All Forum Posts by: Femi Salami

@Tony Gunter @Account Closed That's super helpful! To follow that up, is this typically a service I can request from a GC also or is there another profession I'm not thinking of that supplies this service? I essentially want someone to help me design a remodel, i.e. detailed scope of work including estimated labor, and material SKUs, while working under a budget. 

Thanks in advance, super helpful!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $139,900
Cash invested: $14,000

Duplex and property #1

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

Duplex that was reasonably priced and in good condition

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

Through a big box wholesaling company

How did you finance this deal?

Hard money loan

How did you add value to the deal?

Still in the process, but going to rehab and also raise rents to market value

What was the outcome?

Tbd

Lessons learned? Challenges?

Closing does not always happen as scheduled

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

After rehab, I'll determine if I recommend

This might be a dumb question, but I'm at the rehab portion of the BRRRR process and I'm stuck on how to actually go forward with the rehab. I'm currently looking into general contractors, but are they going to help me with the design of the rental / selecting materials or is that another professional role?

initially, I was thinking they'd be able to repeat similar remodels they've done, but I'm not sure if I should be relying on their guidance that strongly or doing this myself. I want to eventually be able to get a system in place where I can just today the same design over and over too.

@Mitch Hartford What do you mean when you say you could put in 5% and have the seller hold a 15% note? I'm not familiar with this approach, but very curious

@William Goolsby not sure if I can try and revive this conversation. But very curious with what you ended up doing in the end. Both on the inspection front and also property management wise. I'm currently looking in OKC too for a mid-size multi-unit property and wondering how you went about doing the inspection, how much it cost, and whether you were happy with the results? And then did you end up sticking with property management company you referred to and how do you like them now?

Thanks a million in advance

I'm in the same boat. Been doing a lot of research, trying to build my network, stalking a listings. But this market is kind of viscous. I just want to get in and start learning more on the other side of things, but the barrier to a "responsible" entry is crazy high right now. 

I'm just starting with real estate investing and am trying to figure out how to find wholesalers in Dallas/Fort Worth? So far I've only been able to get one contact from New Western, but I would like to diversify my network. Problem is, I have no idea how to find wholesalers. I found New Western from a relative, and I've been scouring FB and craiglists. Any other places where I can find quality wholesalers? 

If it helps currently I'm looking for single family units or multi-family units, but would like to start small $$ since this is my first investment property. 

Also one more question, is it required that you pay cash to a wholesaler? I have a significant amount of cash saved up, but I would prefer to maintain my reserves for all the surprises that come with your first investment. Do wholesalers accept conventional financing options or provide financing themselves?