All Forum Posts by: Wes Waggoner

I'm in the Gulfport area (live and have properties in Ocean Springs, other properties in Biloxi and Pass Christian). Happy to help!

Pilger Title Company has locations all along the coast any they work with investors/wholesalers regularly. I think Hattiesburg is the northern most location. 

I'm in Biloxi. There are 2 banks here that I use for portfolio/construction loans for single family homes. 20 year amortization, 15 year fixed on one & 5/1 ARM on the other. If cash flow is still good I keep the properties in the loans. Otherwise, I refi to a local QM or non-local DSCR. Happy to share info if you want to message me.

Investment Info:

Single-family residence buy & hold investment in Biloxi.

Purchase price: $140,000
Cash invested: $8,500

First use of construction/commercial loan. Partnered with my brother Patrick. Needed a new roof, portrait window, cabinets painted, and vanities. All of the rehab reimbursed thru commercial loan draws. That increased the property value by ~$25K.

Investment Info:

Single-family residence buy & hold investment in Ocean Springs.

Purchase price: $125,000
Cash invested: $7,500

Another renovation loan with my brother Patrick. First bigger rehab. All new floors, new kitchen cabinets, new appliances, and odor remediation.

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

Good neighborhood and good size of home to do a first "bigger" rehab

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

MLS, missed getting it the first time around when it went pending, but when it came back on the market we got it. Market was heating up at this time, but we did get some closing costs paid, otherwise paid asking price (still ~$15K under market value since it need some work)

How did you finance this deal?

Renovation loan, same regional bank as the last one

How did you add value to the deal?

New flooring, kitchen cabinets, granite countertops, new appliances, odor remediation, lots of landscaping

What was the outcome?

Came in just under rehab budget. Rented out right away for ~$200 more per month that typical homes in the area.

Lessons learned? Challenges?

Since we didn't have to repaint the interior, the only method that worked getting the smoke stench out of their was hiring an odor remediation company (~$750 for that size of house). Totally worth it, but should have done that before we allowed the property manager to show anyone the (in progress) house. The smell turned off some A+ tenants. Still got a great tenant, but I don't want to build the local reputation of having stinky houses.

Investment Info:

Single-family residence buy & hold investment in Biloxi.

Purchase price: $140,000
Cash invested: $8,500

First use of construction/commercial loan. Needed a new roof, portrait window, cabinets painted, and vanities. All of the rehab reimbursed thru commercial loan draws. That increased the property value by ~$25K.

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

Saw potential for value add

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

MLS, typical RE agents negotiation

How did you finance this deal?

Portfolio/commerical loan, along with 20% down payment, done with partner

How did you add value to the deal?

Capex plus cosmetic improvements

What was the outcome?

Found an A+ tenant immediately, paying over anticipated rent

Lessons learned? Challenges?

Should have been a better "BRRRR", but the sq footage was off by 300 sq ft (garage used to be enclosed as a bedroom, but that's not how we wanted to use it). Thus, need to verify sq footage when making these deals in the future.

Investment Info:

Single-family residence buy & hold investment in Ocean Springs.

Purchase price: $169,000
Cash invested: $13,000

Turnkey SFH. Partnered with my brother Patrick. This was our first RE investment and it worked out well for cash flow, but most importantly building our confidence in getting started!

How did you finance this deal?

Conventional 30-year thru local bank

Hey Ray, welcome to the area. For sure keep me in mind. I have a few rentals in Ocean Springs and in Biloxi. I'm interested in the typical 3/4 bedroom, 2 bath SFH. No flood zones. I prefer to renovate, so not interested in turnkey properties unless they are significantly below market value. Will also consider 2-4 unit multifamily, but only if in good school districts (primarily Biloxi, OS, D'Iberville). -Wes

@Preston Bush For Sure! Let me know how it

Hey Preston. I've not personally used him yet, but we've chatted and he comes highly recommended (and lends in Mississippi). https://www.directorsmortgage....