All Forum Posts by: Remi Oguntoye

I'll add two more names to the mix:

Pace Morby - in the current investing environment creative finance is a must for those who really want to scale up their business. He is the creative finance G.O.A.T. (Biased, #Subto mastermind student here).

Matt Therault - Phenomenal educator and businessman. I learned what creative finance from his EPIC podcast, and I would love to meet him.
 

As far as I can tell, BPCon 2023 is in Orlando, FL from 10/15-10/17. 

David Goggins is a phenomenal choice-- I love him!

Hi BP,

Happy Thursday-- I hope everyone's fired up to finish the week out strong! 

My team and I recently expanded our long distance wholesaling business from Cleveland to all of the major Ohio markets: Columbus, Cincinnati, Akron, Dayton and Toledo. 

We have a good handle on title companies and have met a few realtors and wholesalers here and there. The issue I am running into is that many of the people I've met flake and don't follow up.

Has anyone been successful in forging relationships across the state yet? Any tips? 

Anyone here invest in Ohio and want to connect? Send me a request and let's collaborate!

Hi Steve,

I ended up passing on this because the property needed more work than I thought it would, and I didn't think the resale prospects would be as quick as I would have wanted them to be.

Hey Team,
I hope everyone is doing great! I have a property in Monticello, NY that I'm planning to close on next month. There is a sill plate in the basement that is failing along one of the walls.

I have 3 questions:

1. Can Anyone provide a referral for a contractor who might be able to go over and provide an estimate in the next few days?
2. Is this job one that needs a GC, or should a handyman be able to complete this job for me?
3. Is the estimate of $90-100 per linear foot I saw online a legit estimate of the cost of this job?

Thanks in advance!
All the best,Remi

@Michael m My challenges are the initial ones you'd have going into any new market, compounded by the fact that I haven't every stepped foot in certain cities. However, I am starting to be more systematic about how I move into a place and making calls to the support team I will need for each deal.

I can't see the post you were responding to above, so I am not sure what we were discussing. Give me a shout though, and we can learn about one another's business.

@Michael Morin  

Investment Info:

Single-family residence fix & flip investment in Kingston.

Purchase price: $145,000
Cash invested: $15,000

I purchased this property 1/27/2021. We are doing a cosmetic flip that should last about 6 weeks and cost 15,000. I am hoping to sell north of $225,000 when the property hits the market in March.

Scope of work:
Update flooring,
Remodel bathroom
Modernize kitchen
Paint interior of house

What made you interested in investing in this type of deal?

The seller and prospective buyer colluded to cut me out of the deal on my wholesale. I decided to take it down myself, as it is a cosmetic flip with large upside

How did you find this deal and how did you negotiate it?

Cold calling and 6 months of follow up until we reached agreement.

How did you finance this deal?

Personal liquidity

How did you add value to the deal?

Cosmetic rehab

What was the outcome?

Renovation in progress

Lessons learned? Challenges?

Never let buyer and seller meet before closing. Never give up on a deal. Be consistent with follow up. Have a rockstar team around you.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Karl Dowden, Attorney

Hey Team,

I hope everyone is doing great! I have a property in Utica that sounds like a nice opportunity, but I know the city has a reputation for problem tenants. This is a 6-family with rents that are currently about $4k/mo and there is room to increase (perhaps another $1k), with some updating. The owner is selling it for a relatively low price (from the outside looking in), but I don't see any comps in the area that are relevant. I'd love to connect with any investor with local market knowledge to discuss and see if this is as good a deal as I think it might be. Also, I'd love to connect with anyone who has Section 8 investing experience in the area

Thanks in advance!

Remi

Hey Team,

I hope everyone is doing excellent today! I am in the due diligence period to purchase a 3-family property in Monticello, NY. I have a few questions, and would love to discuss with a anyone who currently invests in the area or has connections to it.

I am looking for referrals for contractors and property management companies, as I am located out of state. The property has section 8 tenants, and I want to ask a few questions about managing the regulatory requirements, as this will be my first section 8 property.

The owner indicated that there were no inspections in 2020, because of COVID, so I want to know who I should talk to to determine whether they will begin again this year. 

Please give me a shout and feel free to send me a friend request!

Best,

Remi