All Forum Posts by: Casey Penland

Hey man, this idea/issue is very complex as you can see. I never exactly got all of my questions answered when I was doing my research on this. There is a public company called Safehold Inc that has been very successful doing this on the commercial level. My thought was always if there has been great success on the commercial level could it be transitioned to the residential side of things? I am happy to discuss this some more if you want. Feel free to DM me and we can collab on it. 

@Reden Dionisio

Sounds great! Let’s for sure get together. Feel free to direct message me

Safe travels!

Hello BP!

I reached out to this homeowner through direct mail about being interested in his property. He gave me a call a few weeks later and said he is very interested in selling his property and would even be willing to sell it off market to me. However, he is going through a separation with his wife and her name is on the title. They both are on different pages and are not in agreement about selling the property. He pays all the bills on the property but does not know how to get around this situation.

This property would be a great investment opportunity especially if I can get it off market. Any advice on how I should go about this or how I can help him out through this process?

This is my first BPCon attendance and I am stoked to be able to experience it with likeminded individuals of all ages

I would love to get connected with other attendees before the actual event so if you’re heading down to New Orleans in October, feel free to reach out so we can further connect when we get down there.

Looking forward to seeing new faces and learn about some of your experiences

What is up everyone!! My name is Casey Penland. I am from Greensboro, NC and I am absolutely stoked to be able to attend this event and meet some fellow investors.

I recently just graduated college in 2020, but have been studying real estate for a couple years now. This past year, I got out of my comfort zone, decided to take action, and put in a few offers on several SFHs using private money. Currently have not closed any deals yet, but hoping to possibly having one closed before October. 

My goal for this event is to take in all the knowledge I can to implement it into my local market. More importantly, I want to build relationships that will be valuable to me throughout my journey. If you are a real estate investing veteran, I would love to connect with you while we are there and hear about your path. 

If you are just starting out on your journey, like I am, feel free to shoot me a DM and lets connect also

Looking forward to taking this next step in my real estate journey!

I wanted to get some people’s thoughts on ground leasing for single family residential homes?

I know ground leasing works well on the commercial side of real estate but I haven’t really seen it on the residential side which is probably because it doesn’t work.

However, could this be an opportunity to make buying a home more affordable? What if there was a private company out there that partnered with first time homebuyers or homeowners to make their home more affordable initially. In doing so, they separate the home and the land as different investments. Allowing for the homebuyer to purchase the home and the private company purchases the land. They have a unique contractual agreement in place where the tenant (homeowner or buyer) pays rent on the land. In doing so, they have reduced their mortgage each month, reduced the down payment, save on total interest paid, and several other payments also.

I know there are several other things that would need to fall into place here like if a lender would lend on something like this, what if the tenant defaults on payments, how long should the contract be, would happens if the tenant wants to sell, etc...

However, could this work. Why or why not? Would love to hear your thoughts

If you’re purchasing a home, how much would the land cost play a factor in that? Obviously, when you’re buying a home you are buying the house and the property it sits on. Would it make a crazy impact on the purchase price if you did not have to pay for the land underneath the home?

I know this can vary per the location and the amount of land but just out of curiosity I am wondering if someone could give me some insight here? Is there a national average of what land usually costs the average homeowner when purchasing a property? Or a percentage of the total purchase price that land usually is?

Thanks for your help here!

I believe that furnished rentals are really going to see a boost in the upcoming years. Having the option to move into a property without having to worry about the stress of furnishing it could be a huge opportunity for any landlord. You can typically get 15 to 20 percent more for a furnished long-term rental. It’s a convenience. People are willing to pay for convenience. And for a furnished short-term rental, you can get 40 to 50 percent more at a minimum. In some cases, you can even double that, getting 100 percent more, depending on the location of the property. Especially with how COVID has affected the market, I believe people are going to be migrating from these big cities into the suburban rental markets and furnished rentals would attract them to your property even more. As a millennial, I believe that I would pay more for a furnished rental that has quality furniture in it than I would for a place where I have to go out and buy my own furniture and move in it. 

However, my main question here is more for the landlord...

Wouldn't advertising a furnished apartment attract more high class tenants which are people that you want in your properties as a landlord?

Can you not also charge a larger security deposit that is fully refundable which makes sure that the furniture will not be damaged? 

If there was a furniture company out there that would be willing to partner with landlords to accommodate them with furniture and design at a great price, would you partner with them? 

What are your pros/cons in adding a furnished rental to your portfolio? 

@Joe Homs Thank you for that valuable insight. I learned quickly that knowing what you want is the key to being successful and then building a detailed plan to accomplish that goal. My focus right now is using the BRRRR method to flip and hold. I just didn't want to be that one newbie that basically asks every investor that I run into to be my mentor. I feel there is a certain way to go about it and that I also need to bring value to the relationship. Therefore, I will take your advice into thought and act on it!

I started my real estate journey about a year ago. I was still in college at the time and recently just graduated in May so my journey this past year has dealt with gathering as much knowledge as possible. Over this past year, I have listened to numerous podcasts/webinars, read numerous books, and have tried to build my network so I will be prepared when the time comes to invest in my first property. I am only 22 years old and I understand the risk that comes with buying my first property at such a young age with not the biggest income coming in. However, I am someone that learns best through experience and being hands on. Yes, the knowledge I have gathered over this past year will be so valuable in the long run, but I feel it will only take me so far unless I put it to use. Every newbie starting in real estate wants that one person that will walk them through the whole journey so they don't make a mistake. In reality, this is something that is extremely hard to find and if you are in a position like that then you are very fortunate. The question I am wanting to ask here is as an experienced and successful investor, how would you want someone to approach you? Many people like this are already as busy as can be so allowing someone to come in and learn from them might be a task they don't want to take on. Like I mentioned before, I am someone that is always on the look for new opportunities and I believe building relationships is the biggest way to open yourself up to that. So, for all my experienced and successful investors out there, how would you want someone to approach you for valuable insight?