All Forum Posts by: Niyi Odumosu

Very encouraging to see so many diverse and talented engineers in this thread! This is dope!

@Joanne Eriaku @Anthony Dadlani thanks for the support!

@Buyan Thyagarajan It’s pretty much on schedule, maybe a week behind. My goal is to have the house rented by July 1st and we’re aiming to wrap up the project by the 3rd week of June. Obviously that would make for a quick turn around in terms of renting it out. But not impossible. If it’s not rented out by July 1st it won’t be the end of the world but I absolutely want to have a tenant living there sometime in the month of July.

As far as how the protests and demonstrations that have been going on in Philly has affected my house, it hasn’t directly. Fortunately that neighborhood has not experienced any direct looting or vandalism in the local businesses. I was at the house yesterday and everything is still in tact.

Hey everyone, so it's been a little bit since I've updated this thread. I just wanted to post some pics of the progress. The renovation is in phase 2 right now (new doors and flooring installations). The interior has been painted and new carpet and tile will be installed this week. But in the meantime you can see the new paint and what the house looks like right in the middle of a BRRR rehab.

Family room with fresh paint.

Staircase with new paint.

Front door and front porch view from family room. New door and frame will replace this existing one.

Dining room will have new carpet. Currently the utility sink and stove has been put there due to new tiles that are installed in the utility room and will be installed in the kitchen.

Kitchen. Current cabinets will be repainted and the backsplash will be cleaned up a bit. Tile flooring will go in the kitchen.

Another kitchen view

Utility room with newly installed tiles. These tiles were just installed. I decided to do tile flooring here instead of laminate flooring to make it pop some more. This tile will be in the kitchen and powder room as well.

Powder bathroom which is connected to the utility room.

Backyard view. Obviously all of these weeds will be cut and I'll do a bit of landscaping here.

Backyard has old stones and logs that will be apart of my junkyard removal.

Huge tree trunk which may have to be there for a while. All the other logs will be removed.

Bedroom 1

Jack and Jill Hallway

Bedroom # 2

Bedroom # 3

Bedroom #4 (crappy pic because it's a still frame from a video)

Backyard and New rubber roof view from 2nd floor

Basement view 1

Basement view 2

New gas heating furnace

Basement view 3

Software/DevOps Engineer here! I know when I first got started interested in real estate, my older coworkers who are also software engineers told me that they had been investing in real estate for years. I def believe there is a correlation between engineers and real estate investing. At the end of the day engineers are problem solvers and every real estate investor is using data to solve a unique problem regarding properties.

So below are some images I have of the work from when I visited last week. These images are not the best because they are still frames from my videos lol But I think you get the gist. The next time I'll visit the house, I will take pics so you can see the latest conditions with the new paint and carpet. 

@William C. My brother is a member of PFCU so I'll talk to him about his experience there. Thanks for the tip!

@Buyan Thyagarajan My realtor and I have been looking for homes for a while and he knew what type of homes I was interested in. He actually knew the sellers and knew this home was in my budget so he sent the listing to me. For me it was less about deciding on East Germantown and more about the price of the home and it's potential based on its local market. Zillow is always a good start but contacting a realtor and getting access to an MLS is good too. In order to identify whether a property makes sense for the BRRR method, find a property you are interested in purchasing and see what the newly renovated homes sold for in the past 6 months. These homes should be within a 0.25 mile radius from the house you're interested in. The more info you have the better, so be sure to compare the # of BR and Baths, square feet, and the type of home. Philly is a block by block city so a home that is 300 feet away is still well within the 0.25 mile radius but can be in an entirely different neighborhood with a considerable higher or lower property value. So talking to a realtor who is very familiar with certain neighborhoods you are looking at will be helpful. This link offers more insight on how to do a CMA https://theclose.com/how-to-do-a-comparative-market-analysis/

@Said Abidun I just recommend researching the real estate market you plan on buying in. House hacking is a great way to get into real estate. If you are a bachelor or your partner doesn't mind having other housemates, you can buy single or multi family home and rent out the vacant rooms to pay for the bulk of your mortgage. And like anything else, if you just stay consistent by listening to real estate podcasts, going to meet ups, networking with other like minded people on platforms like BP then you'll learn more and develop the confidence to get started.

@Blake Dailey that's some great advice you gave! Funny enough I'm a member of the Federal Reserve Board credit union in DC from when I interned there in college. I actually already reached out to them to inquire about their refinance options and they mentioned that they normally want the homeowner to be there for 6 months. However, they did mention that they can make exceptions for homeowners who can show proof that they have already upgraded the house. So I'm hoping once I send them the receipts they can bypass that 6 month rule and refinance asap. We'll see how it goes.

@Rashied Tolson I don't really post about my real estate journey on IG but I will try to take frames from my videos and post them as pics in this blog. That way you can see the work in progress.

@Said Abidun My first home (the one I currently live in) I bought about 4 years ago. It had a loft that was open and I knew I wanted to house hack so I closed off the loft by turning it into a bedroom and finished the bathroom. That allowed me to rent out 2 other rooms because they all came with bathrooms inside. That was my introduction to landlording. I always knew I wanted to have more properties but I had a couple of unsuccessful attempts to purchase another home in 2018 due to issues with the house or seller. I finally found this property this year decided to move on it. I also took the lessons learned from my almost purchases to help me better navigate the under contract process of this property. 

I have some videos but I'm not sure if the bigger pockets platform allows for uploaded videos or not. If not I'll add some pics @Katina Clarke