All Forum Posts by: Bill Morris

Thanks Brian & Adrian!!

I live in Midlothian and have a rental downtown. I would like to purchase several more properties (preferably multi-families.) I want to create an LLC and will also need advice on structuring private loans, taxes, etc.

Please contact me via this site or at [email protected] if you know of someone.

Thank you,

Bill Morris

I'm a new investor and am in the process of gearing up to make this my full time endeavor after being laid off for the first time in my life. I have owned several homes and have 1 rental property (duplex) that we purchased almost 2 years ago. I have an investor who would like to lend me 100-200k to get things going. He wants an 8% return, paid monthly, and doesn't need or want the principal back (anytime soon.) He would prefer to keep receiving the 8% return. Does BP have a generic loan form on file? I'm not sure how to structure the loan and looking for advice. I would like to purchase properties and use the BRRR method to acquire more, but will also flip if/when necessary to raise cash or if rentals don't work out as planned. My wife is a relatively new realtor (1.5 yrs,) but because she's on commission and I no longer have a W-2, not sure conventional loans (refinancing the properties) will be doable. Thanks for any advice.

Bill 

I haven't been on BP in quite some time, but this fall I left my corporate job and have decided to give real estate investing a go full-time. My wife is a Realtor and we currently own our own home in Midlothian as well as a 7 BR duplex by VCU in Richmond. We have some money although without a salaried W-2 job, conventional financing may not be an option. I do have a potential investor in the wings. 

Looking to find an experienced investor friendly real estate attorney that could set up LLC as well as contracts for private investors. Also would like to set up a website if anyone has platform suggestions.

Obviously finding deals and reliable contractors is top of list and would welcome any information about real estate investor groups in the area.

Would love to meet any experienced investors in the area and help in any way possible. I know there's plenty more, but will leave it at that for now.  Thanks for any advice

We did some ourselves and have a handyman who does a lot for us as well. No secret, just a lot of searching and networking... a good realtor who works with investors will often hear of deals before they hit MLS and this was how we found this one. Good Luck!

oh, and we turned over both units (5br and 2br) when school ended. Students were practically knocking down the door to get in....AND they've already asked if they can extend their leases for an extra year.  Not saying it was easy to find, but they're around.

Just so you have a little of the "other side of the coin," we purchased a duplex about 5 blocks west of VCU in late spring. Positive cashflow out of the gates and will be a huge return in a few months when one of the loans is paid off. It needed work, but the price was right. Of course the fact that it has 7 units doesn't hurt.

I'm looking at an opportunity to purchase 8 local properties at a discount. I am going to research the properties and the owners numbers to see if the 11.9 - 13.1% cap rates are close to actual #'s.  Here's the ad:  Would love any thoughts or suggestions - Thanks!

8 property portfolio with •over 12% cap rate,

Motivated Seller.

For sale is a seasoned 8 property investment portfolio that has been well run and well maintained. Properties are being sold because owner is looking to retire and sell off his home inventory. Owner Financing is available, please read below for more details on that. Owner willing to negotiate terms.

Above are pictures for roughly half of the properties which should give a good representation of how they have been managed and the areas they are in. These are being sold at roughly $100,000 off retail. Seller is motivated.

Looking at the numbers above and the pictures of the properties should say it all. This deal is good and will not last long, 12.5% Cap Rate is very good for any deal, add the option for owner financing and the fact most of the units are already rented out with stable tenants just makes the deal that much better. Investors will be hard pressed to match the benefits of this deal elsewhere.

Attached above is a breakdown on the numbers for this offering. As you see for roughly $65,000 a property you are picking up a portfolio in which every single property is capping at or over 11% and as a whole the portfolio caps at 12.5%. In addition, equity on purchase is large enough for immediate property resale for profit for much of the portfolio.