All Forum Posts by: Kai O Kamppari

Hi Biggerpockets,

Right now I am a 17-year-old attempting to purchase my first piece of property. 

Goal currently is to purchase a quad or triplex with an FHA loan, preferably a property with a value-add opportunity, where I could refinance to replace the FHA loan to get some more capital as well as get tenants in, to house hack as well as cover the mortgage payments.

You have to be 18 to hold title on a property, but I was hoping to get some type of verbiage in the contract that says until I turn 18 I will have access to the property, in order to start renovations and such before the closing date, which would happen after my 18th birthday meaning that I could legally own the property. I have set aside five thousand dollars towards escrow payments, and have a small network that includes general contractors, agents, mortgage brokers, and a few other wholesalers. 

I'm also working towards a General Contractors license as well as a Real Estate license, of which I'm hoping to get both at the age of 18. I currently work as a wholesaler as well as a lead tester, which, god-willing, should generate around 10,000 a month until I become 18 in two months, which I hope to save 9,000 of, to get a total of 30,000 dollars available for this first property.

Though I am pretty young, I do have a relative amount of experience in Real Estate thus far. I closed my first wholesaling deal over the summer, have an employment history under both Brokerages and Investors, and am currently occupied as a lead dust inspector. 

Does anybody have any advice, considerations, warnings, or recommendations?  I'm open to anything and everything! Additionally, if anyone knows anybody who might be useful to me in my journey it would mean the world if you could send them my way! My network is small right now, but I'm working hard to try and expand it! 

Thanks for reading!

First official post! Any advice on finding mentors in this field? I'm relatively new to Real Estate and got involved around a year back. Not really looking for networking, would be nice, but definitely not a priority. Does anybody know any good mentors or people who would be interested? Help finding where to find a mentor would also be appreciated! Thanks! 

Investment Info:

Single-family residence wholesale investment in Norristown.

Purchase price: $150,000
Sale price: $155,000

First Real Estate Deal! A pair of twins in Norristown from a retiring contractor. All names have been changed for privacy reasons.

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

I had basically no money and really not many applicable skills for any other type of investment.

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

I was making 100-200 cold calls a day when I got a response from a retiring contractor in Norristown, who was looking to offload two twins, for a price of 300,000 dollars. The actual value of the two properties was way below that, around 230,000-240,000, but I was too inexperienced and too eager to know or care. I put the property under contract around the start of May, for one month. 30 days and a little over 30 investors later, I ended up paying the property taxes for two more weeks of time.

How did you add value to the deal?

I kept on my routine of making 100-200 cold calls a day, but instead to investors or really any cash buyer in the Norristown area. When all was said and done, I must have brought around 30-40 investors through the property. Every time I got the same response, which was "Nice property, I'll buy it, just not for 300. In fact, not for anything close to 300."

What was the outcome?

Enter "John." John was a broker who found an investor named "Mike." Mike seemed to want to purchase the property. We got it under contract, and 7 days later I got a call from John. "Hey, Mike hasn't deposited the escrow money. We gotta sue." That rang a few alarm bells so after some clarification from the title agent I found that Mike and John have a longstanding feud. One week later, I gave Mike a Hail Mary call to Mike, who didn't want the property but ended up finding a buyer from Virginia.

Lessons learned? Challenges?

This deal has a lot more nuance than my summary due to word count. Please message me with any questions.

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

Bobbie Jo, the title agent, was a super good asset to me, as well as both expedient and accommodating with the title process.