Private money deal in progress
Investment Info:
Single-family residence private money loan investment in Newport News.
Purchase price: $75,000
Contributors:
Marsay Winder
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!
