All Forum Posts by: Marshall Adams

Hey Pat,

You mentioned Workmen's Circle Credit Union and Lending Tree for financing options.  I've started a convo with Workmen's Circle.  I've also made a list of maybe 50 banks and credit unions in the  Savannah area - Do you have any other local banks or credit unions that you'd suggest?  I am planning to reach out to the locally-based or state-wide/regional ones to see what they may offer in terms of financing for fix&flip.

Rob, you've asked a question that I have asked myself in my own head even before I started my real estate investing journey (!).  I've always been really impressed/interested in (typically) older, vacant commercial buildings being converted into apartments, lofts, condos, etc.  I personally would love to live in such a place, and I've seen it done successfully at least a couple times where I grew up (Atlanta).

I now live in Savannah and have started my REI career here. I see buildings in Savannah that I wonder if they could be converted to what you mention. Kinda to Lien's point, I see quite a few vacant commercial spaces in Savannah, including in desirable downtown or near-downtown areas (but I'm totally new to REI so I may be completely misguided in this idea for Savannah). However, I also agree with Dan, that, Savannah is similar area to his, in that we have a strong short-term rental market here in the downtown areas.

Karl,

Thanks for the reply and the info!  I will check out the Facebook group for sure.  It's nice to meet another ME, too!  Yes, I'd like to connect.   I just sent you and Pat connection requests on here.

Pat,

Thanks for the reply!  Yes, hard money seems to be the way I would need to go, based on my reading, if I was going to do an investment by myself.  My friend and business partner is able to secure financing, so we would contribute a cash injection and he would be able to get financing for whatever we could not pay with cash.  And yes, I will use the restomod biz as a way to generate evidence of income to be able to get more conventional financing on my own in the future.  I have not read about portfolio lending so I will look into that - thanks for the tip!  ( I will also look into Workman's Circle Credit Union.)

I'd like to connect sometime too!  

Hi BP community!

My name is Marshall and I live in Savannah, GA.  I am a mechanical engineer by degree and work experience, but left my most recent corporate job (had been there for 10 years) in April of this year (I took voluntary severance when they downsized due to CoVID).  I happily went looking for my next corporate engineering position and had a good offer and some promising leads.  But in August I decided to take this season of my life (no wife, no kids, no debt, and up to $60k cash to invest) to pursue entrepreneurship exclusively (I had toyed with the idea for years) via two ventures: starting a restomod business (a type of classic car restoration) and real estate investing.  

I want to do one or more of the following real estate niches and strategies:

single-family home flips; house-hacking (I envision buying and renovating a 4-unit multi-fam, living in one unit and renting the other three); STVRs; and/or some form of commercial (specifically industrial) property "hack" - buy a building with multiple garage bays or other areas, I use probably two bays for my restomod business and rent out the remaining portion (However I have not researched the in's and out's of this type of commerical property strategy). 

I currently rent an apartment and haven't done any real estate investing before.  However I've helped my parents and friends do different home demo and renovation work over the years.  Also, I will most likely be doing deals with my best friend in Savannah who HAS bought/renovated/sold three properties himself and is eager to do more.  That said, I still want to educate myself as much as I can so that I can do deals on my own.  My biggest hurdle at this point I believe would be getting finance since I don't have a W2 to present and am starting my restomod biz concurrent to starting in real estate.  

Thank you in advance for engaging with me and I look forward to connecting with you, learning a lot, and offering whatever heIp I can!