All Forum Posts by: Ekundayo Olomo

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $320,000
Cash invested: $106,300

Long-term rental / buy and hold for future appreciation

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

This area is growing and the outlook for long-term appreciation is excellent!

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

I found this deal on the MLS once it came back to the market

How did you finance this deal?

I utilized a Non-QM product / DCSR loan (debt-service-coverage-ratio)

How did you add value to the deal?

I painted the interior from the ceiling to run boards and performed a deep clean.

Lessons learned? Challenges?

The seller was a relocation. Working as the repressive for my LLC, I found relocation companies have a lot of paperwork and document requirements. These closings also typically take longer than usual as sellers often move out of state and have to find a home to purchase before closing.

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $25,000
Cash invested: $130,000

BRRRR, turn, fix & flip...

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

The opportunity to do an extensive renovation and gain more relevant experience.

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

After launching a grassroots marketing campaign, I assembled a team to distribute "we buy houses" flyers. This gained the attention of the property owner, who had purchased and gutted the home in preparation for renovation.

How did you finance this deal?

Saving, private lenders, and The One Brokerage

How did you add value to the deal?

This property was a complete renovation from the studs up!

Updates included :
New roof
New siding and gutters
New windows in 80% of the property
New luxury vinyl plank and carpet in bedrooms
New HVAC
New water heaters
New A/C
New plumbing
New 200 amp electrical panels
New tubs and tile work
New Vanities and fixtures
and much more!

What was the outcome?

After many ups and downs, I learned to always stick by THE NUMBERS because even with my delays and unforeseen issues, I was able to build equity in this deal because I was constrictive in my after-repair value you and built-in overage on my rehab /holding cost.

Lessons learned? Challenges?

I learned ALWAYS to verify contractors' work and payment of sub-contractors. Feel free to reach out for a call if you'd like details haha!

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

I worked with The One Brokerage again and Momentum Title Agency, LLC. Both are tremendous, and I would highly recommend them!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $180,000
Cash invested: $20,000

4 bedroom 2 bathroom single family home.

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

I invested in this deal to grow my real estate experience and knowledge.

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

This deal found me, I put out a flyer looking for motivated buyers, and after the seller listed her home but couldn't sell it she called on my flyer and we negotiated a cash price that worked for her and my LLC.

How did you finance this deal?

I utilized personal savings, private money lenders, and David Greene's "The One Brokerage" for a DCSR loan (debt-coverage-service-ratio) to cash out refinance.

How did you add value to the deal?

I did a renovation painting of the interior of the home. Replaced all carpet and added luxury vinyl plank flooring. Updated the bathrooms with new fixtures and hardware (including a new vanity upstairs). Installed a new dishwasher along with a stainless refrigerator and stove. Installed a new privacy fence and exterior doors (front and back).

What was the outcome?

I now have a cash-flowing rental and many new contractor/subcontractor contacts for maintenance and future projects.

Lessons learned? Challenges?

Anticipate 8-12% overage in cost and time to ensure expectations are met. Every deal needs 2-3 solid exit strategies, which should be calculated before making an offer.

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

I would highly recommend The One Brokerage for Non- QM products like the DCSR loan