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All Forum Posts by: Ladè Baruwa

Ladè Baruwa has started 5 posts and replied 86 times.

Post: Contractor?! Many Thoughts...

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

@Jon Reed Thank you! Makes total sense

Post: Contractor?! Many Thoughts...

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

I would like to know your thoughts on the best type of questions to ask a contractor for a project you have. Obviously this would be a contractor you would like to continue to do business with if all goes well for projects of all types. 

What questions would you want answered to make you feel confident about going forward with business? All answers are welcome!

Post: New to real estate investing

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

@Bianca Kwon I think you should get out of that rental as soon as you can afford to. House hack and start aggressively saving so that you can make a purchase for a rental property.

That money your currently paying in rent is doing magic tricks and disappearing.

Post: 50k Profit Deal on a flip in Detroit MI

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

@Eric Friday Nice job! This just goes to show once again the power of networking and having good contacts.

Post: Is it OK to deny this rental application?

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

@Deborah Repaskey way too much going on, the biggest concern to me would be the 9k owed. Thats more like an eviction.

I think if you have to contemplate whether the tenants application is eligible, its probably not a good idea to move forward.

Post: Evaluate my deal and tell me what you think?

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

IMO, this is not a deal I would do being that the margins look a bit tight. However you did say something to the tune of not wanting to deal with rehabs and preferring a turn key type of property. I would definitely look into the monthly taxes you assumed and that HOA, they look very low. As others have said above it seems like you are doing the calculations pre construction. Due to the new construction of the property you could afford to have lower percentages for Capex and repairs, but don't count out your PM fee since you are OOS. Good luck

Post: The Top BRRRR Markets in the US

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

I don't believe the market is as important as the discount you get on the property, as we all know the profit is in the purchase. Obviously you want to cashflow, regular analyzing should make sense and give you that. Being close to the market is important due to contractor management, but I do believe it can be done virtually anywhere.

Post: Most Realtors Suck and the STATS to prove it.

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122
Originally posted by @Joe Cassandra:

I saw a video yesterday from a prominent DFW broker I used to know. 

He claimed something like 1/3 of new realtors quit within 6 months of passing the exam. 

Why? 

MOST REALTORS SUCK BECAUSE: 

1) They don't know how to generate enough leads...

PLUS!

2) They don't know how to cultivate and follow up with leads (people rarely sell their house within the first 3 months of thinking about selling). 

Worse...most people think realtors are all the same. So, they'll list with the last agent they talked to. 

3) They try and be everything to everybody. RE agents (and I'm not an agent, so my thoughts as a marketer) should niche down. 

Be a listing agent that specializes in probates. 

Be a buyer's agent specializing in luxury housing. 

Be a buyer's agent specializing in distressed properties for investors. 

Not niching puts realtors in positions to lose credibility where they don't know what to do next, what advice to give, or how to negotiate repairs, ARV, etc.

100% Agree. I feel there should be some kind of additional measure put in place to weed out many of these realtors prior to them being "realtor certified". Higher standards can equate to higher performance 

Post: How do you quit your day job if you need a job to get a loan?

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

@Jeremy Davis your in a tough situation right now, because from your post it seems as you didnt have a choice to leave your job. I second the ideas that @Steve K gave, you are going to have to get creative if this is what you really want to do.

Just make sure it’s something you and your wife really want to do. Good luck

Post: Best Housing Market - Out of State Rentals

Ladè BaruwaPosted
  • Rental Property Investor
  • New York City
  • Posts 90
  • Votes 122

@Serena Tillman Congrats for the baby on the way!!! Theres alot of good ideas above, and many of the markets you stated are good ones. Just make sure your fully educated on the strategy to go OOS. Thats the most important thing, then it will depend on how your finances look. Because you have a baby on the way just make sure your extra prepared to make adjustments to the plan. Good luck with everything!!!