All Forum Posts by: Jeremy Johnson

@Bryan Richardson yep way ahead of you.  been reading and learning since Carlton Sheets!! Love this forum and just learning a lot from here.  Done a few deals and helped even more, but i'm always learning and will continue.  I graduated from Noblesville so I know most of the area.  Mostly looking for people like yourself and others to network with and make some money once I'm there full time!

I was able to successfully use the BRRR method in VA, but as was mentioned it was based on the PURCHASE price. I got a great deal, did most of the work myself and waited the time period for refi. I was out 0 dollars, but I waited over a year for the right property did my due diligence. I also have a seen peers try and fail with a "fool proof" method. Purchase price + reno budget is SO important. As for anyone thinking anyone here is scaring off competition; there's no reason, many try and fail early, and quickly and then never do it again.

This may help.

https://www.biggerpockets.com/blog/guide-grading-indianapolis-neighborhoods

i'd have to research the area more to be able to tell you anything.  Sorry.

I'm retiring next year from the USCG after 20yrs.  I'm moving back to the Noblesville area and will be working on my real estate investing full time.  I have only worked on 2 deals in the past.  1 a flip and the other was to be a buy and hold, but due to retiring I sold it as well.  I bring organizational skills, a financial mindset, determination, with experience buying, selling, property management, and renovations.  I have some capital and a access to a few hard money lenders.  I'm looking for wholesalers, realtors, other investors, property managers, contractors, and mentors for once I move and commit to this full time. I can also bring beer.  I am TRULY excited to start this phase of my life next summer.  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $115,000
Cash invested: $20,000

Bought distressed buy and hold for rental. Many upgrades for long term use. 4 BR, 2.5 ba, 1900 sqft in a nice neighborhood. The numbers looked good and was very cash positive for the 2 years rented. Recently sold due to relocating as I depart the military. Very reluctant to sell but wanted to clean the slate for the LLC and restructure everything.

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

Was looking in the area when this came available and knew it had potential. Was following the BRRR strategy.

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

Was available on auction.com and had a very limited window. Since my father was willing to act as the hard money lender I bought it at the price I was prepared to pay.

How did you finance this deal?

Cash with loan from my father.

How did you add value to the deal?

Used BP's calculator and saw the potential.

What was the outcome?

Cash positive for 2 yrs and sold for a profit at the end of the 2yrs. Wanted to hold it, but not the smart long term play due to moving out of state. Sold for 189,900.

Lessons learned? Challenges?

I'll restructure the LLC in the future. Don't always take the first advice from a contractor, look for options on problems. Should have hurried the renovation more for another month of rent. Don't bend the rules for the renter. Stuck to my guns and got a very good tenant.

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

Exit realtor was very good. Warrant Realty in Portsmouth, VA.

Hi Valerie I may be entering the REI community soon as I am looking to start an REI company with my father and would love to have more contacts locally. I am active duty military and will be doing this part time while being full time husband and father. Would love to discuss local options once I have confirmed my father's wishes as he is the financier. Welcome to williamsburg.