All Forum Posts by: Greg Moran

Investment Info:

Single-family residence private money loan investment.

Purchase price: $87k

Contributors:
Marsay Winder

(03/02/2022) Private Money Loan Deal #6, with Marsay aka the Property Pastor (check him out: https://www.youtube.com/c/ThePropertyPastor/videos). This property is the next in a long list of ongoing flips that he bought for cash at $0.40 on the dollar, while planning to refi out some equity to BRRRR. Note: He's gotten to the point where his pipeline of good deals is beyond his capacity to take them on, so he gets to be more selective with the properties.

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

Strictly passive income.

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

Marsay brought me the property looking for a PML

How did you finance this deal?

Cash from my SD-IRA (Roth)

How did you add value to the deal?

Liquid capital available, at favorable rates.

What was the outcome?

We're just getting started...

Lessons learned? Challenges?

TBD

Investment Info:

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

Cash invested: $75,000

Contributors:
Marsay Winder

Private money loan with Marsay Winder, aka the Property Pastor.

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

Purely Passive on my part

How did you finance this deal?

Self-directed ROTH IRA

What was the outcome?

UPDATE: (2/11/2022) First time homebuyer got cold feet, which dragged out our exit strategy, but it was simple to refinance out of this deal instead.

Lessons learned? Challenges?

Lesson learned during closing: ensure the title company has the electronic payout instructions because they tried to FedEx a physical check which had to go through my "accounts receivable" adding 5 business days to get the money into my account.

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

@marsay winder

Investment Info:

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

Cash invested: $75,000

Contributors:
Marsay Winder

UPDATE: (2/11/2022) First time homebuyer got cold feet, which dragged out our exit strategy, but it was simple to refinance out of this deal instead. Lesson learned during closing: ensure the title company has the electronic payout instructions because they tried to FedEx a physical check which had to go through my "accounts receivable" adding 5 business days to get the money into my account.

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.

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!

(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.

Howdy BP Community, 

Need your help with my first look at a short-term rental (STR) deal. Thanks to @Michael H. Cook we've identified candidate properties that would work well for STR in the Shenandoah Valley of Virginia.  I'm hesitating because this would represent a major upgrade to the active-ness of my passive real estate income.  From my first pass at the numbers (and confirmed by the AirDNA calculator) there is a lot of meat on this prospective deal, but I want to go in with my eyes wide open. My intent on this deal is to grow my portfolio cash flow, while automating as much as possible to stay as PASSIVE as possible.  

What areas could I be overlooking that would come back to bite me?

Basically I'm looking for encouragement/advice/wisdom from anyone who's taken the plunge into STR operations. Thanks in advance!

I'm covered/comfortable with: 

• REI Closing process,
• Mortgage process, 
• Finding property management, 
• Finding yard/maintenance contracts, 
• Basic Rental Operations

May need help with:

• Creative funding options
• Balancing the rehab/design budget to maximize the AirBNB "experience" but not to "over-improve" the property
• Estimating rehab costs based on the aforementioned design
• Energy Efficiency (appliances, windows, HVAC, etc.)
• Branding and Marketing
• Additional ways to automate STR operations.

Thanks in advance for being a part of this conversation!!

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $50,000

(01/03/2022) - First Investment of 2022 is my second Syndication deal, closing scheduled for mid-month! Thanks to Sheldon "Hutch" Hutchinson and H Squared Capital for keeping me in the loop with their investments. This "B" class apartment complex in downtown Augusta, GA is located in an "A" class neighborhood, just waiting for some value-add TLC!

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

Continued Diversification into larger multi-family deals. Trust and relationship building with previous REI partners

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

Through contacts at H Squared Capital

How did you finance this deal?

Personal Capital

How did you add value to the deal?

Providing instantly available capital

What was the outcome?

5-year timeline

Lessons learned? Challenges?

Tight timelines for commercial syndications means less time for performing due diligence. Good think I was already familiar with the Augusta market from a previous deal.

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

@Hutch, The Marine Investor from H Squared Capital!

 @Katie, have you found anything yet? Over what time period have you been looking? I just started looking after a few road trips through the area.

Found any specific areas that stand out to you, or REI strategies that look particularly promising?

 I'm not sure what you mean. @Erin, Can you clarify your question? I'm just reaching out to find other folks that are also paying attention to the Shenandoah valley real estate market. No training involved.

Thanks @Cassidy. I had no idea that was a thing! I'll add that to my search term list. Are you investing in the I-81 Corridor area?

Comment below if you're monitoring the forums for: Harrisonburg, Bridgewater, Front Royal, Rockingham County, Warren County, Virginia wine country, Staunton, Waynesboro, Shenandoah National Park, Massanutten Resort, McGaheysville, Elkon, Luray Caverns, Paige County, Skyline Drive, Mountain retreat, Mountain vacation, VRBO, James Madison University (JMU), Eastern Mennonite University...

#MarketResearch #keywords #TargetMarket #demographics #economics #PopulationGrowth

Investment Info:

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

Cash invested: $75,000

Contributors:
Marsay Winder

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 (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. Link to the Listing on Zillow: 136 Poplar Ave in Newport News, VA

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 to meet in person after a year+ of virtual-only correspondence.