What not to do.

[Jamie Hamilton]

Investment Info:

Single-family residence other investment.

Cash invested: $120,000

Single family 100 year old ghetto shack conversion.

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

I wanted to be free. Not filthy rich. Just... Free.

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

This belonged to my grand parents, who were land lords. It passed to my father who let someone rent it for 20 years at a fraction of its cashflow possibilites, and did not do any maintenance whatsoever. I threatened to disown him after he threatened to kick me out trying to charge me rent when I was keeping everything going. When he died, I made peace with my stepmom (unrelated), and she and my brother graciously gave me the interest that fell from him to her on the affidavit of heirship

How did you finance this deal?

Through personal sacrifice. Blood, sweat, tears and patience.

How did you add value to the deal?

For a good 12 years I had very little control over the land, but was responsible for the maintenance. I did receive some renumeration in the form of being able to live rent free in another house, and a year or so recovering investment money on another property I ended up liquidating during the great 22 housing frenzy to some homevestors. I foolishly rented to people I used to know, hired people I knew instead of legit contractors, damaged my knee doing home renovations, and recently my lungs are

What was the outcome?

I was under contract to have a company called Freemodel renovate it so I could sell it and fund my transition (I'm transgender fyi).
The notary that recorded my signature on the deed of trust with right to sell (giving them permission to sell my property for me), missed something, I already had bad sellers remorse and backed out. I cannot give up, I've sacrificed to much, and I'm in too deep. Its being renovated now and I intend on putting it in an LLC and under property management.

Lessons learned? Challenges?

Swinging a hammer is not going to get my where I want to go. All of my friends were leaches. Never hire someone to do a job that isn't their profession. You can get day labor at the 7-11 down the road, they are hard wokers. Access to financing and leverage is my only way out. Rich dad poor dad is my bible. I need a different kind of help than I thought I needed when I first started. Audible. I can see right through people now. Breathing is risky.

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

I've gotta plug Brian Langus here because helped me get in touch with financing, a credit counselor (only needed since lending is messed up rn), gave me multiple cmas over the year and was really patient and helped me. My life path would have been very different if not for him.

Also Gary Bellomi who FreeModel kinda partnered with at is a realestate agent who actually owns realestate in Oak Cliff/Dallas and I think genuinely tried to help me.