All Forum Posts by: Ian Porter

@Tanner Sherman thanks for that insight. Very helpful information. If you have any clients you know with money on sideline let me know! 

Looking for advice on how to structure a JV or partnership on a couple spec builds in the Atlanta Area. I have funding lined up for at least 80% LTC of the project but I want to raise an equity ticket. I've always self funded so I'm not familiar with how these deals are typically structured.

Investment Info:

Single-family residence other investment.

Purchase price: $33,500
Cash invested: $265,000

We purchased 1.75 Acres on a creek just outside of Ellijay, Ga to build a DEN Outdoors A Frame as a short term rental. The total investment will be about $265k including the land and it will be complete in Q4 2023. We project to make about $1,000 per month in average cash flow. Photos are renderings of finished product. Built by my construction company Porter Construction Group

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

I like to build unique properties and my wife and I also wanted a property in the mountains to keep for our family.

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

I found the lot through an agent and was able to get a decent deal on it offering cash and closing quickly.

How did you finance this deal?

Cash for the lot and a HELOC for the build.

What was the outcome?

In progress

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Abigail Criteser with Ansley of Atlanta

I am relatively new to the Atlanta market and work for a local builder as a project manager. I am seeking to partner with an experienced investor and help you run your flip/rehab/etc. I have done multiple deals myself and have a large amount of experience in remodeling and renovation.

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $23,000
Cash invested: $14,500

This home was purchased as an occupied rental. One of the benefits of the Albany area is renters may stay for long periods (this tenant had been living there for 13 years). This home taught me the extreme importance of doing your due diligence and picking a good home inspector. So far this home has needed roof work, joist work, new HVAC unit, flooring, paint, counters, and more. This home also taught me the great importance of not allowing tenants to smoke in the property.

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

This deal was attractive because the tenant had been in the home for 13 years and ALWAYS paid on time.

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

This was negotiated as part of a 4 home package.

How did you finance this deal?

Investor

How did you add value to the deal?

Numerous improvements and upgrades.

What was the outcome?

Currently trying to sell this property.

Hey Gaurav. Thanks! I am actually from Albany. I recently moved to Atlanta, but all of my previous investments were in Albany. It can be a good market for investing, but can also be an illiquid market and very tricky.

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $27,000
Cash invested: $30,000
Sale price: $71,500

This property was purchased as a buy and hold investment as part of a bulk REO purchase from a bank. The property had significant damage and required everything including flooring, roofing, HVAC, total rewire, joist work and more. This property rented for $895 per month and was leased for the full 12 month term before it was put on the market and sold.

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $20,000
Cash invested: $13,500
Sale price: $55,000

This property was bought as a buy and hold property that required heavy
(mostly) cosmetic upgrades inside and out. This project had some unique challenges but provided a great return and rented for higher than most (if not all) of the 2 bedroom homes in the neighborhood. The home rented for $649 per month and was leased for the full 12 month duration of lease and later sold.

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $20,000
Cash invested: $7,000
Sale price: $57,000

This property was part of a package of homes purchased in March of 2017. It was intended to be a buy and hold investment, but it became clear selling the property would provide a large profit.

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

This home came as part of a package of properties purchased and provided a unique opportunity to get at a low bulk price.

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

I found this deal on the MLS after finding another one of the homes in the package. I asked the agent to contact the bank and send me a list of the REO properties they currently held and negotiated a small bulk deal.

How did you finance this deal?

Investor financing on the front end and "cash out refi" into a traditional long term note (commercial note).

How did you add value to the deal?

The renovation added significant value and additionally the property was purchased below market because of the bulk purchase.

What was the outcome?

Almost 100% ROI.

Lessons learned? Challenges?

This property did not present as many unique challenges as many others we purchased did.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the agent that brokered the deal (for myself) and I managed all renovations.