All Forum Posts by: Tommy Adeoye

To add to @Bruce Lynn 's comment.

Here is a gem for you.

1.) Go on Redfin or zillow,

2.) Search for multifamily properties sold in your area of interest in the past 3 months,( A+ to B+ area or A to B building)

3.) Search and skip county records for new owner - investor or reach out to the listing agent .

4.) You can stop here if you want to work with listing agents and have them refer you to their clients . OR Proceed to 5 

5.) Reach out to new owner and find out how motivated they are.

6.) REIs ( Real estate investors) are easy to sell if you can provide value. Put on your selling shoes and educate them on how they can focus on finding deals in today's demanding market instead of chasing tenants or fixing broken pipes. 

7.) Put together a packet that outlines the benefits of going with your property management .

8.) Email to client and follow up twice a week

9.) rinse and repeat.

@Alex B.

DFW is a huge market, at least in my opinion . If you look closely,  there are pockets especially in the fort worth area that may fit your buy your criteria.

Another option will be to consider off market deals.

Assuming finding off market deals is not your forte, Upon running your numbers on the MLS, don't be scared to make an offer that actually works for you and the spouse. Every deal has a number that makes it a great one. If you keep making ridiculous offers, every day, one day one will stick. Pay more attention to seller's motivation than $$$ . Yes, there are deals out there, even in today's crazy market unfortunately there are just not as simple as they use to be( back pre-pandemic) to come by.

It's imperative that you pay less attention to outside noise that may burn you out and tune your focus to that the family is trying to achieve.

Let's say you can't find deals in the DFW area, then expand your search criteria miles out . However, pay attention to the neighborhood - everything about a property other than the location can be improved.

When all options are exhausted and you are about to throw in the towel, try shifting markets to the mid-west(Ohio,Wisconsin,Missouri) before you do.

Best of luck.

I believe your investor will be able to provide you a soft proof funds which is or would be a letter, bank statement( PDF, screenshot ) or other document showing that your investor has the financial ability to close a real estate transaction. 

Essentially, it’s your proof that you are not goofing around and can actually close.

Try connecting with a Mortgage broker on BP. 

Have a checklist of your requirements and run it by them.

@Alex Rocha

Congratulations on your newly acquired home. 

There are multiple creative path depending on what the details of your situation are. For instance,

- How much of a steal was the home? 

- Did you put 20% down or 0-3% down ?

- Are you able to use your savings to throw in some value add so you can refinance and pull some equity out?

To mention a few.

With that being said, if you are able to find another multifamily steal, you wouldn't have  that much of a problem raising capital or coming up with creative finance strategies. Here are a couple of pointers to help get your brain storming started;

1.) Partner with a BP Member (preferably one in your area): It's a seller's market right now and presumably there is a lot of investor money floating around. It's okay to split equity just to get your feet wet and move on to the next deal. Caveat: Always do your due diligence before you partner with anybody.

2.) House hack: The barrier to entry is low when you use the FHA financing . You will only have to put down 3% and sometimes if you find a beat down property, they will fund the repair cost up to a certain amount . Do some research. - FHA 203(b)

3.) Vacation rental products: Some banks are buying into the short term vacation rental action so long as the prospective property is miles away from your home of residence. Talk to a couple of small banks around your area.

4.) Seller finance: Understand seller financing and pitch benefits to the seller, You can also do a lease to purchase. Depending on the seller's condition, it may be a win win for both you and the seller.

I am certain they are other creative finance options available that I must have missed, It may help some more if you connect with some of the investors in your area(via BP or your local meet up).

Best of luck.

- Ask agent for seller’s motivation and come up with solutions.

- Build rapport with agent.

- Double deep with the listing agent (If your jurisdiction allows).

- Move fast.

- Make 2 type of offers - depending on seller’s motivation.

- High Earnest Money Down

- If you are experienced enough, remove contingencies - this would require that you close or else you loose earnest money.

- Attach a letter of intent with your offer

- Keep sourcing for other deals and do not depend solely on this one.

Zillow and realtor should be your initial go to. 

However, comps gets tricky when your search spans over major roads, highways etc. 

You can call up your real estate agent and have them either give you comps or just give your an idea of the area to focus on when running comps.   

There is absolutely nothing wrong with having a property appraisal on your speed dial as well.

@Osman Seid

How much are you looking to invest ?

$0 - $10,000 ? Drive for dollars, pay dumpsters collector and mail men to find you distressed prop .( $10-$20 an address) . Go to the courts and obtain eviction records (Tired landlord) list.

$10,000  - $20,000? Cold call, smsblast, ringless voicemail, virtual assistance.

$20,000 - $30,000? Mailers (consistently), Website, Ad clicks and SEOs etc

$30,000 - $40,000? Combine them all

With just about enough education and knowledge , you may develop some kind of tunnel vision to be able to spot motivated sellers.

@Barrington Webb

Hereis a comprehensive Purchase contract . It is thorough and complete than most out there. 

Purchase and Sale Agreement

However, by using this, you agree that I, BiggerPockets, or any affiliates are not liable for this documents use or dissemination. In other words, use at your own risk and/or consult a Real Estate attorney in your state for guidance.

Best of luck.

@Tony Encarnacion

Welcome . 

In addition to a mindset shift, you'll need

- Education

- Network

- Action

- Accountability.

- It's noisy in the REI realm , it would not hurt to have your goals, niche and strategies written down.

Your military career has positioned you to connect with future partners, that is your barrier to entry, leverage it.

Best of luck. I know you have got this.