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All Forum Posts by: Marshall Trawick

Marshall Trawick has started 4 posts and replied 5 times.

ISO Syndication Education Resources

Post: To MBA, or not to MBA?

Marshall TrawickPosted
  • Posts 7
  • Votes 2
@Christopher Christian I guess I’ll provIde the less popular opinion on here. I am able to do my MBA online and work full time. I feel that it provides me with a foundation just as bigger pockets does as a bisIness owner. I was able to take my pay from 92k a year to over 260k annually as is and am due to meet with administration for another raise simply through the knowledge my MBA is providing me. I am also using it to structure my real estate business. I am new in the real estate business, I started this last June and am at 6 houSES currently. I have been able to leverage myself with my company, my W2 employer and even local banks with the knowledge and respect an MBA brings with it. There is always a cost analysis associate with each option you choose. I am for the MBA if you choose to help your unique position with thE knowledge You OBTAIN FRoM IT. I am currently doing a market analysis and using it for my personal company. It is great so far. I still read about real estate and business passionately. I am extremely motivated and work 10-14 hours a day in neurosurgery as a nurse practitioner while working on my MBA, business and maintain as a Memeber if the Army Reserves and exercIse daIly. As time goes on and I can transition my pay from my primary job to my business I will work less hours as a nurse practitioner and more in the world of real estate. For my unique situation an MBA is a must. However, every situation is different and you may find it’s not needed for you. I am glad I’m doing it!

I need help finding a private lender to assist with downpayment. I am looking to get a private lender to help me close on two deals (houses) I have under contract. I have two contracts signed one for each of the properties. I can give the details  of the houses/opportunities upon request, or if someone could direct me to meet the private lender or where to find them please let me know! 

Hey guys,

Any recommendations please let me know. looking for guidance on funding options to help cover portion of down payment

Introducing me

I have been reviewing Bigger Pockets for almost a year now and have read numerous books including Brandon Turner's famous books on rental property and property management! I love what I have learned here and have an amazing career in neurosurgery as a nurse practitioner. I can disclose my personal information and make great money, but love the idea behind a real estate business. Therefore, I have started a business Trawick Property Investments. I have taken the guidance provided to me and now have two amazing deals underway, with numerous people calling me. I have a Facebook page, Trawick Property Investments, website, email, flyers, post cards for my direct mail marketing campaign, business cards, and more. I have been looking since April and finally landed two deals that are within the realm of what I am looking for based on the guidance provided and have used up my persona funds and am needing more funds.

How I got into real estate:

I also work in an Urgent Care "as needed" for extra cash and when they are needing a provider. We had one more patient and I elected to see him as he had a laceration and since I was the more experienced one a closing wounds I gladly accepted him into my care. After I cared for him and closed his wound we sat around for a good while talking about life, goals, family, the lord, and so on. As he was about to leave he asked me if I wanted to become rich, and informed me that he was not insulting my career, but knew I had potential. He offered to introduce me into the real estate world. About 2 weeks after I called him and we went out to get some coffee. This was a little over a year ago, I had met with him on a regular basis, and have studied real estate since. I was introduced to Bigger Pockets in March, and became addicted to the real estate business. I have since decided to go for it. Now my mentor has shown me many properties and promised to go in on the properties with me if needed, but has since come down with cancer and is getting treatments and he is not able to help as he wished he could. I have delved even deeper into the subject and am ready to go on my own. I started marketing hard and offering on properties in April. As mentioned in my introductory post I had a lot of no's based on my strict criteria.

However, now have 2 SFRs under agreement of sale (contract) and have two other properties that are potential buys meeting the criteria. below Ill review the properties and explain what I am needing. One is a rehab and rent, the second is a rehab and sale

I have funding from a bank. I operate under my LLC, MHRRLLC, Doing Business As (DBA) Trawick Property Investments.

Bank

I have two banks that are funding me, one is offering the following terms and is the bank I plan to go with

-Appraise property at After Repair Value (ARV).

-Initial loan-construction loan

-Put 20% down as initial loan

-Loan based on current value and a line of credit for rehab

-once complete a second loan can be taken our at 80% of the ARV

-Second Loan, Immediately after construction is finished (15,20,25 year terms at 4.99 %)

-Up to 80 Percent of ARV

I have been provided this based on my personal income and ability to bank roll if needed.

My Deals

House #1 Green Acres

This house is a great buy. It was originally listed for 90,000 and came down to $79,900. I was able to negotiate the price down to $43,000 after weeks of negotiation. I am required to put 15% down with my bank plus closing costs:

Closing cost estimated :2000

Down payment: 6500

ARV = Local comps have sold for slightly over 100,000 so my ARV is 100,000

Construction costs $20,000 - $25,000 estimates Can send thorough statement of work

Will rent for 1,100 to 1,200 a month- Plan is to have total loan after ARV at $65,000 I could borrow up to 80%, but don't want to do that as my current Debt Service Coverage ratio is 1.52% and the bank requires it to be at a 1.25%

Second Deal

House # 2 Cape Rock

This house needs cosmetic work and not as large of a renovation as the last one, but is a flip and sale due to the price point, location (best school district and location in the city).

Comp selling for 369,000

Purchase price of this house 203,000 with closing costs included

Expected ARV $350,000

Closing cost- included in loan

Down Payment 30,000

Sale price 289,000 - 310,000 (discussion still under consideration) much less as we want to move this property ASAP to get money back, and undercutting comp across the street will be idea.

Construction cost 15k-25k

Cosmetic upgrades include paint whole house, new counter tops in kitchen, new appliances and so forth. no structural changes,

Construction time: 3-4 weeks

Loan stipulations: Initial Loan construction loan with line of credit for construction, second loan will be either bridge loan or 20, 25 year commercial loan to get initial funds back until house sales.

I will be using a real estate agent to sale and have already discussed the marketing campaign. Goal is to have a hold time of 90 days, but will estimate hold time of up to 6 months I will cover costs.

Proposed cash needed: $10,000 - $15,000 for these projects.

These are going to be quick turn around times as I do not want to tie money up for long. I can give a 20 percent return on investment for the cash fronted. How it would work:

example investment 15,000 money comes back when construction loan is completed and the second loan is taken out,

Return on investment will be given at time of sale of property, I could pay the return on investment at time of second loan if that is preferred.

Hi my name is Marshall Trawick, and I am a fairly new Pro member at Bigger Pockets. I have read now about 4 to 5 books, listened to countless podcasts and have been on the hunt for a good property for a few months now. I have offered on several but have come in a little low on all of them. i am looking at many things, but primarily for right now an SFR is my first choice. One the I can force added value into. I have several offers out right now and am waiting on some banks to respond. I am in the process of getting my mailers in so I can mail those out to: Pre-foreclosures (only 11 in my area per listsource.com) probate, city code violations and more. I am just reaching out as I have made numerous offers. I have a mentor who owns 240 plus properties currently that is advising me on these deals ( side note he actually got me interested in the real estate world. I had him in my office and we were having a good conversation and before he left, he mentioned that he was aware that I did well financially but if I wanted to get rich give him a call. Well, I called him about one year ago and I got interested in property, but about 6 months ago I was introduced to Bigger Pockets. That is what got my wheels turning and my endorphins coursing through my body and excitement ensued.)

I guess I am just reaching out to:

Introduce myself

See if there was anyone from close to my area

See if there was any advice out there. 

I feel like I know the Josh Dorkin and Brandon Turner as I listen to them more than I listen to most in my life. I have drank the cool aid if you will and am ready to get my business off the ground. We are on the runway at full throttle, bank has fueled my tank, I'm just waiting for that Agreement of Sale.