How long have you been in the industry?
I purchased my first investment property in 1999 and still own it as a rental.
How many projects have you completed?
I have completed over 60 projects during my investment career, most of which were rentals. I have transformed to fix and flips over the past 5 years.
What has been your experience working with Groundfloor?
My experience with Groundfloor has been invigorating. The products offered by Groundfloor are top in the industry. The customer service is great and underwriting and closing times are good. Their lending model is very competitive as well as the rates. I like Ground floor’s lending model so much that I purchased stock during their equity offering. I had my own mortgage company for 10 years and I know how a lot of lenders “talk the talk” but fail to “walk the walk” or produce what they have promised. Groundfloor has proven to me that they will do “what they say”.
Anything you'd like to add about your latest deal with us?
My latest deal is a total rehab in the East Lake Atlanta area. It was very difficult receiving the building permit from the City of Atlanta, the process took over a year. We finally have the permit and construction is going great. We are about 6 weeks into the project and electrical, plumbing and HVAC have been completed. The property should be completed in about 6 weeks. The City of Atlanta placed a stop work order for a variance issue on the property. The order was lifted two days later because they approved the zoning. The property should sell well above my purchase price and increase value in the neighborhood.
Before and After
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Do you have any advice to share?
My advice to new and novice investors would be to learn as much as possible about the real estate business. There’s a lot of information that must be obtained in order to be successful. Learning property values, and how to use the internet to help get estimated values. Learning about credit, how to read and understand a credit report, credit scores and lending procedures. Locating properties will be another challenge, especially in this market. There are a lot of large companies that are purchasing real estate in local markets, and this has overinflated a lot of home values so ensuring a property is not overpriced will take some due diligence.
There are a lot of helpful agencies that I would suggest a new investor investigate joining like real estate investment groups. Find a mentor that knows real estate investing and learn as much as possible. Reading periodicals, magazines and books is another great source. I have a book that will be released in early 2023 that is a great road map to investing in real estate.