All Forum Posts by: A.J. McKinney

All looks appropriate to me except the comission to the broker. As a buyer, you normally shouldn't be paying the commision, the seller should. Also looks like they are requesti g the full year of property tax up front, I haven't ever had to do that personally, but maybe that's a requirement where you are?

And a 50k duplex? Dang, that's awesome!

That I am unable to give a qualified answer on. But my gut says that won't fly as I'm sure they'll be requesting documents showing you moving from your current address (e.g. lease cancellation) and you'll also need insurance on the home and when you direct the insurance company to change it from OO to rental, they'll have to contact the lender to submit the new policy.

I just purchased a SFH for rental (my first) and this is what I learned.

% down minimum is 15 and you'll have PMI. But most lenders won't do less than 20.

Mortgage rate for everyone I checked was ~1% more than the rate for owner occupied.

Hope this helps.

Welcome to Richmond! I'm new to RVA as well, and have talked to most of the people in this thread and have come to the same conclusion...there's very little for sale in Richmond that makes sense to buy! I'm even looking for a primary residence, and unless I want to live in the northside, there's very little worth having under $400k and I feel those houses are overvalued by atleast 100k. It's sort of depressing in a way! ha

Patrick Kendrick ahh. Makes perfect sense. Thanks for explaining!

How were you able to buy a 105k property with only 7900 out of pocket? New to this, but everywhere shows 20% min without being owner occupied. Thanks!

Adrian Stamer thanks for the response! Yeah, I have no restrictions such as kids, spouse, etc. Coming from TN, MS, LA the prices in Richmond have me blown away with how seemingly expensive it is for what you get, but like you said - progress. Ha! If you wouldn't mind messaging me with multi's you think are a decent deal, that'd be great. I'm only seeing a few on zillow and realtor. Thanks for the help everyone.

Thanks for the responses guys! 

@Simone Warmolts, @Rich Lennon, and @Linda S., I am both open to gentrifying areas (appears to be the northside & churchhill) and waiting for a while, but have found that I like the Woodland Heights area but am unsure if any of those properties are multi's.

Hi All!

Just recently found this place and love all the info!

Just recently discovered the world of REI and my love of it. In the process of purchasing a SFR that my sister will be renting from me.

But doing this has led me to want to do more, and I'm looking to purchase a du/triplex in the Richmond, VA area that I'd house hack.

Anyone here a realtor or investor in the area that wouldn't mind discussing the local market with me a little more? I've only been here a little over a year.

Thanks!