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.
Way to go John!
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!
Congratulations 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.
A Merry Little Christmas Greeting from Wendell, NC!
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
Congratulations John!
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.
August 13, 2017 Post
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
June 26, 2017 Update
Hello Team,
Our last update was June 1st. Here’s what’s happened since:
I am super big on training and improving my skills and knowledge. This helps to mitigate the risk in real estate investing.
The more I know, and the more experience I have, the less risk there is when I use other’s money for real estate deals. While all investments have some risk, we try to mitigate risk by having the proper:
Title Search and Title Insurance, attorney provided
Hazard Insurance, provided by State Farm Insurance
Workman’s comp. insurance, when needed
Builder’s Risk Insurance, when needed
Life insurance policy back ups. AIG-Progressive
Business and personal guarantees. We back our deals with our own personal assets.
Deeds of Trust, recorded at the local county, a real, hard asset as collateral with Promissory notes.
I forgot to mention that I attend 7-8 trainings each month provided by TREIA.com, and I host one of the meetings, TREIA West.
I attended two additional seminars in the last 2 months:
3 full days at HGTV stars seminar, Than Merrill, with Fortune Builders. It was time well spent, but also it was a 3-day commercial for their program. $30k, $40k, or $50k programs.
I also traveled to Atlanta for a 2 day seminar called, “How to be a hard money lender”. 3 other investors were there that I knew from Raleigh. Wow, that was in the weeds. I thought I was in law school, since it was taught by an attorney. We went page by page through a 300-page textbook of very good information.
Thanks to you all! Please continue to pray for our success and wisdom with our investing. 2017 looks very promising.
To our mutual success, John & Jeanne
Building Wealth Through Real Estate
If you are getting this email you are our family, friend, neighbor, past or current investor, or someone who has shown interest in our real estate investing. We will be sending an email out from time to time to:
- update you on what we are doing in the real estate world.
- provide tips and insight on how to invest in real estate.