All Forum Posts by: Ugochukwu Opara

One of my favorite turnouts. Very Happy with how things can out and even more delighted with how fast and at what price it went for. The power of "due diligence" !!!

Hey Buddy,

What exactly are you looking to learn? I'm an agent in the philadelphia area. Wanting to know more about real estate in philadelphia is pretty broad. What questions specifically do you have about Philadelphia Real Estate?

@Claudette Carawan Run for the hill! I recommend you start of with the BiggerPockets Ultimate Beginner's Guide to Real Estate Investing. Its a good read and it helps. Once you figure out your niche then head to ebay and buy used books on the topic and get your study on. Setup "keyword alert" on this site so anytime someone talks about your niche, you will be notified.

Also join a an organization that focuses on real estate investing. some good sites for doing so would be MeetUp.com. If you are really eager then I would just start an LLC and setup a business checking account. Everything I just talked about would cost you max $500 ... for the year!

Keep your money man! lol those "guru's" are only marketing pros and not really real estate pros. Think about it, it you are making 10k a month with real estate why would you leave it to make a program on it? I would say lets focus on making another 10k. Right?! Cheers.

Feel free to ask me any questions. I may not have all the answers and I'm fairly new but I've gotten dirty.

Greetings Aaron Osgood! Welcome buddy. For financing, I would take a look at NACA, they help low to moderate income individuals get financing with zero closing cost and zero down payment. Its a steal! I'm a real estate agent and I volunteer for NACA so let me know if you have any questions. I've also been Philly for a large portion of my life and have worked with investors who buy and rent duplex day in and day out. Feel free to use me and the rest of BP as a resource. Cheers.

Paul Cl.

"Buy & Rent Foreclosures" by Joseph Neilson.

Very good read.

Lorenzo Jackson Hey Buddy, I'm also a Realtor. What my broker has done is have his attorney draft up a form that give the seller to list the property on mls or to work with you for wholesaling. As long as you are giving him the option then you should be fine.

Hey Benjamin Ellis Welcome to the family. My name is Ugo, and I wholesale in Philadelphia but not Jersey. I'm always open to help, especially when its with someone local so please reach out to me buddy.

The advise that has helped me the most would be to join a local real estate investment group and me avid about attendance. Make business cards and hand the out until everyone knows what you do. Works wonders and the referrals are epic.

Hey Dustin B.,

Here is a trick that will help you drastically, and this is coming directly from an active agent.

So for you current property:

$120,000 arv
$83,00 asking price
$25,000 needed in repairs
I offered $55,000 to start out but am willing to go up to $65,000

Tell you agent that $48,000 (since its been on the market) is the max you are willing to pay BUT if she can get that lower, then you can potentially pay her the $2,000 on top of her commission.

Also tell her that when she calls to put in an offer on your behalf, tell her to tell the seller agent that NO MATTER THE FINAL SELL PRICE, YOU WILL STILL PAY THE COMMISSION FEE FOR THE FULL ASKING PRICE.

So at $55,000, you will ensure that the sellers agent makes $1,650 (assuming 3%) in commission no matter what the settle price is.

BOOM! Now you have both sellers agent and buyers agent on your side AND THEY LOVE YOU!

So what do you think about that?

Hey Tamika,

First of all, congrats on pulling the trigger and making things happen! That's a big first accomplishment.

And for the repairs with a tenant in there, I find that it all depends. Are you making the repairs in order to be section 8 compliant or just because you want to? Is the tenant complaining about the condition of the property?

In my experience, I've just scheduled things out with the tenant. So for example I'll have a contract in the building from 9am - 3pm because thats when the tenants are at work or in classes or whatever.

Also once the repairs are done then inform the tenant that to keep up with the new improvements, you'll be charging a pet fee for upkeep since she/he has three pets.

Also at $700/month from a less that 10k investment, thats one hell of a ROI. You break even in less that 2 years! Just beautiful GJ

Robert Joiner you need to get into these houses and see what conditions they are in. Also find a realtor to give you the comps fo each property so you know what they ARV will be. Let me know if you have any questions.