All Forum Posts by: Tom Murphy

Come join us for our monthly Lake Norman, NC Real Estate Investor's Meetup located in Davidson, NC at Sabi Asian Bistro (off exit 30 I-77).

The MeetUp begins at 6:30 PM and this month's speaker will be speaking on Private Money Lending/Borrowing.

Noel Baker, Dispositions Director with BetterPath Homes (Charlotte, NC) is one of the premiere experts on wholesaling.  Working with 100s of buyers and hundreds of homes, Noel and her team have defined wholesaling at it's best.  

Join us to learn wholesaling basics, how to work with wholesalers and the wholesaling process from the best in the business.

We're excited to announce that Caten Murphy will be speaking about effective communication, via her Neuro Linguistic Programming training.  Getting better at communicating with varied personality sellers, realtors, contractors and professionals is an art and something we all need to continually get better at.  NLP is an incredible eye opener and the most effective communications means I've come across.  You'll be blown away.

So excited to have an investor friendly CPA like Brandon at our MeetUp. He's a regular on BP and an excellent resource for all investors and realtors.

Use a hard money lender as they lend on the asset not as much on your personal as long as your credit score is above 700 (generally and depending on the lender).  Reach out to Dan Molina at Civic in Charlotte.  That's a good start.

Edward,

In my opinion, I'd say you'd want to consider the scope of the project and your experience.  Additionally, you need to determine the value of your time "playing" GC vs securing new opportunities.

We've had projects with minor work (floors, paint, roof, etc) where we've coordinated with the trades.  However, we've also had projects that were much more technical, required permits or the work required was above my expertise where hiring a GC was the smartest thing we've done.

I would say the finding a reliable GC that fits your model is one of the most important members of your team.  Attend as many virtual MeetUps and hopefully (soon) in person MeetUps to connect with potential General Contractors.

You are correct.  Technically, if the project is $30,000+ then you should be using a GC.

My opinions only.

Our Lake Norman Investor meetup is virtual again TOMORROW, Wednesday June 17th, at 6:30 pm and I hope you can make it, this one you won't want to miss!

This month, we are thrilled to have Ben Day with Lionshare Bookkeeping speak about "being the bridge" between your CPA and your Banker. Now I know bookkeeping isn't most people's favorite topic, but here's why you NEED to be here. Ben has developed a system specifically for real estate professionals to show us how to be the bridge between our tax returns and our bankers. Why is that important? Ben is going to show us how to not have to pay a ton in taxes (I.e. taking all the deductions we can), while also showing an income to continue getting loans to run our businesses buying properties. He is also going to show us how to put a system in place to organize the finance side of our businesses which can lead to huge gains for business growth.

We hope you'll join us

Walter, first of all congratulations.  This sounds like a great win/win for you personally and as an investor.  May I ask who you used to finance the deal?  Thank you.

As a private lender, I invested in a portfolio of rental properties (6 SFH and 1 Duplex) where the partners are paying me $3,286 per month in interest. The original intent in this investment was to allow the property owners (business acquaintances of mine) to acquire and perform light rehab on four of the properties then refinance and cash me out.

This was all set to happen when ShareStates, the refinance party, shut down lending in early April.  Now, it appears that refinancing will take potentially several months for lending to open up AND/OR several months for a community bank to process.

I have two other investments I had planned to invest in and this is now holding me up.  Can I sell my 1st position to another investor who is looking for a short term investment at 14% interest understanding the property owners are refinancing in the near future?  If so, how would I go about that please?

Thank you.

Tom Murphy

Seven SFH, one duplex and one triplex. Most of them are in Charleston, WV proper but three are in the suburb Dunbar, WV. Stable tenants with leases through January 2021. Hard money due to one of the owners not having a W-2 for the past two years (he will be able to verify via his 2019 taxes though). Appraisals were done and underwriting performed via ShareStates two weeks ago. We were within two days of closing when ShareStates stopped lending.

please email or call me if you have additional questions Odie.  Thx.