Hello everyone I’m new here

Hi everyone, i am Olanrewaju I am just joining this community, I will like to connect 😁

Hi everyone 👋 I'm new here in this community PREA Army skool I'm a First time home builder, on the road to becoming a licensed builder

I'm new here and just checking things out. I saw this community and thought, "Why not?" I don’t have much knowledge about real estate yet, but I’m here to learn and gain some insight. Thanks.

Fam, sharing a WIN today with my Microflip (condo flip) in Richmond BC, Attached Pictures! Picked up the cheque from my lawyer’s office today and now it’s time the investor pay back time, I had bought this flip with 95% OPM using creative financing Strategies! * Bought for 610k on May 17th 2024 and sold for 712.5K on Aug 2nd 2024. * 35K Reno cost (Reno’s completed in 12 business days from demo to staging). * Time duration < 3 months (78 days from buying date to sale closing date to be exact). Few challenges and lessons learnt in this project: A. Financing: Private Mortgage could be expensive affair and quickly eats into your condo flip profits, make sure to factor in legal charges paid to lenders lawyer, lender fees, broker fees, legal opinion letter charges if buying under a corp, and in most cases your lawyer might charge a premium in fees to review private mortgage documents too. If I could partner up with someone who could bring in a HELOC funding, I would have happily split the profits and paid them their share of what I had paid to MIC and extra lawyer. B. Private Lender: I had an investor who had committed to lend 50K (Creative Financing again, secured collateralized promissory note loan agreement we had in place for 18% interest) changed their mind and back out of the deal 3 days before closing, this put me in a tough spot, fortunate another investor from this very own group helped me last minute. Make sure you get firm commitment from the lenders and have paperwork completed in advance and secure the funds a week before closing to avoid any last minute changes. C. Security Issues: Lockbox Stolen, My lockbox used for contractor access got stolen (I had fob and master building key inside along with unit key), and the building security was compromised, and there was a break-in next day. I had to work with strata and council to rekey the building, re-program the fobs, and had to take tab on part of expenses which comes to around 3.5K, this was an unexpected expense. My insurance deductible was 2.5K, and was not worth it going this route with claims (I would have been better paying slightly higher insurance premiums for a lower deductible policy).