Building Wealth Through Real Estate
John and Jeanne are on the move again!
We passed our training at the RAL Academy in Arizona, and we are now “Residential Assisted Living Specialists”.
We are designing a 6500 sq. ft. home for seniors; the blue prints are almost finished. Now, on to find that perfect lot in the perfect location.
Jeanne is a dental hygienist and one of about 400 employees of Lane & Associates Family Dentistry. We were shocked and surprised to walk into Dr. and Mrs. Lane’s huge Family Day party to see Jeanne’s ‘bigger than life’ poster in the entryway to the Jim Graham Building on the NC State Fairgrounds. Dr. and Mrs. Lane put on a fun-filled extravaganza with lots of treats for all the staff members and their families. It was a blast and a special treat for Jeanne and me!
2018 has been an Amazing Year!
We are blessed with a wonderful family and great friends. We spent some great times with the kids, Jonathan and Jiwon, Glenn and Pooja and Jaya our beautiful granddaughter. She turns 4 in less than a month. Being a grandparent is the best job in with world! While we worked a lot in 2018, we did take a little time off. I spent quality time with Mom in Pompano Beach, and Jeanne and I had a great time with our Ford family at Edisto Beach, SC and a fun trip to Savannah, GA. With our fantastic hosts cousin Jane and Bill Meyer, we attended the University of Alabama’s opening football game of the season where they beat Louisville at Orlando FL. We made two trips to Phoenix and Scottsdale AZ and had a great dinner with a spectacular view of the Grand Canyon at the El Tovar Lodge. It was our first time together at the Grand Canyon. This fall we caught the peak time to see the NC leaves at Beech Mountain thanks to our good friends the Flows. I along with a small group of TREIA board members participated in REI mastermind meetings in Denver CO and Nashville TN.
I only had to fire Jeanne once this year, but I quickly rehired her with a raise. I would have fired her more, but I was afraid she would stop working all together. She is my rock!
We became hard money lenders this year and made 12 loans in the last 4 months to other real estate investors: 6 rehabs, 2 new construction loans, and we purchased 4 short term notes. This was incredibly fun for me. I took the new general contractor’s test (called NASCLA) and increased my license to unlimited. This allows me to be licensed in 15 different states, and I can build both commercial buildings and residential homes with an unlimited price tag. So, if you win the lottery, I can build your $20 million estate or that new apartment community or shopping center for you.
This year we completed 4 new builds. These new cute 2 bedroom and 2 bath cottages are rented, so all of our “oil wells” are pumping. That’s a good feeling. Again this year I hosted a monthly TREIA subgroup with the topic of “Money for Real Estate Deals”. I was very pleased to be voted for a second year onto the Board of Directors for the Triangle Real Estate Investors Association (TREIA), which is an investment club in Raleigh with over 1000 members and growing. I won 2nd place in TREIA’s “Deal of the Year” awards.
Last fall in Phoenix and Scottsdale AZ, Jeanne and I attended training to become Residential Assisted Living Specialists. We are planning to build a new assisted living home for 6 residents in the next 12 months. This will be a new venture and strategic addition to our current real estate portfolio.
This year Jeanne cleaned more teeth than ever and again was one of the top producing hygienists for Lane & Associates Family Dentistry. This year has been our most profitable one. We are blessed with the Lord’s provision, wonderful family and friends and wish you a very blessed Christmas and Happy New Year!
John & Jeanne & Goldie
These posts and the information below are for educational purposes only based upon an analysis of our past projects. They are not to be considered a solicitation for any specific project or request for funds. All investments have risks. Always seek professional advice whenever considering any type of investment.
Thank you private money team for being a part of our growing business. Over the past four months, we have funded nearly $3 million worth of projects which include new constructions, rehabs and the purchase of notes. We continue to look for more opportunities.
John upgraded his General Contractor’s license after a grueling 5 ½ hour NASCLA test and a few weeks for a CPA to audit the books of our corporation. Now John has a new General Contractor’s License for both residential and commercial building. The dollar amount is unlimited, so with the new license John can build apartment buildings, shopping centers or executive homes for NBA stars!
Also, this new test allows him to be qualified to get his GC license in 15 other states. Great job John!
Out of 954 members of TREIA…
14 members submitted entries for the 2018 Deal of the Year. At the main meeting on April 17th, John’s birthday, he along with 5 other top finalists gave their 12 minute presentation for the Deal of the Year to an audience of 225 members. They voted, and John won second place and an award of $500 cash. The audience was asked to consider ROI, creativity, and challenges.
While we hoped for first place with an award of $1000 cash and a trophy, as we planned to give the winnings to a friend in the UNC Hospital Burn Unit in Chapel Hill. We were blessed to contribute the $500.
Way to go, John! Keep up the good work.
2017 has been an amazing year!
We are blessed with a wonderful family and great friends. This year we lost my twin brother, Bobby, to cancer in September, but we know that we will see him again in heaven.
This year we spent some wonderful times with the kids: Jonathan and Jiwon, Glenn and Pooja and Jaya our granddaughter. We love you all…especially Jaya! We talked about getting this puppy on the top of the page (Goldie), and we talked about getting more grandkids too…being a grandparent is the best job in with world!
While we worked a lot in 2017, we did take a little time off. I spent quality time with Mom in Pompano Beach, and we had a great time with our Ford family at Edisto Beach, SC and a fun trip Savannah, GA. It was a blessing to spend a week at Emerald Isle last summer with a house full of family and dear friends where we all watched the solar eclipse together. We had a fun family time at the Redskin’s Stadium for the opening football game between WVU and VA Tech. It was Jeanne’s first live college football game ever. We missed our first NASCAR Race in over 20 years. We attended the last Ringling Brothers Circus in Raleigh (without pachyderms). We enjoyed the Seagrove Pottery Festival and the Harvest Festival in Mt. Airy and trips to Oriental, NC.
I only had to fire Jeanne twice this year, but I quickly rehired her with a raise.
We added four new rentals and two buildable lots to our portfolio. We sold one house in Oriental, NC. (We call them our oil wells, that pump every month). We started our first new construction in recent years: a cute little two-bedroom cottage to keep as a rental. The foundation of the cottage just finished this week. This year I hosted a monthly TREIA subgroup with the topic of “Money for Real Estate Deals”. I was very pleased to be voted into the Board of Directors for the Triangle Real Estate Investors Association (TREIA) which is an investment club in Raleigh with 950 members and growing.
We did some rebranding of our company and began marketing ourselves as “Golden Consultants”. We’ve been doing consulting for over 30 years and decided now is a good time to turn that into a business. This year Jeanne cleaned more teeth than ever and again was one of the top producing hygienists for Lane & Associates Family Dentistry.
We are blessed with the Lord’s provision, wonderful family and friends and wish you a very blessed Christmas and Happy New Year!
John & Jeanne & Goldie
John was honored to be presented with a position on the Board of Directors of TREIA, Triangle Real Estate Investors Association. TREIA is a non-profit organization with 915 members and 10 Board of Directors founded to provide real estate training in the greater Triangle area. TREIA is the largest organization of its kind in the USA based on members per population.
Way to go John!
TREIA Mission Statement
The mission of the Triangle Real Estate Investors Association (TREIA) is to provide education, training, services and opportunities for both the novice and experienced real estate investor, while promoting high standards of ethics and a positive influence in our community.
Hello Team,
Our last update was July 26th. Here’s what has happened since:
We closed on a new rental: June 12th, 2017
Location: 115 Mattox St. in Wendell, NC 27591
Purchase Price: $103K
Rehab Cost: $35K
Closing Cost: $2K
ARV (After Repair Value): $186K
Equity Gain: $46K
Bonus Equity Gain for creation of a vacant lot: $25K
Estimated Cash Flow at Refinance: $300-$390
Length of Rehab: 5 weeks
Length of Time from Purchase to New Tenants: 8 weeks
Amount Borrowed: $130K
Money Source: Private Lender $130K, Personal $10K
Exit strategy: hold as a rental and refinance to a 30 year mortgage in 12 months to pay back our private lender.
The rehab of $35K was $10K more than we expected, as we found the front wooden porch support post and beams to be rotten, did extra painting outside, extra landscaping, and other upgrades. The neighborhood is a buzz with compliments.
We had one open house and awarded the home to a new tenant the very next day for $1350/mo. Our new oil well is now pumping.
Bonus Equity:
This property used to be two lots and our goal is to re-divide the lot into two and to build a small cute cottage to keep as a rental. For $2-3K we will have a buildable lot worth $25-$30K. So far, we are under budget for the lot clearing and running natural gas lines to the new home.
In baseball terms: we hit a home run. We don’t always hit a home run, but it feels good to hit one.
Whether we run over or under budget, your money invested and interest payments remain constant. We use our own funds to pay overages, if they occur.
Thanks to you all! Please continue to pray for our success and wisdom with our investing. 2017 continues to be very profitable.
To our mutual success, John & Jeanne