Good afternoon Biggerpockers. Long time lurker but Im ready to enter the game, again.
Quick background on who I am and what I have done so far.
I go by Stos and was born and raised in Upstate NY, went to college in Buffalo and Morgantown WV, where I currently reside. My last "real job" was a Paramedic/FF at a City station. Currently, I own a few small business' that are lucky enough to still be operating during covid even at a reduced capacity. MopMen - my first venture - a cleaning company, GrassGuys - MopMen's landscaping division, TruSocial ( pretty much on pause ) - a social marketing company. I also freelance as a Media and Web consultant. in 2019 I was diagnosed with Stage 3 testicular cancer. Think of me as a younger Lance Armstrong, expect the cancer stopped in my lungs and left my brain alone. While that type of cancer should be taken care of with 1 regimen of chemo, mine took 3 and required a specialty hospital and a high dose variety. I tell you all that to illustrate this; I have a strong will and I dont quit. If i want something, I will find a way to make it happen.
My RE experience is minimal. My family owns a construction company back home, so from 12-18 I was swinging hammers. At 22 I purchased a mobile home as an owner finance deal. House hacked it with buddies from college and payed it off in 3 years. Lived in it until recently when I purchased the residence we are currently in.
Recently, I purchased a fixer-upper for 150k in May. Covid has slowed things down exponentially in regards to actually working but have allowed me to just about finish the flip solo in about 7 months. If material wasnt an issue it would have been 5. I was lucky enough to purchase under value and currently I would feel confident our reappraisal would be in the 250k-300k range.
This house has a detached 2 stall 2 deep garage with an auxiliary space above it that is roughed in as an office type set up. However there is only electric and propane service in the garage, no plumbing as of yet. My plan is to turn that into a 1br/ba, rent the main house and live there when Im in Morgantown. The residence is close to the univeristy, hospitals and the High school, in a great school district.
My plan is to move south, anywhere from Myrtle to HHI, but its not set in stone. I just believe it would be a solid STR location and an easy place to insert MopMen/GrassGuys.
Before I leave morgantown I would like to get a rental under my belt, I know the area, its growing, the university keeps rentals full and the hospital turns students into long term renters when they find jobs. Im currently working on an owner finance contract as I have a few investors in mind. I have the liquid from the Mobile home sale as well as my savings.
In a perfect world, my goals for this year are, renovate the upstairs of the garage. Find a property to invest in, in morgantown, hopefully owner financed, Cashout of our current residence and head to warmer climates.
Edit: I am aware this has double posted in the New memebrs and Creative financing. My apologies, not sure how that happened.
Congrats Stos! I'm waiting to close on my flip soon, also here in Motown. I love the positive attitude,, you can do it! I started in 2016 in REI myself, have a full time job, 4 kids, we have 11 rental units & will be the 3rd flip. Coffee and Real Estate is my drug of choice-lol. Maybe you could join our RE meetup club we're kickin around. Cheers
Andrew, thanks for the reply! I have already responded to the Morgantown REI meet up group thread that was just revived. Very eager to meet up with like minded people and who knows, maybe if things go well we can see how things go on the golf course!
I love golf & fishing,, my favorite hobbies. Hard to find time with my hustlin addiction. My plan is to grind now so I can party in the ladder years
You should think about investing in distressed second mortgages. It's fairly easy to get into and you don't need a lot of money to get started. Let me know if you have any questions.
Hey Sherman! I’m all ears, tell me more. Do you recommend a YouTube video that explains this niche any further? Or a website? Thanks, Andy
Check out youtube channel.