All Forum Posts by: Ndy Onyido

I will NOT advise you to buy without visiting if you dont have a trusted team on ground.

I buy properties every time from out of state and i need not visit the proprrty: this is beacuse I have a team on ground, BUT i will not buy 20+ without visiting and seeing.

So hop into the plane and see for yourself.

my one cent..

@Account Closed

Am happy for you.  And i agree that the dirt might sometimes hide some treasures.

However, things dont always work out that way....It takes a savvy investor to decifer where the treasure is....

I will not advise anyone who is not experienced with rehab work to jump into it.....

Neither will I advise sticking to TK unless, the seller has at least 12 months warranty on all major items. HVAC, stoves, etc..

Good to know you make money on this one...

cheers

@Alec McGinn

I will attempt to answer your questions and the answers strictly based on my personal experiences

• You make your money when you buy and not necessarily when you sell. That said, you must stay away from cheap properties in wrong neighborhook; its  a nightmare unless you have the experience and skills to deal with such...for me it is not worth it...my opinion
• The so called turn keys are mostly lipstick on the pig...most providers do not do proper rehab work; of course they are cutting cost to maximize profit and so you really do not blame them....You are not sure what you are buying...I made that mistake in my first rental proeperty. I invest in KCMO and got this property from a TK provider. I never made a dime for 2 years..its eithrer this replacement or another and for 2 years, I was spending money on the property, paying mortgage with no returns. If you ever want to invest in Kansas city, PM me and i will give you the comapay..stay away from them.
• Even if you get a fairly good property with good rehab work,  it is difficult to make money through turnkeys; most don's cashflow.
• Do not rely on what your PM is telling you unless the PM is also an investor.....follow your gut feelings..not all PM are good...
• As a new investor without rehab experience, you will need to build a team; there are contractors who specialise in rehab work; seek them out and let them do a professional job and pay them.....as long as the numbers work, you are better off that buying a TK that you are not sure of the rehab work...you will end up in frustration...

Above are my 1 cent so that you dont go through the aches and pains I went through.

Happy investing....

@Tony Marcelle

If you looked at it and it looked like a war zone, I guess you know what to do, unless of course, you want to deal with the issues of war zone? for me, I do not.

You have the red flag already...."That neighborhood had plenty of vacant damaged homes."..these are tell tale of a bad neighborhood and a bad investment.

3 words you must keep in mind in REI-

1.Location. 2. Location 3. Location!!!

No matter how cheap a property is, once its in a wrong location, I do not waste my time in looking any further..

Good luck.., 

Looks like a DOA dead. If the deal does not make sense, move on

@Anton Ivanov

This is a great and inspiring story. Congratulations and keep the flag going.

I also invest in KCMO but this year has been extremely disappointing so far....

Thanks for sharing.

Awesome!

@Shiloh Lundahl

Splendid! This indeed should the deal of the year!

Congratulations..

@Rex Harris

well, the money is theirs and they choose whom to lend it to.  Since it is 'non of thier business', go elsewhere.