Octavia D.

Fear & the desire to live is what led me here, after reading in 2014 a news report from my cell phone app. on the budget deficit going up, I knew when that happens inflation gets worse causing more struggle for others. So I started looking into other ways to obtain stable & better income. Searching around on youtube and seeing all that "financial freedom stuff (network marketing, creating you're own business, selling products on ebay, affiliate marketing, storage auctions, etc.) thinking it's all just spam and schemes, I decided to try out real estate. I'm learning a lot through those videos & the investors I discovered but realized there's much more to learn than what they share, so I searched around more & found bigger-pockets to expand my knowledge. ___________________ I come from a poor family in Brooklyn new york and was raised my whole life in Texas, my family moved to the dark side of dallas (the hood) and was a constant cry for me due to all the bullying which led me to isolating myself for many years. After moving into my 1st apartment with the help of DHA while currently working at mcdonalds, I've learned a lot about budgeting, living below my means, saving, and real estate investing. Still learning and always thankful to learn more, I'm glad I came across bigger-pockets to meet & network with others who share similar goals. ___________________ (( Favorite Quotes )) "If I had 8 hrs to chop down a tree, I'll spend 7 hrs sharpening the ax" _____ Abraham Lincoln "The height of foolishness is to disregard an opportunity without full investigation" ________ Benjamin Franklin "Price is worthless, value is everything" ________ Unknown "If you want a house easy to buy, make it easy to sell" _______ Ron Legrand "If you don't understand, don't lend a hand" _____ (Me, I think LOL) "Work only with people who want to work with you" ______ Ron Legrand "Rehabbers think like a homebuyer when buying, so think like a rehabber" _______ Neva Williamson "Don't make an offer on a property until you know it's market value (ARV) after repairs" __________ Ron Legrand ______________________ (( NOTE/S )) *** the simpler, the better *** Rehabber = Quick, Fix, Sell, Profit Homebuyer = Stores, Shops, Bus, Garage (convenience) How to seek 1st deal: * Start in own backyard (own area) within 1/2 miles radius * look for signs: for sale by owner (FSBO), for rent (possible deal) * Call seller, negotiate deal, get it under contract, (lock it with memorandum) How to find end-buyers: * On here LOL! * See from your county tax website within zip code who owns more than one property How to Analyze Deal: * Search https://www.redfin.com/ for 3-6 months sold comps NO H.O.A NO Flood Insurance NO 1 bdrms NO Small homes (those tiny homes, I'm not sure hehe!) * Use 70% ARV (after repair value) on the sold comps Why? because lenders rehabbers borrow $$ from won't lend more than 70% to purchase a home, the rehabbers profit is in the spread and they sell it at retail (full) price based on the sold comps. The lower % you get the seller down - your profit the better. REMEMBER: Rehabbers have more than just repair costs to pay for, it's you're choice if you want to add those to the formula, rehabbers like it; makes it easier for them. Yet there's more than one way to skin a cat, there's more than just rehabbers to wholesale a deal to. Always double you're repair costs for unexpected things. Don't forget to pay you're taxes on you're profit, if the contracts are recorded then the government will see it and tax you accordingly. (( Wholesale Formula )) 60 - 75% range (ARV) - Repairs (rpr) - you're profit (assignment fee) = (MAO) Maximum Allowable Offer ____________ Email: [email protected]