All Forum Posts by: Michael Watterson

I found this deal via a wholesaler. Negotiated the price from $60k to $35k and completed $44k in rehab using a private money loan for 100% of the PP and rehab costs. I was able to refinance the property and repay the private money loan with $0 out-of-pocket costs to me, initially. However, my GC and project manager made some mistakes that cost about $7k. In the end, the property will bring in $1k a month in rent, with a 75% COC ROI, not quite the infinite return I had hoped for.

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

Wanted to use my money more wisely to allow me to have more time with my family.

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

Off-market wholesale

How did you finance this deal?

Private money

How did you add value to the deal?

Full rehab of the interior of the property

0 Votes

Hey Everyone,

I am starting to build my portfolio and I am wanting to start an LLC. I need to add a lawyer and tax advisor to my team. Can anyone advise on anyone they have worked and would recommend.

I am in the military and I have properties in Memphis.

Thanks,

1 Vote

Quote from @Jeremy Kitchen:

Welcome to BP, Michael!

Bigger Pockets is awesome. If you have time or availability, I'd definitely try to go on meetup. com and look for REI groups in your area. A lot of these places don't try to sell you anything (not all of them) and have really good intel/resources in many different investing strategies. Find 1 or 2 things you'd like to do, set a goal, and work backwards toward it. Make sure to do the little steps, ask questions, be open minded in learning, and have a positive mindset. There's plenty of helpful books as well. Bigger Pockets has a TON of great content (I see you're a pro as well, so take advantage of those webinar replays), so choose a plan you like, and set it in motion. :)

Yes that is what I'm working towards I made my first offer on a deal today. I look forward to the new chapter and learning as I go.

1 Vote

Virginia Beach, Virginia

Quote from @Nick Shri:

Michael,

VA Beach is a huge area. You can target military families for renting or vacationers for STR. Go on YT and search for bp podcast with property pastor, he is in VB. You may want to speak with him.

Goodluck.

Thank you I will

0 Votes

Virginia Beach, Virginia

Thank you

1 Vote

Virginia Beach, Virginia

Quote from @Conner Olsen:

@Michael Watterson House hacking is the best place to start if you are just starting out. It's a 'cheap' way to learn real estate. Good luck!

Conner,

Thanks wish I knew 20 years about that. My family and I looked into that especially being a military family. Unfortunately we will be stationed in a market that even house hacking would a tough investment. I have successfully bought and sold a few properties and I am looking to turn that into some long term rentals.

Trying to dial in a good market. The hardest part me for is developing a trusted team of PMs, contractors etc...

1 Vote

Virginia Beach, Virginia

I'm new to the bigger pockets environment and new to realestate investing. Right now I'm looking to navigate through what is a credible resource and what is BS.

I'm eager to start investing and welcome any advice or assistance.

2 Votes

Virginia Beach, Virginia

All Forum Posts by: Michael Watterson

Michael Watterson has started 3 posts and replied 7 times.

Post: First Investment deal

Post: Looking for a recommendation

Post: Aloha from Virginia!! Where to start?

Post: Aloha from Virginia!! Where to start?

Post: Aloha from Virginia!! Where to start?

Post: Aloha from Virginia!! Where to start?

Post: Aloha from Virginia!! Where to start?