My name is Sean Ragen and I recently joined BP a month or two ago and have found it very beneficial and informative. I am now getting out of my comfort zone, asking for private money for a real estate transaction. We do not have a specific deal lined up however, we would like to have funds available for when the deal does come along.
A little bit of background, the parties involved in the deal would be myself and 2 brothers that I grew up with. I am a buyer specialist on a nationally top producing real estate team and my two friends own their own renovation/remodeling company. We are all fairly young (me 24, my friends 24 and 26) however we have a lot of experience and are well educated in our fields of work.
The reason we need private funds is because, we are all home owners and do not have an abundance of cash. My wife and I purchased a foreclosure in October as did my friend who is 24. His older brother bought at the height of the market in 2005 and has no equity to pull from his home.
I apologize for the long winded email, I just want to put everything out there explaining our situation and what we are capable of. In my experience as a buyer agent, I have clients who are currently purchasing homes for a company who flips homes regularly. The investment company purchases the homes at the county auction at a discounted price and then turns around and sells them either as-is (predetermined, fixed price) or renovated (market value). Right now in Northern Virginia, the economy is very strong compared to the national average and there is an abundance of first time buyers however a shortage of "good" homes. In the Northern VA area, many of the first time buyers are conventional 20 percent down purchasers which is great, to avoid the 90 days fha seasoning rule. However, if the purchasers cannot put down 20 percent, I have a lender who is still capable of doing 5 percent down conventional loans which also bypasses the 90 day seasoning rule.
What my friends (business partners) bring to the table is an expertise in estimating the time and costs of the different rehab projects. Also, a huge part of rehabbing is being able to count on your contractors, my friends have been managing their subs for the past 4 years and are able to get unbelievable prices for the work. Therefore, the contractors we would be using would get the work done in a professional manner as well as in a timely fashion.
Basically, my friends and I know that we can be successful at rehabbing homes, it just comes down to actually being able to get started. If there is anyone who is interested in helping us out, we would be open to discuss further at your convenience and would be very grateful. By no means are we the shady type of individuals that you need to keep an eye on, we would prefer that everything is on the up and up, done the right way.
If anyone is interested please send me a PM and we can set up a time to meet or have a conference call.
Thank you in advance and once again sorry for the very long topic.
