All Forum Posts by: Eddy Ogbekhilu

Hello Tom,

I own town house in Tampa as far as I can remember that is part of the process that you have to go through to get the unit occupied. 

Good luck my men.

@Bela Acevedo. Hello Bela,where exactly is Palm coast Florida.?

@Amanda Salovitch,Facebook mkt place,IKEA and possible garage sales will be very helpful starting out.

Good luck.

@Omni Casey...your offer to help Jonny Flores close on his 1st deal to me is amazing and therapeutic on so many levels.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $400,000
Cash invested: $209,000

5 bedrooms 2bathrooms, swimming pool, 2 car garage,1847 sq ft under air and 0.67 acres.

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

Potential and a very promising potential rental in line.

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

Driving in the neighborhood. 20k less than asking price,cash offer no inspection and closing within 4weeks.

How did you finance this deal?

200k from a private lender @ 10 % interest rate,1.5 origination fee, 200k+ from personal savings. 5 yrs balloon payment with the option to refi at anytime and no pre-payment penalty.

How did you add value to the deal?

Tons of value already,move in ready....brand new refrigerator, washer and dryer as well.
Potential 5 years lease or worst-case scenario Airbnb.

What was the outcome?

Its only been 3days since I closed on the property...but things are falling in place pretty quick.

Lessons learned? Challenges?

Don't be afraid to fail. If I fall is ok and if I can look up I am sure going to be ale to get up.

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

Yes.Real estate agent...xcellent guy.

Welcome to the BP family Kevin.

@Marcus Grant.Gr8 response from Aaron "It Deoends" . Secondly it depends on your HOA bylaws, sometimes the association have too much restrictive powers as far as the percentage of rentals ( investors) they allow,minimum rental period allowed.You also want to be aware how solvent the HOA are financially. There is a ratio if owners occupied to investors that the association mandate.Starting out depending on where you live, u need some level of control .. .good luck Marcus.

@Ian Clementson. Sure will do, DM me if you will, am just about to finish a Reno by the airport...in any case let's talk.

@Todd Groom.....will be interested in the mastermind meetup. New to real estate .investing in the Lutz area and 33607 zip code.