All Forum Posts by: Andrea Foley

@Michelle Lin; Really great! We can chat about it soon :)

Sell my retail business (already in the works) and close on 4 MF motel conversions in 2022. Plan on focusing efforts in one location with a construction partner, or form strong partnerships with contractors in great markets.

Also plan on building/growing an asset management company for both my acquisitions and other sponsors/general partners when needed.

Locally, we will continue building our friendships with other investors!

Investment Info:

Single-family residence other investment in Omaha.

Purchase price: $230,000
Cash invested: $50,000

Our first of potentially many transitional living homes. This is Nala House. It is an 8 bedroom home.

What made you interested in investing in this type of deal?

Wanted a strong cash flowing deal that would help to fund our more long term investments and grow our team. This investment also falls in line with my values and investment requirements.

How did you find this deal and how did you negotiate it?

On market.

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Making small updates to make it a little more modern and functional. Also, furnishing the house.

What was the outcome?

Just closed!

This is super cool! 

The networking was the best part for me. However, for the conference itself, it was my first session with badashonvestor (Ashley) on asset management! Definitely reconsidered a few things on our current project.

First of all, do a cash-out refi because that money doesn't count as income. So no tax implications. If you sell, you have to pay taxes on that money. Plus, by leaving 20-30% equity in the property, you can still get some cash flow every month and the property will continue to appreciate over time. Best of all worlds.

THEN, I would do one of 2 things. You could either break that $400,000 into EIGHT different syndications. If you are not an accredited investor, you could find some Joint Ventures to invest it in passively too or find syndications open to non-accredited investors. OR, you could be an active investor in one or many deals.

Forget SFH. LOL. You could own 100's of doors immediately with that kind of investment. If you want to chat more, message me :)

What is your ultimate goal with real estate? Do you want it to bring you passive income so you can still work that job or are you passionate about doing it as a career? 

In Omaha you can reach out to liquid lending. 

Thanks @Jennifer Williams! We are excited

Investment Info:

Large multi-family (5+ units) buy & hold investment in Craig.

Purchase price: $700,000
Cash invested: $50,000

First of many hotel-to-apartment conversions. Found this gem in a small market and the demand for housing was unbelievable. The whole community is excited about the project. The local bank provided us with the funding to purchase and renovate the property. The numbers are unbelievable and we are very excited to do more like this!

What made you interested in investing in this type of deal?

I know affordable housing is, and will continue to be, an issue in every community. Plus, with COVID, hotels and motels are much less desirable than they were before.

How did you find this deal and how did you negotiate it?

I was specifically looking for hospitality listings, visited 4 total properties and this one was by far the best in every way. After receiving our pre-approval letter from the bank we skipped the LOI and just made an offer of $100,000 less. They countered and we came back at $50,000 off the purchase price and it was accepted.

How did you finance this deal?

Bank financing of 25%. 5 Equity partners are in at 10% each to create the down payment needed and we matched those investments for our own 10% equity. We are the GP at 40% equity as well.

How did you add value to the deal?

We are completely transforming it's purpose from hotel to apartments. Local apartments are selling at a 7% CAP. If we can sell around the same CAP rate, we will have almost tripled the value.