I’ve had the delightful experience of being able to write about a few of Gather.com’s members outside of this forum. First was Loral Langemeier (“The Bottom Line: QA with Loral Langemeier on self-directed IRA investing”) for a series I write for Real Estate Magazine’s “Power Team Report” print newsletter. Last month, I was able to profile two more Gather.com members,Â Sarah Barry (propertyvestors.gather.com/) and her biz partner/significant other Shawn Barry, for the same newsletter. As my Gather Money posting Yuma ac repair today I bring you the profile of these two members. Hopefully you’ll enjoy the article as much as I enjoyed writing it.
WHEN IT COMES TO SELF-DIRECTED REAL ESTATE INVESTING, Shawn and Sarah Barry suggest you join the club.
Â Â Â Â Â Â Â Â Â Â Â In 2004, the Barrys formed PropertyVestors, now a 300-member-strong real estate investment club near Richmond, Va. âEURoeI found out that other agents have no one else to turn to when it comes to investments in other areas,âEUR says PropertyVestors co-founder Shawn, a Realtor with Exit First Realty in Glen Allen, Va. âEURoeThis appeared to be the answer.âEUR
Â Â Â Â Â Â Â Â Â Â Â Members sign up for free at PropertyVestors.com, and receive monthly e-newsletters, an e-book by Sarah Barry called âEURoeCapitalizing on Real Estate in TodayâEUR(TM)s Economy,âEUR and access to online articles. Shawn says about 25 percent of PropertyVestors members also pay âEURoepremierâEUR dues of $245.25 per year, a fee that gets them priority project alerts, educational webinars, quarterly portfolio profiles, and free consultations from the Barry power team. One percent goes to New Horizons Foundation, a non-profit job training program for buildingâEUR(TM)s sheet metal and HVAC industries.
Armed with finance degrees earned from Virginia Tech (where they met), the Barry team has been investing in real estate since 1994. Both had backgrounds in finance: Shawn as a financial advisor for a McLean, Va.-based wealth management firm, Sullivan, Bruyette, Speros Blayney (âEURoeThe largest East Coast provider for Charles SchwabâEUR(TM)s accredited investors,âEUR according to Shawn) and Sarah as a financial auditor for General Electric.
Â Â Â Â Â Â Â Â Â Â Â Their first investment was a HUD-foreclosed town home in VirginiaâEUR(TM)s Fairfax County. âEURoeIt happened fairly quickly,âEUR says Shawn, now 34. âEURoeIt was a sealed envelope bidding process. We analyzed the value of the town homes in that area âEUR” the going value was about $155,000 at the time âEUR” and worked with a real estate agent to put in a bid for $145,000.âEUR
Â Â Â Â Â Â Â Â Â Â Â A week later, their bid was accepted. âEURoeWe had money set aside to fix it up, finish the basement and update the town home,âEUR Shawn says. âEURoeWe saw it appreciate quite a bit, then we sold it and rolled those funds into a new home.âEUR
Bring it on
The Barrys were ready to dive full-time into discounted-real-estate hunting. The two starting bringing in family and friends for bigger projects, and using a securities broker as needed. Shawn earned his real estate license. Sarah earned certifications from the nationâEUR(TM)s leading self-directed IRA custodian and facilitation firms.
Â Â Â Â Â Â Â Â Â Â Â âEURoeWe discovered that the more buying power we have, the better deals we can bring to the table,âEUR says Sarah, 33. And so PropertyVestors was born.
Â Â Â Â Â Â Â Â Â Â Â âEURoeWe look at investing very much as if youâEUR(TM)re investing with a traditional Charles Schwab,âEUR Shawn says. âEURoeIt just needs to be diversified; we really focus on that for weathering market storms âEUR¦ Working at SBSB was a great experience, and I learned a lot from it. And now I apply that same philosophy of diversification to our real estate group.âEUR
Â Â Â Â Â Â Â Â Â Â Â For the Barrys, âEURoediversificationâEUR in real estate means a revolving portfolio of rehabs, green projects, flippable properties, options to buy, rentals, foreclosures, pre-construction financing, tenancy in common deals, land lots, private loans and discounted notes. And it means financing ranging from letters of credit with liens against existing assets, to self-directed IRAs.
Â Â Â Â Â Â Â Â Â Â Â ItâEUR(TM)s only been three years for the club, but its members expect to take action on more than 100 deals this year. âEURoeThe group is becoming even more active, even with a downturn market,âEUR Shawn says. âEURoeAt the end of the day, you have to learn as much as you can about each of these strategies. ItâEUR(TM)s only then that youâEUR(TM)ll know what strategies will work the best for you in your particular marketplace.âEUR
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