All Forum Posts by: Daniel A Sims

I'm thinking I'll get the most bang for my buck to find foreclosures in decent/okay neighborhoods do the repairs my self paint new flooring maybe a hole patch here or there, then rent/flip I dunno if it matters but I'd like to keep my stuff separate from investment stuff, which means I'd like to keep my bills as low as possible and investment bills separate from me like I said I dunno if it matters but that's the plan

I also have this same question, but I'm looking for something not cloud or web based, an actual installable program my logic is that I'll be able to create an Air gap between vital information social security numbers/EIN's  bank information account balances and such to keep it from being "hacked" 

🌎 I'm based in Oklahoma city I think I wanna invest here in Oklahoma city, I think hud homes are the way to go, I have a construction background can do most the work on my own, stuff I can't do or don't wanna do I can sub out to "friends" if need be

2. Construction work is physically demanding I'm here to try and semi-retire if I can generate at least 6k a month in passive income I'll be able to quit my day job or at least become extremely selective when where and how much I work.

3. 🤪 I've got aphorism's or proverbs for just about any occasion right now the one i have to keep saying to my self is "its not enough to just speak your plan but you must hold yourself accountable as to what actions did you take to further your plan"  and this needs to happen daily hourly sometimes but as often as it takes to keep your plan in focus

Investment Info:

Single-family residence other investment in Del City.

Purchase price: $69,900
Cash invested: $45,000

First investment

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

I was tired of renting, in renting landlords were always counting on me to fix things as they broke air conditioner, water heater stove/oven leaky faucet... decided if I was gonna be a "handy man" I might as well own the property I'm fixing

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

Realtor, wasn't much negotiating didn't really understand what was happening other then I'm getting ready to be a "home owner"

How did you finance this deal?

With a fixed rate 30 year mortgage.

How did you add value to the deal?

Paint, got married then a divorce I think the divorce added the most value even if it's not tangleable value

What was the outcome?

Less then 10 years i now own that house outright that saved income is what's funding things I should have done when younger like maintain a "good" credit rating

Lessons learned? Challenges?

Pay attention to details but not to the point you're so close to the ant hill you miss the mountain behind it

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

Not yet but I think I'd like to, here in 6-12 months I think I'll be ready to start buying multiple properties a year