All Forum Posts by: Tommy Adeoye

@Stephanie Szeto , Let's assume you are renting on craigslist.  Find rent of rooms similar to yours, Look for extras, and as @Stephen Bianes mentioned throw in all utilities and price them slightly lower or higher depending on your room's attractive amenities. 

An alternative will be to think like a renter, search roommates or craigslist by zip code and other criteria that matches your room. sort your results appropriately to find highest and lowest rents, average them out, that should be work as a magic number to attract prospects ceteris paribus.

The Rehab is beautifully put together. Did you come up with the design or a member of your team put that together ?

You may want to consult a CPA(REI friendly) for this one. An experienced one for that matter. You will certainly find them on BP.

@Joshua Lira I  recommend this book to read over the holiday-if convenient of course. It is concise and to the point. 

Investing in real estate with low or no money down by Brandon Turner.

By the time you are done, you would have tools in your giant creative financing tool box to work with.

Comb through this list Tennesse BiggerPocket Members , Look for a member with the title - Wholesaler , review profile and membership status.

Perfect advise. I enjoy reading this.

Amazon wouldn't come close to BiggerPockets revenue-wise if BP were to charge a dollar each time the golden question "Where do I find deals" were asked. If finding good deals were easy, people would quit their day jobs. 

Finding deals isn't easy, it's simple. This may sound somewhat contradictory . Some of the strategies proposed to me are somewhat time consuming but hey, I am not a full time REI yet. With that being said, here are the strategies that may land you a deal if you have the time or are willing to buy someone's time.

1.) Website - You build a website with SEO and drive traffic to your websites. Everyone is scrolling FB, Instragram and tik-tok a lot these days. There is one deal out of there somewhere . You'd be surprised how many prospects have got relatives or friends who want to get rid of their inherited property and will gladly send them your way for a referral fee. 

They are experts who specializes in website lead generation service. This is all they do, Search them online. 

The above mentioned strategy may not be compatible for what you are trying to achieve , how about strategy #2

2.) Wholesalers - They are tons of wholesalers out there . BPs has the best set of wholesalers and the next best set you find at a REI meet up followed by your local facebook REI group. I get deal alerts daily from my local REI FB group. People often wonder why will someone want to give away a deal? They are number of reasons - Not having finances or time to pursue is a solid one.

Let's say #2 isn't your cup of tea and you are good on the phones then #3 could be a better option

3.) Zillow, Craigslist, Trulia etc - Not many people employ this tactics , requires tons and tons of calls a day , You'd be surprised by how many polite refusal you get and relationships you build. You stand a  chance of running into an investor who maybe trying to get rid of one of his lets say out of state property and has not had the time nor urgency to want to and certainly doesn't want to employ the services of an agent. This investor may not want to get rid of his property now but in the future he will and he has a network of investors like himself he may refer you to. Do not hesitate to ask for a referral. One may probably be thinking at this point, I do not want to be calling and harassing folks over the phone. Well, this is why I will suggest #4

4.) Mailers -  With the right tactics and approach, you may get a response. Ask yourself, if I were to get a random letter in the mail, what would make me open it and read past the first four lines. This should be the basis of your model.

5.) MLS - Not the best but it works. Analyze deals ,figure out exactly what it is you are trying to achieve, then shut of all the noise and make an offer that works for you. This means after analyzing and initial due diligence, if your numbers worked even if you made an higher offer, make the high offer to fend off competition considering the terms and numbers are favorable. Do not expect to score an home run deal(not to say you wont) using MLS, at least not for a while.

There are other deal finding strategies that I may have left out . If your lead generation systems are active and consistent , you'd score a deal that meets your criteria. connect with members on here from TN and they definitely will refer you to a wholesaler who is a superstar . Best of luck.

@Jason P.  I hope this doesn't come up the wrong way. You can get creative with utilities whether or not tenant pays  . Honestly, you are better off just saving up your energy towards finding the next best deal.

No, I am not trying to undermine your situation in anyway.  worst case scenario (minus $250 for utilities) cash flow for the duration of the tenant's lease? You are sitting on a pile of gold if this indeed the case for you. One clue, if current lease does not include utilities, next tenant may have their utilities covered . Unless I may have misunderstood you completely, I think you are in a better position.

I am assuming you are not obliged to that lender . Try multiple lenders or go your local credit union, give them a call . It's a numbers game. If all options are exhausted reach out to your local broker and have them refer you to lender. If any lender refuses to pick you up , ask for a referral or what you have to do. It's all a numbers game.

@Anthony Angotti Couldn't have put it any better.  Inspectors always go with the intention to come back with a finding. I say re-evaluate your strategy and future appreciation . 

If it seems prospective, What I will do If I were in your shoes is take care of items that are under $200 repairs and have the seller fix the items above and high ticket items OR re-run tyour numbers this time with repairs and see how this impacts your cash flow.

 I would not fold without coming up with creative ways to negotiate with seller and to reiterate if this deals pays you in the long run CACRoI , appreciation, when brrr'd in the future wise, take the hit for a few years and of course with an exit strategy in mind. Put all these into consideration before moving forward other wise take the L and on to the next one. I'll rather pay real life experience $2000 than a real estate guru .