All Forum Posts by: Alex Winfield

Awesome Patti!  I will reach out to them and accept you on Facebook.  I will share what I find out back on this post.  

Thanks, 
Alex 

Thanks guys! We do have some lenders in the area who can do VA loans for up to 4 plexes, but the problem is that most of the 4 plexes are in crumby shape and won't pass for the VA appraisal standards. A VA Rehab loan would really help with active and retired military being able to acquire these properties. So far I can't find anyone who can do a VA REhab loan for more than 2 units at a time.

Thanks! 
Alex 

Hey guys, Being an agent in Norfolk Virginia right next to a huge Naval Base we do a lot of VA and VA rehab loans. In the past year, we have found a local bank that will do VA-rehab loans up to a duplex. This is, of course, a great option, but I am asked constantly if there is anyone who can do VA-rehab loans on a 3-4 plex. So, far I have not heard of anyone who can. Just curious if you guys know anyone who can do this? Also, if not, does anyone know if its a VA thing or a Broker/lender reason nobody seems to be offering these kinds of loans. At the end of the day, the VA and the VA rehab loans are incredible ways to house hack and create value in a property, so I just want to make sure my clients and our community can fully capitalize on the opportunities around them.

Any help or guidance would be greatly appreciated! 
Alex 

My clients actually got verbal support from the city commissioners for the "conditional use permit" allowing her to perform short term rentals in her apartments in OV!  This was the city planning meeting, so I believe next month will be the final vote on it which we expect to go without any hick-ups. 
The overall vibe from the city officials and planners for Airbnb style rentals in OV seems to be positive. Most hold ups seem to be with it being so new, some civic leagues being scared, and the current zoning in place. I definitely recommend anyone with interest in this topic to make it out to our meeting next week as the planners specifically voiced interest in our REI community and will be taking notes on our feedback and ideas.

Alex

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $135,000
Cash invested: $7,500

We needed a place to live for 6-18 months so bought instead of renting and took advantage of the primary residence loan with only 5% down. We new were would live there for a short term and eventually turn it into a rental property, so we bought with that mindset. We were low on cash and to busy to take on any serious projects so bought a place that was turn-key, at a great rental price point. Seems simple, but compared a $28K down Investment loan my $7K down property is a winner.

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

House Hop kind of fits you're investing along the path of your life while taking advantage of the great perks of a primary residential loan.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $135,000
Cash invested: $7,500

#HouseHop. We needed a place to live for 6-18 months so bought instead of renting and took advantage of the primary residence loan with 5% down. We new were would live there for a short term and eventually turn it into a rental property, so we bought with that . We were low on cash and to busy to take on any serious projects so bought a place that was turn-key, at a great rental price point. It now cash flows about $290, but since it was so turnkey our maintenance and vacancy have been very cheap. It is self-sustaining and will serve me and my family as a great long term investment.

#househack, #Househop, #4realrealestate

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

House Hop kind of fits you're investing along the path of your life while taking advantage of the great perks of a primary residential loan.

Things are definitely changing with Airbnb rules daily. Literally going to the courthouse on Thursday to support a client who is trying to rent out their 8 units in Ocean View Norfolk.  Right now you cant get permission to lease out a 5 or more unit in the short term game.  I believe short term rentals could rapidly change the face of Ocean View more than any other factor if the City supports the effort of our investors and entrepreneurs.   Looking forward to getting the most up to date info on Norfolk short term rentals at the HOP meeting.  Please bring your questions and ideas (share with me ahead of time if you can).   

Everyone knows you don't ~actually~ do work the week of Thanksgiving. So why don't you sit back, grab a beer with us, and talk to the guy who's in charge of Airbnb and short term rentals in Norfolk! 

We've got City Planner Hank Morrison on the books and it's going to be a great meeting!

Join us at Bold Mariner Brewing on November 26th at 7pm!

For more info go here: https://mailchi.mp/bd82396d8183/hopportunity-november-2019

We're super excited to announce this month's speaker is Dr. Robert McNab! He spoke to us last October and gave us so much info on the Hampton Roads market. This is a can't miss event and we can't wait!

https://bit.ly/2nlKDrD