First deal with @Marsay (aka the Property Pastor)

[Greg Moran]

Investment Info:

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

Cash invested: $75,000

Contributors:
Marsay Winder

(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.

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!

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.

What made you interested in investing in this type of deal?

Private money lending is the most passive form of REI, where someone else does all the labor, and as the lender, you earn a safe ROI.

How did you find this deal and how did you negotiate it?

Marsay (aka the Property Pastor) has a pipeline of wholesalers and he scrutinizes each deal to meet our joint criteria.

How did you finance this deal?

100% private money, cash purchase

How did you add value to the deal?

Deal analysis and brought the funding.

What was the outcome?

House is listed for sale after just completing the renovation

Lessons learned? Challenges?

Overall a very smooth flip

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Big high-five to @Marsay Winder (aka the Property Pastor) for being the boots on the ground. Glad we finally got t meet in person after a year+ of virtual-only correspondence.