February Investor - Member of the Month
LaToya Murry - "Small Progress is Massive Progress"
I met LaToya for brunch to catch up on her current projects. If you’ve attended any of the recent ccREIA meetings, you know she has been on fire closing deals left and right. Read up on what’s on her plate and her plans for her investment portfolio!
Why did you choose to become a real estate investor?
I have always been interested in real estate. It is a logical way to create wealth and help others simultaneously. I also know that many millionaires were created from real estate. so I take a page from their book too
When did you get started?
I got started in 2012
How did you find your first deal?
A friend, who is a successful real estate investor, told me about a single-family home that would be a good investment opportunity. I followed up on the lead and purchased the property.
What is your favorite/preferred real estate investment?
My preferred real estate investment strategy is acquiring properties to hold to create steady streams of rental income.
What is your best marketing strategy to find "good deals"?
My best marketing strategy is word of mouth and building good relationships. These two strategies combined bring business to me, because people are aware of what I do and like and respect me.
What has been your biggest challenge?
Finding reliable sources of real estate knowledge
What's your best advice for a new investor?
To surround yourself with like-minded people. The group dynamic creates focus, accountability, and an environment of consistent knowledge sharing.
What are you currently working on?
Doing minor repairs and marketing for tenants for my two recent acquisitions.
LaToya Murry - "Small Progress is Massive Progress"'s Property Case StudyLocation: I just acquired two properties in Norfolk, VA
Property type (single family, mult-family, commercial)
One property is a single-family home and the second is a 6-unit apartment building
How did you find this deal?
I found the single-family home on the MLS and the 6-unit building on Craigslist
What is/was the purchase price?
I purchased the single-family home for $49,920 and the 6-unit for $275,000
Project Rehab Costs? ARV (after repair value)?
The costs for the single family are around $8,000 and the ARV is approximately $85,000. The 6-unit is turn-key so 0 rehab costs. The ARV $475,000
What is your preferred exit strategy? (build & hold, fix-n-flip, wholesale)
I prefer to buy and hold to create steady streams of income
How did you fund the project? (hard money, private money, loan, 1031 exchange, partner)
I used business lines of credit to fund the single-family property and a hard money lender for the 6-unit
If you could change one thing or do one thing differently, what would that be?
If there were one thing that I would do differently, I would seek out a mentor to work closely with earlier in my real estate investing career
Recent Members of the Month
Capital City REIA Deal of the Month
What Other Members Are Saying
I am extremely happy that Capital City REIA is the place to be! You do a fantastic job running these meetings and always convey sincerity for others' success that is always missing at the other REIAs. Whenever I meet new investors I always make it a point to refer them to you and your REIA. I look forward to experiencing much success! Thanks for all of your help and advice.”— Mike Moreno
Wow! The Capital City REIA meeting was awesome! My eyes were opened to a very different and inspiring Real Estate Investment Club! The networking was incredible. Thank you!”—Tom Black, Pasadena, MD
I want to thank you so much for taking time to help me succeed in my business. Your experience coupled with your eagerness to share your knowledge with me so that I can move forward with confidence armed with the tools I need to succeed mean more to me than I can express. I can’t wait to read all of the information you have sent to me so that I can put more of your techniques into practice to further my business.” — Susan Taylor