All Forum Posts by: Gary Boggs

Looking to get started investing in rental properties in Jacksonville North Carolina, specifically around the two marine bases. Has anyone in this area had any success with property management companies? Talking to my peers at work the general consensus is that all Property Management here is below average, wondering with BiggerPockets vast amount of experience if maybe there were more options for me to choose from here.

@Ernest Grindle

Totally understandable, I can appreciate this. After reading the responses I applied for a HELOC of my Norfolk Property and increased the limits on my credit cards to raise my own capital for down payment. This combined with HML should fund one project at a time at least.

Hey BP! For the record, I typically would not write a humbling post like this one so please don't view as someone complaining (how I would view myself writing this). Simply trying to step out of my comfort zone and get creative with funding projects through other's experiences.

Currently analyzing deals in Hampton Roads, I often run across distressed property that I can see being an offer for someone with access to quick capital or someone like me looking to connect those buyers with motivated sellers. I have been looking to fund my own flips in the area but have been running into private/hard money lenders requiring 25% down to fund rehab and purchase. I can respect why this is necessary; however, I do not have the capital required in cash and am not ready to pull equity out of my Norfolk Va house (~$70K) or fund with Credit Cards until I feel more confident with the process. I am looking more for simply increasing my flipping experience vice a good profit spread for a successful flip at this point as well. My original plan was to connect enough buyers and sellers via assignment to put down my own 25% for hard money but I wanted to reach out to the BP-universe is see if people have had success with other options in Hampton roads:

1. Partnering to fund a flip and give up majority of the profits but do the work (thinking 75/25 split, does that sound fair to give 75% profit for the partner to fund 100%)

2. Finding a Hard/Private lender to fund 100% of purchase/rehab costs and have numbers work out to flip at any kind of profit.

3. Having seller finance purchase and partnering to fund rehab costs, splitting profit (I would think 25/75 in this case?)

Spit Balling ideas to generate conversation, the location here (Hampton Roads) is less important than people's success with the concepts I mentioned; however I would like to try to do one of these 3 while I generate enough capital to either finance myself without a partner or BRRRR a property.

Very interested in what you all think!

@Samuel Koch

thank you for the recommendation, I will contact Ann and see if they can work for what I am trying to do.

@Amy H.

You were spot on with me trying to apply for an investor loan, thank you for the recommendations I will look up the companies you listed and see what their rates are for me.  My only concern with conventional financing right now is that, if everything were to go smoothly on rehab timelines, I would still have to eat two sets of closing costs in the deal.  My understanding was that private money may help me avoid the second set of closing costs at the risk of paying more interest if timelines go beyond expectations.

@Account Closed

Thank you for the private money recommendation. Do your bridge loans have a minimum timelines and can they include 80% and higher LTV or ARV + rehab?

Haven’t seen recent posts on the topic of lenders specifically in Hampton Roads Virginia, trying to revitalize the topic.

Looking at purchasing my first portfolio property that isn't a VA loans acquired due largely to having military orders to an area, looking for recommendations on private money lenders and conventional lenders with good rates in Hampton Roads. I am just starting out and not ready to HELOC or Cash-out Refinance my primary rental property yet (80k equity currently) so I'm looking to finance and use the BRRRR strategy to regain/acquire some more working capital.

Open to all Suggestions and Criticisms!

@Samuel Koch 

No worries at all, I appreciate the questions!

@Samuel Koch

Not sure I understand your question: How do I get properties or where are they located?

Properties that I would offer investors are ones I have gotten under contract at a discount from a seller or the bank. I am simply looking for investors that are willing to execute  assignment of contract for a fee, or purchase wholesale on properties I get at a deal to them to rehab and either rent or flip themselves. 

 As far as location I market throughout the Hampton Roads area, focusing on Hampton, Portsmouth, and Norfolk primarily.

@Samuel Koch

Not at this time as I’m just starting out, for now I’m looking to find investors that are willing to accept analyzed deals outside the ones they are finding so everyone wins.

Looking for Buyers interested in great investment deals in Hampton Roads VA! Presenting deals at deep discounts for investment rehabs or buy and hold rentals. I am very active in the area as I currently own rental property in and around Norfolk/Old Dominion University.

I am an Active duty Marine Officer with a passion for real estate investing and personal experience in managing rental properties, recently began targeted marketing for deals in Hampton Roads and excited with what’s available. Please feel free to reach out for more information and let’s see if we are a good fit to work together and get deals done!

Looking for Buyers interested in great investment deals in NC! Presenting deals at deep discounts for investment rehabs or buy and hold rentals. 

Active duty Marine Officer with a passion for real estate investing and personal experience in managing rental properties, recently began targeted marketing for deals in this area and pleased with what’s available.  Please feel free to reach out for more information and let’s see if we are a good fit to work together and get deals done!

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(850)-313-4174