All Forum Posts by: Chibuzo Umeh

Hey @Simone Trice welcome! REI is definitely like drinking out of a firehouse when you 1st get into it. What helped me initially was joining a local REIA (real estate investment association) I believe there's one in ATL, get specific on which avenue you want to get into (brrrr, fix & flip, wholesaling etc.) and listen to the BP podcast on that avenue. My first deal was a live in flip using FHA 203k loan and I learned so much like I should've gotten a 4 unit instead of a 1 unit but still was able to get knowledge and experience that helps me today. Don't be overwhelmed by all the bells and whistles of real estate, get specific and you'll do great!

Hey Adam, welcome to FL! I had a very similar goal to yours when I got into real estate 3 years ago. Cheers to you getting your license and making great connections. I would highly recommend you joining a local REI group like @Khaled Morad mentioned as you're going to meet alot more like minded folks.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $185,000
Cash invested: $40,000
Sale price: $249,900

Quick & simple project for a family member that was looking sell for top dollar. Did some basic retouches that provided maximum value.

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

Taught me the ropes!

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

Family member brought the deal to me b/c I was the go-to person about REI

How did you finance this deal?

seller financing

How did you add value to the deal?

Listened to what the clients wanted to achieve from the sale & incorporated what the next family would like when purchasing the remodeled home.

What was the outcome?

Got off the fence and did my 1st deal with SELLER FINANCING!

Lessons learned? Challenges?

Always make sure your contractor is working! Have and agent drive by every couple of hours to ensure the work is completed according to schedule.

Hey @Moriah Giles I would HIGHLY recommend you joining the app Clubhouse (only for iPhone users as of now). As a new investor, I have met and learned a ton from some of the greatest business people in the world. I use it as another networking tool like BP and I believe its going to be how the world networks after this pandemic is over. Also, being a sales person is all about trust, form relationships that are genuine and add value to those relationships and you will be a great salesperson. Hope this helps, cheers.

Hey @Hoda Elamir what type of properties are you looking to invest in? What niche are you going to be using? (BRRRR, fix & flip, air b&B etc.) Happy to connect & exchange ideas. Cheers.

Ok I’ll take a look around on BP and see which companies come up. Thanks for your input. 

Yeah I absolutely am thinking of keeping it local for sure. Do you know of any hard money lenders that you have worked with that are reputable or can suggest? I would like to see what offer I could get to get started on this project. 

I appreciate the feedback @James Bradin. the repair costs are an estimate based on what I know needs done to this property but of course things could come up which I accounted for with my misc expenses but the property itself is in a great and upcoming location close to ybor city and 20 mins from raymond james stadium which are expected to be highly visited this year due to tom brady and the superbowl being in tampa. I didn't even think of using hard money lender but you are right on that! thank you.

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congrats! yes i agree to keep us posted.