All Forum Posts by: Paul Amegatcher

@Adrian Grauer

Since you cannot legally get into a binding contract, I would suggest you start bird dogging or partner with an adult over 18 so you can wholesale.  The idea of a bird dog is to find the property and tell the investor about it.  If they buy the property based on your recommendation then they will pay you a finders fee ranging anywhere from $500 to $2K.

Wholesaling requires you to get the property under contract for "X" dollars and then turn around and sell the contract for a profit.  In order to do this it would require an adult over 18 years old since you cannot legally get into a binding contract.  Research both options for more info.  

Congrats on taking the first step into real estate.  I did not even know what my future held at 15 years old.  I would suggest going into a business or finance major in college so it helps you to look at numbers from the business side.

Paul Amegatcher

Okinbia Investment Properties, LLC

@Adrian Grauer

Just wanted to introduce myself to other Dayton Ohio investors and to get some information on what everyone is doing.

My current strategy is wholesaling to other investors.  I have done rehab and flips as well as rehab and rent.  My neighborhoods are Northwest Dayton, Trotwood, Jefferson Twp, Huber Heights, Englewood, Clayton, and Vandalia.  Also any Dayton area as long as its not a war zone.

@ricardo murph II Place it under contract and then if your contractor gives you a higher bid you can go back to the home owner and request more concessions based on the newly discovered issues.

@David Zheng Not saying that it cannot happen.  But this is not a good way to invest in "REAL" estate.  I emphasis the real because you have to see the property or have some one inspect and give you a report.  Also you have to trust your contractors assessment of what rehab needs to occur.  As @Keith Weigand stated this can be done if you are an experience investor that has built a network of trusted resources.  I would never attempt to invest this way as a beginner.  It will be the quickest way to lose your money.  Just my 2 cents.

There are different reasons for sellers motivation to sell at discount. Here is a list of reasons that I have come across:

1. Needs repairs which they can't afford.

2. They are in financial crisis.

3.  Bad tenants have killed they will and passion for real estate. 

4. Inherited the home.  

5. They are out of state.

6.  They are retiring.

7.  They are moving.

8. They have abandoned the property.

9. They don't want to deal with real estate agents.

10. You offered to buy their house.

@Ricardo Murph II Darrin is correct with his assessment. I just completed a rehab on a 3400 sqft home in the same area and the house has been sitting on the market for 6 months. Your ARV is reasonable but the renovations are very low unless the home owners video or pictures prove otherwise. I would definitely have someone from you wife's family look at the house in person. The home owner may not show you everything that needs to be seen.

Good luck on the deal.  

Why do you need to remove the lead based paint?  I ask because any home built before 1978 has lead based paint in it.  Most of us paint over the old paint and give a disclosure stating that homes built before 1978 have lead based paint.  Also the quote for the siding is way to high.  I remember getting three quotes for siding on one of my first flips.  The numbers were 14K, 6K and 1.8K.  I went with the middle quote.  The last guy did not know what he was talking about.  Also siding is easy to install.  I would get more quotes or talk to other investors about who to use for siding.  Hope this helps.

I know an investor in Dayton, OH with close to 500 sfh and this is his exact model.  It all depends on where you live.  

I have not used TLO as I did not meet the requirements for using the service.  I have used beenverified to find addresses for past tenants and it has been okay.

I just used beenverified. Its a lot cheaper and there is no hoops to jump through to sign up.