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All Forum Posts by: Patrick Menefee

Patrick Menefee has started 62 posts and replied 383 times.

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341

@Mary Mitchell ah i misunderstood, thought you turned the 10 into 20 and sold. Congrats! Your # of doors is taking after Covid and multiplying

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341

@Adam Tafel optimizing performance is a big one! Slowing down and taking a hard look can really reveal some inefficiencies in current holdings, or in my case in the rehab process

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341

@Adam Tafel optimizing performance is a big one! Slowing down and taking a hard look can really reveal some inefficiencies in current holdings, or in my case in the rehab process

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341
Originally posted by @Mary M.:

@Patrick Menefee multi family - 10 units new construction (when purchased in 2015) to 20 units new construction now. A bit more than doubling my investment $$... scary especially now, but with low interest rates I figured it was a good time to jump.... of course my timing was perfect - top of the market and right before covid 19.... i freaked..... but then decided to be positive instead of negative...  i dont know what the future holds, and I would probably not of made this move if I knew covid 19 was lurking, but it is what it is... and I am learning a ton and they are nice buildings! 

Congrats! Are you doing a 1031 with the sale of 20 units? And what are you closing on instead?  

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341
Originally posted by @Account Closed:

my dog seems to be much happier lately

Little victories. Just don't tell him why you're around more...he doesn't need to hear that 

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341
Originally posted by @Mary M.:

Luckily(?) I am a loner introvert so social distancing etc is not really changing my life..... now, people dont look at me oddly when i step back or want my own space :) 

RE wise, with “perfect” timing I am closing on the sale on one asset and buying two others.... going from free and clear to 60% leveraged..... its nerve wracking, but I am excited to be playing with the big boys and expanding my portfolio - learning a ton and grateful I have the opportunity to be where I am in life.... 

Congratulations on the expansion! What types of properties are these? Care to share a little more about them? Glad to see someone still moving forward in spite of everything going on!

Post: 80% LTV with 3 month seasoning

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341

Hey @Daniel Ferster, did this lender do 80% LTV for multifamily as well? Or just for SFH?

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341
Originally posted by @Kirk R.:

Some of rent I have gotten gave me the freedom to stay at my sister's house.  she's a doctor & I feel like me being here has helped. 

Also gonna put together a Facebook group with all my awesome prior boarders! Pretty excited actually.  I've interacted with some awesome people.  I've been meaning to do this for along time. 

That's one of the silver linings...there are some of the things we've been meaning to do for quite some time that we suddenly have the time to finally start doing!

Post: Forget Covid-19...what success are you having???

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341
Originally posted by @Adam Parker:

@Patrick Menefee thanks for a refreshing topic

I’m doing social emotional lessons online while students are not in school. Go enjoy and smile!

Love it man! Very creative and breaks up the monotony a bit haha

Post: Asset Class & Market Risk With Coronavirus

Patrick MenefeePosted
  • Real Estate Coach
  • Charlotte, NC
  • Posts 399
  • Votes 341

@Russell Brazil definitely interested to see where this thread goes. Right now I have one tenant who lost his job and will have issues, but lucky for me it’s in a fourplex undergoing a rehab on 2 units and he’s going to be painting to make up for rent. Haven’t heard from anyone else yet, but will post when I do. These are all a mix of C to B-