All Forum Posts by: Ben McMahon

I could have helped in Winchester VA. Looks like my keywords alerts are working.

Hey Chris, Welcome to BP.  I am an investor in the shenendoah valley.  Glad you found Bigger Pockets.  I didn't really use it too much, but I recently got a little more active about a month ago, and have done a couple of win/win deals with fellow members.  My advice, utilize your keywords.

I skipped a bunch of the posts, but I do have some experience. I own a number of rentals in a small VA town, and there is currently a permit process required to be able to use your home or investment property for any less than a 30 day rental. Whats ludicrous about the whole thing, is that its at the sole discretion of the county board of supervisors.

If they like you, than its a green light.  If not, than you are SOL.  There are no real guidelines.  On the flip side, there is also very little enforcement unless the neighbors complain.  I have not had much success here, but several friends of mine are making a killing in the same town.  I guess I didn't grease enough palms

Hey Dan - Im 20 minutes from you.  Private message me if you want to talk

@Anas B.  I am a regular rehabber in Front Royal, and have all the contacts you would want.  Private message me and I can get you the help you need.

Im not a wholesaler but I am a rehabber. I like wholesalers though. If you are interested in a decent wholesale program I know a new one that seems really good. I have never met the guy, but been referred to him and talked to him on the phone. PM me if you want more info. Also in the market for deals. Not afraid to skip over to VA Beach to take a look either. Happy wholesaling!

Same as @Michael Hicks  50/50 is what I do with some of my investors, and 10% annually is the other option.  Problem will be that at some point you will want to do more deals, and you will have to continue to build relationships to fund your thirst.  I just tapped out my existing funding partners and now we have to wait till they sell.  IM not good at waiting.  Nice work and keep it up brother

I have had a lot of experience with a lot of different lenders.  You need to identify a lender that does what you are looking to do.  There are some, but not a lot.  If you look decent on paper, and have the ability to show your past deals than it could work.   I have gotten a portfolio loan from a local bank when I only owned two properties.  I have also gotten loans based on a simple profit and loss statements.  Its going to be a commercial loan, and your interest rate will be slightly higher, but who cares if you are just going to flip it.  Also, its a changing landscape, so keep asking.  Remember who was getting loans in 2006?  Everyone!  Than in 2010?  Nobody.

Best option in my opinion however is to find a private investor to partner with( maybe on BP) and buy it with their cash and rehab with their cash.  You can almost always get the purchase price at a 10% discount (or more) providing instant equity above your rehabbing.  

Your private money is going to vary.  When I started I just went with people that I somewhat knew.  I had to prove myself and I did.  I also cared a lot more about them making money than myself.  That has paid me back many times over.  Sounds like you kinda know what you are doing, so I am probably preaching to the choir.  

PM me if you want more info on want has helped me.  I am not a new investor anymore, but Im not so far that I forget what it really takes to gain momentum.  My first flip was almost the same dollar amounts.  I ended up asking 10 people for 10k, and 3 said yes.  They gave me 30k so I went back to the yes pool and asked for 20k  worked on all of them.  We did a successful flip and I still do business with all 3.  They love me because I have made them a lot of money, and they know that Im concerned about that even more than I am about myself.  So that was only 2 years ago, and one of those guys has over 1.6 million  currently tied up with me.  Had no idea that he had that type of green.  He has also cut my rates because he feels like he's making more than me.  Bottom line, banks are for long term financing, i would flip with cash

@Matthew Kreitzer might know the answer 

Talk to @Jessica Swingle she has a nice new meet up that isn't too far for you.