All Forum Posts by: Adrian Stamer

how are you making money on this deal? Also you are talking about other investors, just doesn't seem like much upside to bring additional investors into also

Not a lot of value vs price when factoring transaction costs and also your % of rent is very low compared to purchase price unless it is very under market

when I ran the numbers it was priced as a 7% cap, so I passed. It has been on the market 800 days for a reason 

Union bank, city bank, and first bank of Virginia are the banks I can think of off hand. That property sat for a very long time on the market, at that price I would get ready to start raising those rents asap. They are below market but the units are pretty small. 

Hey Jim

I do some biz in this area though based in Richmond. In the future I would suggest figuring out the financing on something this size first, but since you've dove head first in you need to start contacting small local banks in the area and see what their requirements are

Heloc is what you are looking for. Variable rate yes, but infinity more flexible

Hey all

So I am representing a client who sold his house to downgrade and try to get some rental income. He is older is currently not employed (has some social security income but that's it now). 

He is renting right now but looking for a small house for himself and also some rental income... So owner occupying a duplex, buying a small house or two, duplex and small house etc are what we've been looking at. 

He is planning on paying cash, but was wondering what kind of asset based or no income needed loan programs there are for his situation, even if it's something like 50% LTV.

He doesn't have experience investing, so he can't claim any rental income for a couple years I imagine and I also realize there may be nothing for owner occupy but possible for investment. Just trying to stretch his cash a bit further...

Thanks

Good luck with your venture Ron

saw that one pop up on mls, cool to see the inside. Much better then expected. Good luck!

6.75% is a pretty poor cap rate for what you are calling an "improving" area in Richmond. You would have a rather hard time getting any good cash flow out of it also. With multi family "improving" is only good if you can steadily keep raising the rents to force the appreciation. 

As someone who looks daily for deals in the Richmond market, you are going to have a pretty difficult time landing one of these that are worth a damn... But overpriced apartment deals that have been sitting on the market forever in lousy areas are pretty plentiful. Feel free to hit me up to chat more

 These small mastermind sessions are in my opinion the best. Though the big meetings can have excellent speakers, it just depends on who it is