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Updated over 2 years ago on . Most recent reply

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Patrick David Broughton
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About to buy our first fix, rent and refinance.

Patrick David Broughton
Posted

Hello everyone,

Me and the wife are about to buy a small single family home in Richmond or Newport News VA. We have just over 100K in cash. The homes we are looking at are around 60-80K. Almost move in ready besides some paint and new appliances. 5-10 k in rehab costs.

Our plan is to buy the house for 75k and put 10K into it. Rent is going for 1300$ per month, so hopefully we can get a renter in for 1300$ quickly. The house's ARV should be 120-130K. We plan on putting mortgage on it for 75% value - 95K after all done. Rinse and repeat in a perfect world.

My questions- We need some contacts for a management Company, appraisal company, and real estate Lawyer in Newport News and Richmond.

Question 2- After we put a mortgage on the house do we need to put the 95K into a 1031 exchange? 

Question 3 - Does my overall process workout? Am I missing any big giant steps? 

I'm trying to learn as much as I can about everything real estate but soon I'm going to have to jump in head first!

Patrick Broughton

  • Patrick David Broughton
  • Most Popular Reply

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    River Sava
    #2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
    • Lender
    • USA
    1,967
    Votes |
    1,920
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    River Sava
    #2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
    • Lender
    • USA
    Replied

    Hey Patrick- I am not too far away in Blacksburg right now! Would love to connect and helo you out where I can

  • River Sava
  • [email protected]
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