Happy Monday !!!⁠ ⁠

Hoping this message finds you happy and in good spirits. ⁠Long time no see right!?!??!?! How was your weekend? I want to know, drop me a dm.⁠

The weather was perfect this weekend, wasn't it? I loved it ... but it is also sad to see this cooling-off as this means fall is coming and then winter ... I hate the cold so these are not my favorite times of the year. 

My uncle recently lost his wife (aunty!) so this Sunday the village descended on him and showered him with prayers and support. I know what you're thinking and the answer is no ... it wasn't due to covid or anything like that so relax.

My uncle is a strong guy. He told me death is always humbling. I was happy I got the time to chat with him. The conversation was deep and it showed me a different side of him which was decent to see. I just wish the circumstances were different. Things like this always bum me out but I smile regardless. I think we all know that sometimes you have to smile even when you don't feel like it. I feel like Uncle will be in need of such smiles until further notice. I plan on checking up on him weekly. He spoke about moving back to Nigeria and retiring. Would hate to see him go but I get it, at least the weather will be nice.

Real Estate Investment Group Assemble! - So I formed an investment group. Nothing new. But this group is all composed of real estate agents from my office which I am excited about. I always advocate for realtors to do more in terms of planning for retirement since as an agent you aren't given a retirement plan. You only get what you set up for yourself so one should take continued action now. What better vehicle for retirement than ... Drum Roll please ... Real Estate! And who is more equipped to profit from real estate than those who handle real estate transactions. day in and day out! Right? When I first got started, I've always thought realtors would be the biggest section of investors mainly because of how close they are to the fire. However, as my investing experience grew, I quickly realized how far from the truth that was. It's baffling to be honest. Something I still don't get. But my little group is going in a different direction. We have a pool of $40,000 and will have our first project completed by the end of this year.

Target Capital: The goal was $40,000. Which broke down to around $13,334 amongst 3 people.

Target goal: 15% return to all contributing members per project

Target properties: Distressed dingle families that we can flip for a target price of $185,000 or more

Target Workload: We want full gut or close to full gut renovations. A full gut renovation is when we take everything out and put it all back together and make it look amazing! This type of investment play is called a "Value Add". Where the value-added is the renovation.

Target Turnaround: These projects should take no more than 6 months Max broken down as such: 4 Months renovation, 2 months to list, and get to settlement. We will allow a 1-month buffer so 6-7 months worst case. The goal is to have 2 transactions done in a year for a total return of 30% in a calendar year. This of course is the projected minimum.

Want my help in starting a real estate-focused investment group? Book an appointment today by clicking here.

One of the things that we plan to keep in mind is that we are going into the slower months for real estate. Also, the market is starting to cool down. My mentees and I are seeing more properties not appraise for what they are under contract for.

Example: Under contract for $320,000 ... but the appraisal comes in at $265,000 (this happened to me and a NACA client last month on a property in West Philly)

So with this investment group, along with anyone I am coaching or any business I am doing myself, I plan on keeping things on the conservative side. Stay tuned!

Cheers

PS - I got the chance to tour a 1.1 Million dollar home this weekend! I Will post that later today so follow me there if you don't already. https://www.instagram.com/phillyrealestateking/ 

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