Was aiming to pay 195, so I'm pretty close. Here are some details. 

3/2.5 property with a 2 car garage. About 1500 sqft. ARV approx 255k, Rental Income avg: 1600/month

Seller has fixed the following:

• A/C & Heating system fully replaced/upgraded end of March 2020
• Roof - Replaced end of June 2019
• Foundation - Repaired late October/early November 2019
• Plumbing repairs and sewage pipe replacement under slab done during foundation work in 2019
• Kitchen appliances (except the fridge) all upgraded in 2019
• Water Heater and downstairs floors replaced in 2015

I can also get the warranty transferred for the recently repaired items. Seems like mostly cosmetic(Budget for rehab is 30k) and we'll get an inspection done. Here are some terms from the realtor:

• $200K with $2K EMD
• Seller pays title policy
• Buyer pays for Amends if needed
• Seller pays for $500 Home Warranty
• Buyer pay for Survey if they do not have one to provide (because this is really just a requirement of buyers lender)
• Buyer pay $50 for 5 day option
• We DO NOT say AS-IS purchase so if something mediocre comes up in inspection we have some wiggle room to ask for it.
• Seller allows 21 day third party financing time-frame for contingent on loan and we also ask for an appraisal contingency.

Are there questions that I should be asking that I'm not? Or are there things I need to take a look at before going forward?

Thank you

@Justin Windham Thank you Justin! I'm continually educating myself on the best point of entry. Bigger pockets is definitely one of the best resources out there. Now to get out there and start doing it

@Gabe Waldrep Thank you Gabe!

@Andrew Syrios Thanks so much!

@Jasmine Keys Welcome to bigger pockets!

@Lydia R. Thank you! I'd like to connect. I'll private message you

Hey! My name is Daniel and I'm both new to real estate investing and new to Dallas. I got my undergraduate degree from University of Illinois Champaign-Urbana, after which I moved to Denver for a couple of years. I decided to go back to get my Masters and then I moved to Dallas after I got my degree. My day job is as a software developer and I've been looking to get into real estate for a while and have finally decided to take the plunge. My initial focus will be wholesaling, flipping and possibly buy and hold for renting. Glad to be among individuals who have similar interests and goals. In my spare time, I watch and play futbol(soccer), listen to live music and read books.

I will like to connect with fellow investors, who can I can learn a lot from. I look forward to my journey!!