Acquiring and Renovating Our First Property!

So if you’ve been following me here you know that last year I kind of switched from stocks and commodities to real estate investing. It’s all part of the process of learning and growing and if you would like to participate in this journey, read this and get in touch with me. All you need is $10,000 and we can start something.

But in the meantime, I’ll share some updates that I have kind of kept for a while. I have been learning a lot and having fun with renovating a property our company acquired last year. It’s a three bedroom bungalow with loads of space and an absolutely lovely neighborhood. It had a few minor issues that we decided to take care of to bring it up to a rentable or marketable state. By the time we’re through it will be worth way more than what we bought it for, which means we could flip it for a tidy profit. But we’ll cross that bridge when we get there.

Here’s what the place looks like.

Most of the issues I wanted to work on are on the insides.

The heating unit was resting on a broken stand, some areas of the roof were cracked and inside the house we needed to change the carpet, refinish the floor and fix some broken panels.

I started scouting for contractors. I had one father-son duo from a previous deal earlier in the year who offered to do all the work and buy all the materials to fix it in return for equity. It sounded like a great deal but I didn’t know them well enough to partner with them just yet but I have it in the back of my mind for subsequent deals. They ended up being too busy for the timeline we wanted this done so we passed on them.

After cycling through a number of contractors who gave all sorts of quotes, I had to hit up my mentor, Hope. She’s been in the business for 15 years and she’s the most valuable resource on my team. She linked me to a company that provided me a decent quote, agreed to my timeline and brought workers who could do the job. The owner of the company was an older black gentleman named Andrew and he and I instantly hit it off.

Andrew used to be a stockbroker in Atlanta. He then went on to start his own investment management company, which he sold after 11 years for a tidy sum. He got into real estate and owns several properties of his own but being bored with being retired and decided to set up a contracting firm to work with other investors. He shared several stories of being a young ambitious black man in his day and there was so many parallels to my experiences that I just started taking notes. I have a feeling Andrew and I will be working together for a while.

Back to the house, the work started once I paid the initial deposit and signed the contract. I stopped by every day to check how everything was being done. There was a sense of satisfaction in seeing the place being cut up and redone according to our specifications and I can’t wait to see the end results. I took some ‘Before’ and ‘During’ pictures just so I have a reference to compare with after it’s done.

Here’s what some of it looked like as the work is going On

They needed me to pick out the paint and carpet that will go on the insides so yesterday I spent a while at Sherwin-Williams and a wholesale flooring store learning which type of carpets go with what, which paints would be lively and matched what I liked but wouldn’t be too much for a potential tenant or buyer. I learned quite a bit about the history of Sherwin Williams (coming in another post) and took some pictures.

Overall, it’s been an interesting experience. On the downside I’m definitely more broke than I have ever been in a long while and most other things I need to do financially have to wait until a month or so when some of my other projects come due and I’m a bit more liquid.

I’m not complaining though, it’s part of what it means to be an investor. You spend money to make money.

So that’s the story of our first. We definitely have no intentions of making it our last, and with the number of people who have shown interest in linking up with us, I’m currently in the process of setting up a new company that will get all the investors together so that we can do deals that will reward all partners. I’m looking forward to it. The gag is I already have a name.

Has a nice ring to it, don’t it?

Meanwhile, over at Bitkoin Africa, we have the lowest prices for Bitcoin you can get anywhere, home and abroad. Trust me, I checked. If you signed up there you’d be buying at the lowest price anywhere and you can move your Bitcoin to any wallet service you want anywhere in the world. And what’s more, we have some really fun news that I’ll share soon. The guys there are not playing at all.

This month has been crazy but it’s just the beginning. This is really the year to #securethebag and we want all of you to join the fun.

Peace.

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