All Forum Posts by: Abraham Bakre

Hello BP,

My girlfriend and I are eager to receive some good vibes towards starting our real estate investment empire together! I used to work in the mortgage industry for a couple of years and now I own/run a store here in Waco, TX. She was in the Air Force for seven years and she has done some free lance work as a business consultant for my store as well as a multi-level marketing company. 

My question pertains mostly to her. She has been going to school to obtain her R.E. License for two months now and she will take her test in the summer. When she passes she will be a fully licensed R.E Agent!

I am curious as to how many benefits/things to watch for once she becomes a licensed agent. I understand she will have access to the MLS and we can save the seller on commission, but what else is there? Any R.E agents that are investors out there that can share their wisdom?

Thanks a bunch BP!

Hello BP,

I would like to use bandit signs around the Houston area to kick-start my RE investing career!

I am curious as to what kind of questions I should ask the homeowners? Please offer any positive or negative constructive criticism you may have!

I forgot to mention that I too am a member of the RICH Club. Hope to see you there sometime.

Welcome Aaron.

I am very close to where you live over in Alief. I am looking to buy a multi-family property to live in one unit and rent the rest. My goal is to land a 4-plex with a very low down payment requirement, since I have limited funds. If you have any such deals please email me at [email protected]. My budget is around 150-200K and I'm hoping to get into a decent area in the SW or NW.

Thanks and good luck to you!

My plan is actually that! But, also to take advantage of first-time homebuyer programs that I've heard about as well. I never seem to come many people who are familiar with those programs. This property is sounding worse and worse.

Thank you

Thank you Joel,

I will find out about the utilities. I also forgot to mention that one of the units is section 8. Is that really a pain to deal with? Considering that the tenants could be of lesser quality then regular tenants.

Hey BP community,

So I have a wholesale deal I'm looking to acquire for a sales price of 92k. Its a duplex in a moderately bad area that I've lived in close to all of my life.

I'll post some of the numbers first.

Annual Rent: $15,420 (both units renting at $650 & $635 per month)

Minus

Annual Taxes: $988
Property Insurance: $750
Annual P&I: $4,638 @ 5% interest assuming 20% down

Equals

$9,044 in total profit

So I'm wondering if this property should be a contender or not? Please offer any insight/criticism that you deem helpful!

Sorry! Last response was for Dawn.

Jennifer: Thanks for the response. I believe a mentor would help me out but I'm not willing to pay for something when I could work for it instead. My finances are not in a position to spend $4,000 on a mentorship. I actually messaged the lady that is offering her services to me and I made her an offer to mentor me for my time instead of my money. Here is a copy of the text I sent her:

"Ms. Linda, Abraham again. I just wanted to text you real quick since I still have to make dinner! Is there anyway we could set up a trade of my services for your mentorship? I understand that you need money to survive on, but I believe I could provide something even more valuable, my time! I have very little money, but I have the time to put in work and earn your mentorship! Please consider this as I believe my time being put to good use will make you more money then receiving cash would. My time could be put to use doing menial work which will give you time to put towards something more time-rewarding! Please consider this offer and I look forward to your response!"

Jennifer: This is America, where anything is possible!

I attended a seminar today at my local REIA and the guest speaker told us about how he financed a property with very little money.

Rough numbers on a SF

ARV - 102K
Purchase Price - 46K
75% of ARV Hard Money loan - 76K
Total Expenses - 19K

Before Refi total:

76K
-46K
-19K
= 11K in leftovers

After refi (estimating Hard Money Interest Rate of 15%)

102K
-87.4K (hard money payoff total w/15% estimate)
+11K (leftover money before refi)

Total money leftover to make more deals: $25,600

Very little money he had to come up with out of pocket:

$1,000 in earnest money
$500 in an appraisal
$350 for an inspection

Total = $1,850 invested out of pocket

He stated that he "obtained a hard money loan from the lender for 75% of the ARV and the lender also refinanced the home at the ARV of 102K so that he could pay back the hard money loan and take advantage of the equity capture.

Please advise on the feasability of this deal? Did I break the numbers down properly? Please offer any critic and advise deemed helpful!

Thanks BP!