All Forum Posts by: Robert Russotti

@Ryan Groff

I have one property downtown by Shaw destroyed in the 2011 tornado that I built new in 2012. I have 4 others in SE Raleigh one mile from downtown that I am in the process of renovating. 2 of them have been completed, one is an Airbnb and the other 3 have full time tenants.

@Ryan Groff

Some of these homes are in historic districts where the population has been in their homes for 40+ years. Additions may work but tear downs may not.

Hello,

I have a great opportunity to purchase a fully rented and renovated office building in Great Barrington, MA from a friend of mine. It is currently an off-market deal, but my timing isn't right and I am not liquid for a downpayment. I'm seeking $100k of hard or private funds to secure the property. I have a business partner who is able to finance the difference for the total $400k purchase. I have already reached out to a local lender for the remainder of the loan amount above and beyond the downpayment. I am able to provide the lease agreements of the current tenants and a breakdown of the monthly expenses for the building. I have calculated to have one thousand dollars over the monthly expenses to apply to hard/private funds until I am able to refinance the property. This is my first venture into using the resources of a non-traditional lender as well as my first commercial acquisition. I certainly appreciate all of the advice and assistance from my fellow Bigger Pockets members.

Thanks

Robert

Investment Info:

Single-family residence buy & hold investment in Raleigh.

Purchase price: $167,000
Cash invested: $41,750

Our “long shot” deal finally closed today. It took a lot of creativity to hold it together after almost falling apart twice. The pay off will be big... Listed as a 3 bedroom/1 bath, this little gem has an enclosed carport with a fireplace and laundry room in the back. It will be a 4/2 when we are done with the renovation.

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

I worked with Melissa Gordon of Coldwell Banker.

https://www.coldwellbanker.com/Coldwell-Banker-Advantage-11983c/MELISSA-GORDON-461399a

Hello,

I'm interested in buying a vacant, downtown city lot located behind my investment home in North Carolina. The purchase price of the lot will be 210k and I have half of that available for the downpayment. I plan to cash out refi the main house, when I am able, to satisfy the hard money. Can anyone assist me with this potential land purchase?

Thanks,
Rob

Hello,

Is it possible to purchase a vacant lot with hard money? There is a buildable lot that sits behind one of my homes and there is a small chance the owners may sell it to me. If it's possible to purchase the lot with hard money, would a down payment be necessary and how would I go about refinancing after the initial deal? 

Thanks,
Rob