All Forum Posts by: Joseph Bagley

Quote from @Jordan Moorhead:

@Joseph Bagley what type of assett?

It’s a house.

Find a meet up or any event to meet people. There are a lot of options. Ground yourself in conversations of like minded people in addition to BP forums. I'm sure you'll narrow down what you want. Good luck

BP! I'm looking for recommendations of rehabbers in San Antonio that anyone has worked with or heard about.  It will be pretty heavy on the rehab location near the Riverwalk.

Quote from @Nick Belsky:

@Joseph Bagley

Most lenders will require 5+ GUC or Heavy Rehab to even look at the deal in this market.  However, I have heard that Patch Lending will do these loans with little to no experience.  I have no direct experience with them, but you may want to check them out or ask the BP community if anyone can offer insight.

https://patchlending.com/

They charge 2pts on everything, I believe.

Cheers!

 Thanks

Investment Info:

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

Purchase price: $11,600,000

Invested as a GP on this. Definitely learned ALOT. Excited to do more.
- 142 units
- 5 year hold
- 16-17% IRR
- 8-10% CoC

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

Bigger is better.

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

Partners found the deal.

How did you finance this deal?

Raised capital through investors

How did you add value to the deal?

Renovations and better management

Lessons learned? Challenges?

Raising money takes work but not that much work. Be prepared in the beginning by having a warm network. Also have potential investment amounts from you investors and timeframe to gauge their seriousness.

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

Asset Living

Investment Info:

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

Purchase price: $4,000,000

Invested as a LP to learn the process
- 60 units
- 5 year hold (no refinance in between)
- $1.6M raise
- 5.64% CAP
- Est. 21.19% AAR; 7.69% CoC

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

Multiple units vs single homes

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

A friend of mine had it and ask if I wanted to invest.

How did you finance this deal?

Cash

Quote from @Nick Belsky:

@Joseph Bagley

Do you, or your team, have any experience with Heavy Rehab or Ground Up Construction?

We do similar loans all the time like this, but experience is what is usually the show stopper for most...

Let me know and I may be able to help.

Cheers!

My flip in NC on my profile.  We turned a 2/1 into a 3/2. If you consider that a heavy rehab.

We redid everything in there. Tore up the floors, knocked down walls, put siding on the house, roof, all new electrical, plumbing (inside and to the street), made a driveway.

However we only did that once then moved to apartment syndications. 

This house we plan on completely tearing down and rebuild all new.

Thanks @Devin Peterson.  We plan to use private money to pay for construction then cash-out refi. That refi will pay the construction loan and any other costs at that moment.

Could someone recommend a bank they used for a BRRRR in San Antonio?

I'll be an out of state investor.

Found an owner finance deal.  I'm planning to rebuild the house and repay seller.  Once house is rebuilt I'm wanting to pull money to pay seller in full and construction loan off.

@John Teachout

Oops forgot to add that. Thanks

Fayetteville, NC.