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Updated about 3 years ago on . Most recent reply

User Stats

58
Posts
72
Votes
Roberto Sembiante
  • Rental Property Investor
  • Henderson, NV
72
Votes |
58
Posts

Second Rental (Large)

Roberto Sembiante
  • Rental Property Investor
  • Henderson, NV
Posted

Investment Info:

Single-family residence buy & hold investment in Norfolk.

Purchase price: $307,500
Cash invested: $3,695

6 Bedroom, 5 Bathroom Renovated Single Family Home.

What made you interested in investing in this type of deal?

I wanted to experiment in the college rental scene in Norfolk near Old Dominion University. I figured since students like to live in a house with all of their friends this would suffice well.

How did you find this deal and how did you negotiate it?

I found it driving and saw that it was on the market for 120 days, so I negotiated it from 320,000 to 307,500

How did you finance this deal?

VA Loan 0% Down

Lessons learned? Challenges?

No one found out that there was no CO for the property. I left for deployment a couple weeks after closing and found out when trying to hand it over to the property management agency. That left me with the property and no renters for my 6 month deployment. I learned all of the ins and outs when it comes to the City of Norfolk and getting a CO.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sherry Reid of TowneBank. The best lender you can ever ask for, highly recommend!

Most Popular Reply

User Stats

173
Posts
129
Votes
Douglas Mcqueen
  • Rental Property Investor
  • Virginia Beach, VA (Virginia Beach)
129
Votes |
173
Posts
Douglas Mcqueen
  • Rental Property Investor
  • Virginia Beach, VA (Virginia Beach)
Replied

Patti is great!  definitely top of her game in Hampton Roads!

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