All Forum Posts by: Kwamena Odum

Hello BP,

I am new to REI and running into roadblocks getting finance for my first deal. I just contracted my first deal (a great one I might add) so I have no previous deals to refer to and obviously no credit to fall on. I have just been invited to a local REI by a fellow church member and RE agent. She and her husband just joined the group and invited me in so I am set for my first meeting.

As a newbie, can anyone please suggest the best way to approach the professionals and not destroy a good opportunity? What can I say/ask that will not be a securities violation but at the same time will attract the listening group? What tools can one use to put together the picture of the deal for later discussions with interested parties? I have no previous investments to fall on. It's a lucrative deal so I want to present it well so as to attract attention. 

Also, on a side note, as a beginner, if I also wanted to raise start-up capital, is possible? How do I do that? What's the best way to do it? I appreciate all advice.

Thanks for all your advice in advance.  

Kwame Odum.

Hello Brian,

Can you explain the maths a little more? What is the $55k cost to sales? Can you kindly explain. Thank you.

Kwame. 

Hello Michael,

I am interested and willing to re-write this into a partnership. I will be willing to do that and will consider what anyone has to offer to make this deal happen. You are absolutely right, 50% is always better than 100% of nothing.

Kwame Odum 

Hello All,

I am looking for financing on a deal,

Deal-Contracted at $350.000.00, rehab costs: $100-110.000.00, ARV: $550-575.000.00

Looking for 100% purchase and rehab lending.

This property is in the Petworth neighborhood of Washington DC. Needs total renovation.

Anyone know of any lenders that will lend a newbie? I figure I have to start somewhere and I am open to going on a split deal with anyone who has contacts that will get the loans. Please help, I ask humbly.

Kwame Odum

Hello All,

I just contracted a property in the Petworth Neighborhood of Washington DC. I am a newbie to this with a night job. I don't have my own cash nor do I have the credit. I am having a hard time getting a lender to complete the purchase and flip. I was able to negotiate the price of the house to $350.000.00 and have two contractors giving me quotes at $100.000.00 and $105.000.00. I am scheduled to meet with another contractor on Friday for a final cost of rehab.

I have yet to get any insurance or schedule any other professional work towards the flip. I need help. I am looking for an investor with the funds to go in on this flip at 50-50.

After repair values are in the range of $550.000.00 and up. I am hoping to add an additional room to also add the value. 

This is a great deal. Is there anyone interested in helping make my dream come true?

Kwame

@Tyrus S.

It is $5k. The owners are simply looking to offload these properties. I know it so far seems like I huge blessing here so I am taking this in one step at a time to make sure it is what it seems to be. As far as the team and the agent, lawyer, cpa, insurance, etc, it is what I have been working on all morning. In fact, I came across this site while doing my research for all of the above so once again, any good teams you can recommend, will without a doubt be highly appreciated.

Kwame.

Thank you for reading Nicole. This is being sold by an elderly lady, who needs money. She does not need the house any longer and this is one of two she owns. I made a mistake of waiting one day and the other was snatched for $2k. That one needed more work than the one I ended up buying. The reason there is no lead issues here is because almost all the drywalls and doors were replaced 10 years ago. That is all I know so far. I am still going to get the house inspected.

The family knows that the neighborhood is getting better, in fact, they still live in the area and some of the neighboring properties are going for well over $55k, some less than a mile away have sold for 90k but obviously with more rooms than the 2/1 I am working on. I got this on Craigslist. You just have to be careful. I also haggled with them on the price, they initially had asked for $8500. Anyway, I will sincerely appreciate any advice. Thanks again for reading and responding.

Kwame.

Hi My name is Kwame. I live in Frederick, Maryland and I am literally new to real estate flipping and investing. I have been doing a lot of reading here and also received some priceless support and teachings from a friend in NC. I am only three weeks into this business and I am writing my first deal, a wholesale property in Baltimore. I want to flip this house, (Can't believe I just wrote that) and I will appreciate all the help I can get from this Forum. I actually stumbled upon this site by accident and I have been reading a lot of the GREAT information here.

The house I am contracting this afternoon is for $5k. Needs some work, appliances, pipes, trash disposal, electrical wiring and painting. Does not have any lead problems. My hope is to get an open house in 4 weeks. Does that seem unrealistic? I am doing this full time so I will be on site most of the time. Kindly forgive me, but I am excited and scared at the same time. I am working with a hard money lender to do this deal and hoping for a good profit after all of this. I am truely new so all the help, motivation and advice I can get will go a long way for me to pay it forward to someone else one day. Please HELP!!

Thank you, Kwame.