All Forum Posts by: Stewart Wyne

I'm a real estate investor in Atlanta that's been doing primarily turn key buy and hold rental property deals for 7 years. I also own a corporate apartment company in the city. I'm looking for a contractor to partner with on some BRRR deals in the metro area to build more passive income. I have a specific strategy that's proven to be very effective. Please reach out to me if this interests anyone with current experience. I just don't have the knowledge or expertise for remodels, and that seems to be the only way to make a cashflowing deal in this market.

@Account Closed don't say dream... say Goal. And put a deadline on it. Easily doable these days. 

We went a little overboard with the scale of this place, because I was building a rental destination. But if you were doing a small cabin in the woods, it would be very doable. One tip, getting financing for that is difficult, because they consider it a specialty property. You're not going to get FHA 10% down...

@Account Closed. This is an off grid home. Solar powered with lithium battery bank for evening hours. We are also on well water and septic. So no city water bill or power bill. 

Systems: Open loop GEO/THERMAL HV/AC system. All lights are LED, and all appliances are high efficiency. The reason I say it's 90% self sufficient is because we have gas fireplaces, stove, and water heaters. That gas is from a 500 gallon talk on site, which gets topped off monthly from the gas company. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $1,100,000
Cash invested: $250,000

This luxury custom log home is a 6BR 6 bath, off-grid eco solar home and is 90% self sufficient. It features high end finishes, a large chef's kitchen, grand room with vaulted ceilings, and game room for entertainment. 

The home is located at the base of Sugarloaf Mountain in Dickerson MD and is available for rent on Airbnb and VRBO. 

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

My long history of success in vacation rentals. But more specifically I saw other homes being rented for high prices in the area, and noticed a lack of options for a rental such as this in the area.
This deal was extremely speculative, as there was nothing like it in the area to compare it to. People told me I was crazy. But my 200k cash investment has resulted in 100k yearly cash flow. And I generated $400k in equity on day 1. So I'm happy with the result.

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

I built this property on land I bought from my grandfather.

How did you finance this deal?

Traditional residential development mortgage (secondary residence)

How did you add value to the deal?

I built this property from the ground up. This development project took about 3 years, from planning to our grand opening.

What was the outcome?

100k per year in cash flow. $400k in equity.

Lessons learned? Challenges?

Construction costs ballooned way over budget due to customization.

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

Terri Sherwood with Sugarloaf Contracting did most of the custom finishes, including the kitchen. Highly recommend her.

@maggiedavis I've been totally unsuccessful at finding an equity partner. I actually gave up. My mistake was reaching out to friends (doctors and lawers), who don't understand sweat equity. They want me to do all the work for free. I've been somewhat successful in building a RE portfolio by myself with no partners (over $3mm in assets). But I'm sure I'd be 5x the size if I had an equity partner. 

I'd really love to attend this, but I'll be out of town. I'll make the next one for sure. 

Zoning / permitting to use a residence as a wedding venue could cause you problems. Which could also be why you're having trouble getting bank financing. 

Zoning / permitting to use a residence as a wedding venue could cause you problems. Which could also be why you're having trouble getting bank financing. 

I've got a deal under contract that I need an equity partner on in Atlanta for Vacation rental. I've got 5 units now in my short term rental portfolio in Atlanta, and still more demand than I can handle. (Check out my 2 latest properties)

I have another property under contract in Atlanta that's perfect, and I'm getting a great deal.. Looking for an equity partner to put up the cash... Sale price is $684k, 4BR/3.5bt, 3200 sf. Newly remodeled. Turn Key. Ned about 200k. I'm offering 10% preferred return on the cash invested, plus 50% of the appreciation on the back end (50/50 ownership). It's basically a long term cash flow deal. My value is the deal itself, my track record, and I don't charge a property management fee (since I'm part owner). Total COC return should be around around 15% annually to the investor. Would really appreciate an intro to any investors you think would be interested. If interested, I can send you all the details, plus the Pro-forma and NOI (P&Ls) from my comparable properties to show the performance of those. I'll pay a finders fee if you bring me an investor. You'd have to decide pretty quick as I'm under contract already, so I have limited time. Please email me at [email protected]. Hope all else is well. Happy Holidays

I've got a deal under contract that I need an equity partner on in Atlanta for Vacation rental. I've got 5 units now in my short term rental portfolio in Atlanta, and still more demand than I can handle.  I have another property under contract in Atlanta that's perfect, and I'm getting a great deal.. Looking for an equity partner to put up the cash... Sale price is $684k, 4BR/3.5bt, 3200 sf. Newly remodeled turn key deal. Need around 200k.  I'm offering 10% preferred return on the cash invested plus upside, plus 50% of the appreciation on the back end (50/50 ownership). It's basically a long term cash flow deal. My value is the deal itself, my track record, and I don't charge a property management fee (since I'm part owner). Total COC return should be around around 15% annually to the investor. Would really appreciate an intro to any investors you think would be interested. If interested, I can send you all the details, plus the Pro-forma and NOI (P&Ls) from my comparable properties to show the performance of those. I'll pay a finders fee if you bring me an investor. You'd have to decide pretty quick as I'm under contract already, so I have limited time. Please email me at [email protected].

Hope all else is well. Happy Holidays