Single-family residence private money loan investment in Newport News.
Purchase price: $75,000
Partnering with The Property Pastor (CKJW Properties) for a BRRRR deal in Newport News, VA.
What made you interested in investing in this type of deal?
Finding a new "deal-finder" partner; Growing/maturing my private money lending business; @MarsayWinder did the legwork to justify the value of this deal using the BP calculators.
How did you find this deal and how did you negotiate it?
Brought to me by @MarsayWinder after several introductory phone & Zoom conversations to build our relationship.
How did you finance this deal?
SD Roth IRA
How did you add value to the deal?
Readily available capital with a rapid closing timeline.
What was the outcome?
Property is currently under rehab
Lessons learned? Challenges?
Even when an IRA custodian says they can close within 24 hours, it's best to have a couple days of margin to allow for their process to send the money. They were about 3 days late(including a weekend), but the seller was graciously patient... Thankfully!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you