All Forum Posts by: Okeoma M.

@David Light Thanks! I've really appreciated your advice along the way.

@Larisa Van Valkenburg I used conventional financing. 30 yr. 25% down at 4.5%. Purchase Price $105K. Each unit rents for appox $500 but once renovated could bring in a little more. Since each of the units is currently occupied with longterm tenants there is no upfront rehab but each one will need to be spruced up once the current tenants leave. I'm hoping to store up some funds and tackle them one by one as they become available over the next couple of years.

I do have a property manager who I found after speaking to dozens of investors and interviewing 6 different companies. I'm still a little nervous about handing my investment over to someone else to manage but I'm sure we can work out the kniks along the way.

I picked Texas because I have family in the area and know I will be back and forth throughout the years. I specifically picked Abilene because it has a strong rental market and the homes are affordable. 

@Michael Nocella The property was listed on the MLS but I got tipped off before it was listed so I was able to put in an offer right away. In the months prior to this deal I set a goal of calling the listing agent of 1 property a day, whether or not the numbers would work, this process familiarized me with the agents and helped me get comfortable asking all the right questions. If I was interested in learning more then I would let my agent know and he would set up the viewing. I usually FaceTimed in for these. Eventually I developed relationships with lots of owner/agents and property management companies so people knew I was looking and serious about buying. Before I knew it people were contacting me with leads,

@Lamor Royes I was able to make this deal work because I had a really strong team to support me. My family (dad and sister) did a lot of the legwork while I crunched the numbers from afar. I also worked with an agent who is also an investor and manages a couple of properties for out-of-town clients. His local knowledge of the market was invaluable even if we did butt heads on investment strategies!

When I learned earlier this year that I was pregnant with my second child I considered putting off my goal (AGAIN!) of buying my first property. Where would I find the time? My W-2 job had me working 60-80 hrs/wk and I already had a two year old to chase around in my "free" time. I'm so glad I didn't let these excuses stop me from continuing to educate myself on REI, analyzing deals and finally pulling the trigger because today my son turns one month old AND I just got the keys to my first property!

The property is set of fully occupied duplexes located in Abilene, TX. Each unit is a 2bd/1ba. I'm thrilled to have my first deal under my belt!

@Andrew Johnson Welcome to the BP boards!

I am actually in the process of buying my first multi-family (it's a set of duplexes) in Abilene right now. I've only been looking in the Abilene market for about a year now but in my experience I would agree that the multi-families do sell quickly and because many of them have unconventional layouts, they can be difficult to finance. I've had numerous deals fall through because of financing. Message me if you'd like to chat further about finding multi-families in Abilene!

Regards,

Okeoma

@John Chapman I've heard that mulch can help with this. Have you found that to be the case and is it worthwhile on an investment property?

Welcome @Jessica Gilbert! I am also a new investor focused on the Abilene area. I actually just started putting in offers a couple weeks ago and went under contract on my first property this week.

Unfortunately I have no input on the flood insurance question because I've tried to stay away from anything in a flood zone (I lived through Katrina and have no interest in dealing with floods every again!) but am interested to hear more about your journey. Sounds like you are considering a house hack? Is that right?

Regards,

Welcome @Eric Abercrombie! I also grew up in Fort Worth and (hope to) invest in Abilene. I look forward to hearing more about your story and strategy. 

Hi Carrie,

Congrats on making the decision to take action towards your goal of being a rehabber!! I'm an investor in West Texas but look forward to hearing more about your journey!

Regards,

Okeoma