All Forum Posts by: Chiagozie Fawole

Originally posted by @Aaron Hall:

@Chiagozie Fawole that is great!! I just bought a duplex zoned for residential 4. Plan on renting then building and renting. I was referred to by a good friend Miss Bolden! Keep it up I’m right behind you taking notes!

Oh wow, that’s awesome! Small world. Congrats! 

@Allen Nan

Congrats on your current deal. Funny you should find this post today.. an update is due - we are signing documents for the sale today :)

The property is in Rochester, NY, so keep that in mind. Our prices may be different.

We only used an accountant at tax time, and our bill was usually ~$1200

Outside of the transactional legal fees for the purchase and sale, evictions were somewhere around $300 whenever they happened...

Depending on where you are, my approach would be to ask a few property managers who they use for evictions, and what they cost... may also ask how many evictions to expect for your unit type and neighborhood.

Nice! 

PM me and we can talk. I have partnered with people in different ways. 

@Joseph Torres congrats on your early win! A couple of questions to consider are: 

1. What are your investing goals? How “big” do you want this to get? 

2. How willing are you to share the profit? Having partners helps you scale faster, getting you into deals you may not have had the wherewithal to take on alone. It’s the 100% of nothing vs 50% of something good philosophy. Just keep in mind the additional responsibility that comes with using other people’s money.

3. Will your partners be lenders or will they have equity? As LENDERs, irrespective of how the deal performs, they get their money back with the interest agreed upon. Most people will want to secure the loan against the property, but you can also ask if they’ll do unsecured loans (to give you the flexibility of moving funds from one deal to another). As EQUITY partners they share in the risk and the reward. If the deal doesn’t work out, you don’t “owe”, but if it does you all share the whole pie. Some will also do something in between...

4. How much control are you giving up? Will they be completely passive investors, while you run everything, sell when you want? Will you make decisions together, while one person serves as the “point person” communicating with vendors,etc. Or will you have different active roles - one person dealing with financing, the other dealing with contractors...

5. If you go the partnership route, is the partnership for one deal in question, or for any other deal you find...

Just a few thoughts that come to mind. Whatever you decide, make sure it’s spelled out in writing. Talk to an attorney, and ask specifically if the option you’ve chosen invokes securities law. 

All the best! 

congrats!

@James Wachob has one

Welcome @Michael Lembo. I'm currently in Rochester but moving to Syracuse in a few weeks :) BP is definitely a great resource- glad you've "jumped in". By God's grace I've gotten to do four deals since I joined BP two years ago (one of them a 12-unit) - having started with zero experience , little cash, and working a more-than-full-time job. I say this to encourage you to keep listening, reading, and engaging the community here. It's time well spent!

I look forward to exploring the market in Syracuse once we move. Would definitely love to connect with those of you on ground already. Cheers!

Way to go! @Brian Adams

Congrats 

Vedran Josic Congrats on owning those free and clear! If you choose to refinance, I'll suggest retaining a significant amount of equity in those properties. If I were in your shoes, I would consider putting the funds from the refinance into a flip project, with the goal of generating "quicker" additional income. This can can then be used for future buy-and-hold deals. Understanding, of course, that flipping and buy-and-hold require completely different skill sets, tread carefully!