All Forum Posts by: Mary McGinty

https://marymcginty.my.canva.site/

Are you looking to become a real estate investor but need funding for the down payment, rehab cost , and all the other expenses that’s needed as a real estate investor?You don’t need your own money to invest we have a strategy that will help you get there. So join us and support our journey.

https://marymcginty.my.canva.site/

Are you looking to become a real estate investor but need funding for the down payment, rehab cost , and all the other expenses that’s needed as a real estate investor?You don’t need your own money to invest we have a strategy that will help you get there. So join us and support our journey.

 Thank you. Mary

 The inspection helped me.  The original asking price was $690,000.00.  With the comps, it appraised at $620,000.00.  That was a win for me.  

 HI Bonnie-I am interested in retrieving more information.  I understand cost segregation to be, you can claim your depreciate sooner.  Does that mean i cannot use it for 27.5 years?  I would love to chat.

thank you for reaching out!!!  Mary 

 thank you  I have been updating profile.  I started with my properties.  

 $1745.00.  

Hi Keith,


thanks for your response. I don’t have a project I am working on currently but I am evaluating deals daily looking for the right one. 

Mary

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,000
Cash invested: $40,000

Cabin in the trees with a peek a boo lake view, built in 1980 . Fruit tree and pines greet you as you pull up the long drive way to the brand new front deck with large picture windows. The home is impressive with its exposed vaulted beam ceilings and knotty pine walls. Brick fire place and wood burning stove. Ceiling fans and newer lighting through out. New flooring and updated kitchen. Covered patio with some landscaping. Large one car garage and yard for more boat or RV storage.

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

I was looking for a lake house in 2009, this was the time when there were a lot of foreclosures due to the 2008 real estate bust. I stumbled upon this bank owned property. I came up on someone else's unfortunate lose.

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

MSL

How did you finance this deal?

My money down with bank loan.

How did you add value to the deal?

The bank had upgraded the house, it was ready for my family to enjoy as a lake house.

What was the outcome?

Originally my family and I used this as a vacation home. As time went on and life changed we rented it out. So this was a win win for us. I self manage this property myself.

Lessons learned? Challenges?

It is considered to be in a gated community, with many, many trees and in high fire danger. With that being said, there were fees for being in a fire zone that were unexcepted. The gated community drives arounds making any home owner keep up with over grown shrubbery, which is not a bad thing. This was just new to me.

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $620,000
Cash invested: $145,000

New construction duplex build in 2022. Each unit is a 2 bed, 1 bath with an inside washer/dryer and a beautiful balcony. Separate electric and water meters. Conveniently located in downtown Phoenix, walking distance to Chase Field, great restaurant and local nigh night life. A rapidly growing HOT area! Easy access to all major freeways.

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

New construction allows for rent ready properties, turnkey, my favorite. Purchasing four or less doors keeps you out of a commercial loan. Commercial loans tend to have higher interest rates and requests more down.

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

My realtor, she knows what I am looking for.

My win: the original asking price was $690000. When the inspection was performed and with the aid of comps, the unit appraised at $620000. So, we addended the offer to reflect the appraised price. Which was accepted.

How did you finance this deal?

The down payment was my own money and the loan was from my bank.

How did you add value to the deal?

No value add since it is a new construction.

What was the outcome?

Before purchase it was already rented out by the builder, they need to pay their construction loan. Since then the tenants have moved out. Both units are vacant and for rent.

Lessons learned? Challenges?

Challenge: I purchased this as the market was beginning to slow down due to rising interest rates. I expected the tenants to stay. One month after close is when they moved out.

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

My agent Kenzie Weitzeil. 602-563-4591
MYND my management company