90 Day Challenge- Charlottesville, VA

[Dennis Parslow]

I moved to Va 6 months ago, after two successful flips in Massachusetts. On Jan 1st I set a 90 day goal to complete a transaction in Va. Ideally, a BRRRR, but would flip if the deal made sense. Credit is 750+, 5k cash, $35k loan from 401k available if needed. So far I have reached out to every lendor recommended to me, and have not found any doing fix and rent lenders. I've been conducting market analysis as suggested by David Greene, Jay Scott and others. I've also visited several distressed properties, which are too distressed for me (major foundation or septic issues). Today I plan to speak with LendingOne and Spectrum Funding (https://www.spectrumfundinggroup.com). LendingOne only lends to LLC, however. I wasn't planning on setting up an LLC yet, but if that's the only way then I will do it. Finally, since we are renting to remain flexible, I will buy a house to move into and then rent it after one year and repeat. Not my preference, but I will not be denied. Any advice is welcomed!

[Dennis Parslow]

The good news: I've completed the request for my 401k loan and that will be in my account in 5 days

The not so good news: I've found a deal and brought it to my first lender, only to be rejected because the property is rural. It looks like a great deal; $75k purchase, $30k rehab, $170 ARV.

Tomorrow I will continue to try other lenders.