Introduction

[Tope Odoffin]

Hello, 

My name is Tope and I live in Charlotte, NC.  My husband and I have been interested in real estate for a while but we are starting to taking it more seriously now and doing as much research as we can.  We are interested in buy and hold rental properties, ideally multifamily homes.  We are not really looking at the high end markets, right now, we are looking at properties in foreclosures or auctions that don't require much renovations and we can start renting out right away.  We have 3 locations we are looking at, Charlotte, NC, Roxbury, Boston and West loop Chicago, IL.  I joined bigger pockets after listening to "Karen's perspective"  we have both been hooked after listening to that pod cast.  We are still trying to learn as much as we can and know bigger pockets is a good place to learn.  

[Account Closed]

• Good idea, you don't need high end markets, you need markets where you can create cash flow or equity, even if it is in the so called war zone. Good people need to live some place.
• I telling, NOT selling - What I have done in a select markets in the US is to duplicate what have been doing in Baltimore that has create a great cash flow and equity for our family in commercial and residential real estate as well as non-conforming properties, lots and subdivisions and businesses with real estate. I receive 15-20 seller leads a month.
• Not all the leads are winners (the ones I don't control or buy, I refer to others for a referral fee).
• The crazy thing about this system of marketing is that sometimes you get some really great deals, recently we controlled (not purchased) an awful looking property in poor condition in Glen Burnie Maryland for $80,000 and sold it at our public auction for $118,000 plus $11,800 buyer's premium  ($49,800 within 3 weeks).  
• I have been able to brand my name for real estate wanted using radio commercials. This process puts me ahead of the competition of those who send cards, letters and bandit signs, those who call on probate leads, tax sales and chase foreclosures. When a seller calls from the radio, they are more than 50% sold.
• I find that a professional radio commercial gets attention. I want to reach sellers who have not been able to sell their properties that has been listed for a long time, those who are too embarrassed to deal with an agent due to the condition or if it is a hoarder house or other reasons (they hate agents). 
• At this time I am partnering with others using my ads, my contracts and my systems in their community to create leads, close and settle real estate for cash flow or equity.
• Usually it takes about 3-4 weeks of commercials before the leads start to come in, I take  the lead call, interview the seller, get all the necessary information about them, the property and the financing and make "trial offers" and my partner in that community will inspect the property, give me the inspection report and comps and I will write an offer to control the property.
• Once the property is under control, we than do a cooperative marketing program to assign the property to another for an equity profit.
• We have certain ways that have been successful in the past to make transactions work. These techniques are used to control properties; Hybrid offers, Trial offers, Delayed settlements, Joint Ventures with sellers, Seller financing proposals, Principal only mortgages, Second stage negotiating as well as other creative financing methods; Front porch financing, Vertical break ups, Subject to existing financing, Seller participation as well as passive, hard and soft money financing.

As a family business we enjoy, love and live the real estate business. We know it is important to be fair, to make full profit disclosures and to never take advantage of anyone in order to personally profit. As a 32nd degree Mason we believe in treating others as we want to be treated.