PML deal #4 closed out!

[Greg Moran]

Investment Info:

Single-family residence private money loan investment in Newport News.

Cash invested: $75,000

Contributors:
Marsay Winder

UPDATE: (2/11/2022) First time homebuyer got cold feet, which dragged out our exit strategy, but it was simple to refinance out of this deal instead. Lesson learned during closing: ensure the title company has the electronic payout instructions because they tried to FedEx a physical check which had to go through my "accounts receivable" adding 5 business days to get the money into my account.

UPDATE: (10/01/2021) Renovation complete and the market is so hot right now! Therefore the rehabber decided to list the property for sale, instead of refinancing the BRRRR. Not much change in the exterior (be pics below), but the interior and backyard is completely updated! This one is priced for a quick sale, and we're looking to squeeze in one more deal before the end of the year.

UPDATE: (08/15/2021) Road-tripped down to visit the property in person over the long weekend and check out the rehab progress. All major updates are complete: New flooring, lighting, refurbished kitchen cabinets, back&front yard clean up. Only the finishing touches remain. Marsay is debating whether to BRRRR, or if the market has now improved enough to Sell outright. Both are good options, so the final exit strategy is still TBD! Either way my money comes out of the deal and will be ready for the next one!

(05/10/2021) Private money deal #4 with a new Flipper. I met @Marsay (aka The Property Pastor) here on BP, and we corresponded via email a couple times. It wasn't until months later that we synched up for more concrete business talks. He found 3 potential deals and we decided that I would fund a BRRRR on a SFR property in Newport News, VA. Title company and SDIRA delayed closing by a could days, which made us anxious the seller may back out, but everything closed and rehab has started.