All Forum Posts by: Patrick Menefee

If you've never attended, we keep a rather informal atmosphere for everyone whether you have a lot of experience or are just on your first deal. We don't do formal presentations or speakers right now, but rather present a networking opportunity to share lessons, ask questions, meet investors & third party providers, and truly help each other progress in our respective businesses.

Ultimately, the goal is for this meetup to be a monthly check-in of sorts for your business:

1. Come prepared with something you're looking to get out of the meeting and give to other investors
   
2. Leave energized with a more clear picture of where you are going
3. Grind it out over the next month so you have an update to share with the group in the next meeting

Please comment or reach out with any questions, RSVP so we get a feel for how many to expect, and tell your friends!

What: talk real estate and business over a few drinks

Where: Angry Ale's bar in Montford (near the Park Road Shopping Center), Monday May 23 @ 6:00pm

When: the fourth Monday of every month

Who: anyone interested in expanding their real estate network in Charlotte and moving their business forward

Please pass the word to any friends or family who may be interested, and I look forward to seeing you there!!

Additionally, please RSVP at this Eventbrite link so we know how many people to tell them to expect!

The Angry Ale's meetup is back!

If you've never attended, we keep a rather informal atmosphere for everyone whether you have a lot of experience or are just on your first deal. We don't do formal presentations or speakers right now, but rather present a networking opportunity to share lessons, ask questions, and truly help each other progress in our respective businesses.

Ultimately, the goal is for this meetup to be a monthly check-in of sorts for your business:

1. Come prepared with something you're looking to get out of the meeting and give to other investors
   
2. Leave energized with a more clear picture of where you are going
3. Grind it out over the next month so you have an update to share with the group in the next meeting

Please comment or reach out with any questions, RSVP so we get a feel for how many to expect, and tell your friends!

What: talk real estate and business over a few drinks

Where: Angry Ale's bar in Montford (near the Park Road Shopping Center), Monday April 25 @ 6:00pm

When: the fourth Monday of every month

Who: anyone interested in expanding their real estate network in Charlotte and moving their business forward

Please pass the word to any friends or family who may be interested, and I look forward to seeing you there!!

Additionally, please RSVP at this Eventbrite link so we know how many people to tell them to expect!

@Anastassia Satchko and here's the updated link for the new event on BP! I'll delete this one later today

Come join us for the first meetup of 2022 at Angry Ales, and help support a fantastic local cause in Families Forward Charlotte!

If you've never attended, we keep a rather informal atmosphere for everyone whether you have a lot of experience or are just on your first deal. We don't do formal presentations or speakers, but rather present an opportunity to share lessons, ask questions, and truly help each other progress in our respective businesses.

Ultimately, the goal is for this meetup to be a monthly check-in of sorts for your business:

1. Come prepared with something you're looking to get out of the meeting and give to other investors
   
2. Leave energized with a more clear picture of where you are going
3. Grind it out over the next month so you have an update to share with the group in the next meeting

Additionally, the one exception to the rule about presentations or speakers is for a cause that will support our community! While we as investors strive to improve our community by improving the quality of homes and providing quality rental units, Families Forward Charlotte makes an incredible impact every day helping move families out of poverty by providing resources such as education, mentorship, meals, and financial assistance. I'm excited to have Caroline, the Director of Operations at FFC, come join us for a bit at this next event to share what this incredible organization is doing and share options for people to get involved!

Please comment or reach out with any questions, RSVP so we get a feel for how many to expect, and tell your friends!

What: talk real estate and business over a few drinks

Where: Angry Ale's bar in Montford (near the Park Road Shopping Center), Monday January 24 @ 6:00pm

When: the fourth Monday of every month

Who: anyone interested in expanding their real estate network in Charlotte and moving their business forward

Please pass the word to any friends or family who may be interested, and I look forward to seeing you there!!

Additionally, please RSVP at this Eventbrite link so we know how many people to tell them to expect!

@Anastassia Satchko thank you for the heads up! I also realized this still says November meetup. I'm going to create a new event to fix everything. Here's the updated Eventbrite link though for now!

Come join us for the first meetup of 2022 at Angry Ales, and help support a fantastic local cause in Families Forward Charlotte!

If you've never attended, we keep a rather informal atmosphere for everyone whether you have a lot of experience or are just on your first deal. We don't do formal presentations or speakers, but rather present an opportunity to share lessons, ask questions, and truly help each other progress in our respective businesses.

Ultimately, the goal is for this meetup to be a monthly check-in of sorts for your business:

1. Come prepared with something you're looking to get out of the meeting and give to other investors
   
2. Leave energized with a more clear picture of where you are going
3. Grind it out over the next month so you have an update to share with the group in the next meeting

Additionally, the one exception to the rule about presentations or speakers is for a cause that will support our community! While we as investors strive to improve our community by improving the quality of homes and providing quality rental units, Families Forward Charlotte makes an incredible impact every day helping move families out of poverty by providing resources such as education, mentorship, meals, and financial assistance. I'm excited to have Caroline, the Director of Operations at FFC, come join us for a bit at this next event to share what this incredible organization is doing and share options for people to get involved!

Please comment or reach out with any questions, RSVP so we get a feel for how many to expect, and tell your friends!

What: talk real estate and business over a few drinks

Where: Angry Ale's bar in Montford (near the Park Road Shopping Center), Monday January 24 @ 6:00pm

When: the fourth Monday of every month

Who: anyone interested in expanding their real estate network in Charlotte and moving their business forward

Please pass the word to any friends or family who may be interested, and I look forward to seeing you there!!

Additionally, please RSVP at this Eventbrite link so we know how many people to tell them to expect!

Come join us ahead of Thanksgiving for the next meetup at Angry Ales!

If you've never attended, we keep a rather informal atmosphere for everyone whether you have a lot of experience or are just on your first deal. We don't do formal presentations or speakers, but rather present an opportunity to share lessons, ask questions, and truly help each other progress in our respective businesses.

Ultimately, the goal is for this meetup to be a monthly check-in of sorts for your business:

1. Come prepared with something you're looking to get out of the meeting and give to other investors
   
2. Leave energized with a more clear picture of where you are going
3. Grind it out over the next month so you have an update to share with the group in the next meeting

Please comment or reach out with any questions, RSVP so we get a feel for how many to expect, and tell your friends!

What: talk real estate and business over a few drinks

Where: Angry Ale's bar in Montford (near the Park Road Shopping Center), Monday November 22 @ 6:00pm

When: the fourth Monday of every month

Who: anyone interested in expanding their real estate network in Charlotte and moving their business forward

Please pass the word to any friends or family who may be interested, and I look forward to seeing you there!!

Additionally, please RSVP at this Eventbrite link so we know how many people to tell them to expect!

The Angry Ale's meetup is back! This is our fourth month back after we took a long break due to Covid!

If you've never attended, we keep a rather informal atmosphere for everyone whether you have a lot of experience or are just on your first deal. We don't do formal presentations or speakers, but rather present an opportunity to share lessons, ask questions, and truly help each other progress in our respective businesses.

Ultimately, the goal is for this meetup to be a monthly check-in of sorts for your business:

1. Come prepared with something you're looking to get out of the meeting and give to other investors
   
2. Leave energized with a more clear picture of where you are going
3. Grind it out over the next month so you have an update to share with the group in the next meeting

Please comment or reach out with any questions, RSVP so we get a feel for how many to expect, and tell your friends!

What: talk real estate and business over a few drinks

Where: Angry Ale's bar in Montford (near the Park Road Shopping Center), Monday October 25 @ 6:00pm

When: the fourth Monday of every month

Who: anyone interested in expanding their real estate network in Charlotte and moving their business forward

Please pass the word to any friends or family who may be interested, and I look forward to seeing you there!!

Additionally, please RSVP at this Eventbrite link so we know how many people to tell them to expect!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $130,000
Cash invested: $65,000

This was formerly a 2 bed (unofficially 3 beds)/1 bath, 1137sqft house that will be converted to a 3/2 with 1214sqft, an open concept, and a beautiful new design!

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

I flip houses for a living 😁

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

Yard signs work! I met the former owners of this house while flipping the house next door; found out they were retiring to Florida, and bought the house!

How did you finance this deal?

Hard money

How did you add value to the deal?

The house was in decent condition but needed some help. We’ve opened up a wall between the living room and the kitchen, added an unfinished laundry room to the HLA, adjusted the layout to add a hallway and make the third bedroom official, converted the bedroom to a master suite by adding a bath, and did some extensive foundation repair

What was the outcome?

Getting ready to list it now, but projected to profit $35-45k and take 4 months from start to finish

Lessons learned? Challenges?

Every new flip seems to provide a new lesson in contractor management. This one is related to cleanliness and keys

Cleanliness: a couple of contractors left garbage and debris all over the job site. This led to the next contractor leaving even more, and a game of he said/she said followed. From here on out I’ll make sure contractors sign a cleaning addendum

Keys: one contractor kept the keys 3 times. Time to put an extra key on site

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

Freedom Capital Funding for hard money

Hey all, looking to hear from people who have structured a private loan as a line of credit. The main question is...how did you structure it so that it made sense for both the borrower and the lender?

The benefit of any line of credit over a simple loan is that you only pay interest on what you've drawn, plus the simplicity of only drafting one loan rather than doing it over and over again.

Where I'm struggling is how to apply this to a private lender utilizing something like their IRA. As a borrower, it doesn't make sense to pay interest on the full amount when it isn't being used. As a lender, it doesn't make sense to have money that can't be invested elsewhere but also is only earning interest when someone else decides.

I'm currently considering a couple of options...

• Interest paid only on drawn funds, but with a larger minimum draw amount and a higher interest rate (~10%)
• Low rate (2-4%) paid on unused funds, moderate rate paid on drawn funds (6-8%)

What am I missing? If you've done this before, how did you structure it? If you were the borrower/lender, what would be acceptable to you?

Thanks in advance!