All Forum Posts by: Alixander Laffredo-Dietrich

To answer some questions…

1. Yes the inspector went up on the roof. Reported some reshingling that was needed which I patched up.

2. I don’t know the situation of venting from kitchen or bathroom but the attic is not very well ventilated. It gets abysmally hot up there on hot days.

3. My agent recommended the inspector.

Glad to hear the rafters are okay for now! With that said, sounds like I need to “redeck” the house (if that’s a word). Let me know if my verbiage is incorrect.

I’m going to reach out to my agent on Monday and see if he has any insight as well. I do trust the guy, and he’s been a valuable resource in teaching me real estate. 

Appreciate the help this far and willing to hear other people’s opinions. Way I look at it is that I plan to refinance when interest rates drop anyway, so I’m not going to be as cash negative as it seems up front.

Hey all, just bought my first home on Jul 24 2023. Have some questions about my roof.

Noticed one morning when the sun hit my house just right that there were some small, but noticeable waves in my roof. Went up to the attic to check and noticed that it’s old plank sheathing. There are a good number of split planks, a few totally cracked all the way in half, and some water damage. Also, looks like the start of some mold on the joists that support the sheathing.

Mainly, I think it needs to be completely redecked and but I might be able to save the joists with a good cleaning.

My question is:

1. I feel like this is something the home inspector should’ve caught before I bought the house. There are pictures of the attic, but everything is about the insulation, and nothing touches on the quality of the roof. Am I crazy? I feel like this was a huge oversight.

2. If there’s nothing the inspector can do, does a home warranty cover this sort of stuff? I still have a few weeks to buy one.

3. Worst case scenario and I have to eat this cost, anyone got recs on good roofers in the area? Fortunately my house is 980 sq’ so it shouldn’t be the end of the world. Will just have to tighten the belt for a few months.


Kind of a bummer, but I’ll be alright. Just looking for the best course of action to nip this problem in the bud before it gets worse in the best way possible.

Thanks for all the advice!

Hard to see in this light but look closely and you can see a few lumps.

Big crack in the sheathing.

Sheathing split all the way through. Also I’m guessing dark mold on the joist to the left.

I’m guessing that’s mold too?



Give it to me straight docs. What’s the best course of action here?

Hey @Robert Gambill Happy to connect!

I’m not sure if I understand your question…where you looking to lease from me if I get something before end of April? 

Hopefully I’m that quick in finding something. 

@Patrick Devlin thanks for the response! I’ll send you a connect request because I’d like to stay in touch and will certainly have questions. But want to answer as much publicly to help others.

1. I do qualify for conventional and have a few lenders now that I can get to compete with rates to lower my costs. I was told that government backed loans (like a 203k) I won’t qualify for until I have a solid year’s work history. However, 203k loan is the only renovation loan I’m aware of so if I’m missing something great! I’ve never considered hard-money…tbh its something I’m not sure is right for me but I say that mostly out of fear due to not knowing about that process or what to expect and less because I can say I’ve explored it. 

2. Had a nice conversation about the 1% Rule with my realtor and he said that’s not something I’m going to find in Richmond (at least not with my current budget w/o Reno loans). Appreciated the honesty and the fact that maybe I’m not going insane! So you’re right as far as quantifying other visions of success. I think my biggest concern is twofold: I lived in RDU a few years prior and saw how quickly the real-estate market became unaffordable in a matter of months (granted this was pandemic fueled) but also feeder markets from highly affluent areas in the US coming to the  area. I don’t want to be caught with my pants down again should Richmond take off and worth feeder markets from DC and NYC, I want to consider opportunity cost of buying less-than-ideal vs getting stuck with rapidly rising rents and not getting my foot in the door at all.

3. In short, that’s the plan :) buy something I can afford monthly without renting to roommates…but rent to roommates. Then since I’m in a house, start picking up in Hopewell area or out more rural where the 1% rule makes more sense.
 

Hey thank you all for your help!

First, I’d love to snag a multi. I saw one on Semmes Ave but my understanding is it’s all cash. I’ll keep looking.

Second, would love to be a part of that investor community. @Dawn Roy where can I sign up!

Also, I do not qualify for renovations loans this year do to my work history in 2022 - or so I’ve been told. With that said, I have limited cash to fix up a place although I’m not slowly building up a property that’s in a currently livable albeit outdated condition. Are there any other workarounds save for a 203k?

With that said I have $20k in savings. @Dawn Roy I don’t know much about wholesaling but I’m guessing owner financing is like mortgage but I pay to the seller of the property? Would love to learn more to see if that’s a strategy I’d vibe with! (I am working with an agent already who’s been great so I don’t plan on switching. Want to be honest upfront.)

 Hey Kyle, that’s a great idea!

I actually have a roommate in mind that could help offset repairs. He wants to get in RE too, and I want to get a place that I offset my costs while giving him an opportunity to save up to buy his own place. I think with a little number crunching and seeing how much some cash renovations can do, I could strike a deal that when I cash out refinance I can give him a chunk of change equal to the ratio he put in with me. I get more equity, he gets a lump sum down the road, we make a cool home, and I don’t think it would tie us up into any legal mumbo jumbo.

 You know, now that you mention it, I think I can find a 3bd1bth around the city and meet that. I can rent it by room.

BUT, you've given me another idea with the basement. RVA doesn't have a lot of basements per se but the homes I've seen have a tall crawl space. High enough to comfortably sit in but not stand in. I'm thinking, what if I get some carpets for the cheap, put fluff on the ceiling and wall, a dehumidifier, and boom got a practice space I can rent by the hour. I'm connected with musicians around here. I'm thinking I get a 200k house, I'm probably paying $1600 with everything included (PMI, tax, etc.)

I’ll have to see how much those spaces rent for but just thinking creative ways to use a non-bedroom.

TL;DR - I am brand new to real estate and am weighing options on buying my first property that I can use to set me up to buy a full rental property in the future. However, I'm thinking how to navigate a less-than-ideal situation and am looking for your expertise and advice.

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I’m looking at my first property at the moment after a personally rough 2022. FYI, I live in Richmond, Virginia.

The hard news: I was laid off multiple times that year so I don’t qualify for renovation loans. More so I had to move back in with my family which is a major shot to personal morale.

The good news: I’ve recouped my cash savings to $20k in a few months! I’ve got a few lenders lined up and am working with an agent. I'm looking around on this forum to find a mentor as well to guide me through the process.

Currently, I'm staying with family in Richmond, VA as a 30M (layoffs hurt!) so needless to say, I'm trying to exit asap! However, I want to buy a house and not get tied into renting. My budget is $250k although I’d like to stay closer to $200k. I’m looking for homes where I can live with a roommate to offset living costs, and would meet the 1% rule when I move out to my next home.

Unfortunately, I’m having a very hard time with this. Most homes I find are in the .7%-.75% rent to purchase price.

So here are my choices as I see them (again, please offer any advice or other choices I may not be considering).

A. Buy a home on the cheaper side that negatively cash flows just so I can move out and collect equity on something using a conventional loan. Then, after a year, I can qualify for a renovation loan for another house, fix that up, and have a positive cash-flowing property. Pro: I have a home and flexibility. Con: I’m not making money on it.

B. Stick it out and hope things get better while stashing more cash away. Pro: Rapidly increase savings. Con: Risk being a 31M living with his family.

C. Rent and hope things get better. Pro: I’m out of my family’s house. Con: I’m losing money and have less flexibility to leave my rental contract.

I personally am leaning towards A. It’s not perfect, but I’m fairly certain I can get my living expenses around $1k living with a roommate and I can bust butt to regain savings to buy a pure rental property.

In addition, we are seeing a huge influx of people from DC, NYC, LA, and Austin. I lived in Raleigh NC a few years ago and saw home prices skyrocket. I don’t want to miss that train here in Richmond.

Thank you in advance for your insight.

I’m looking at my first property atm after a personally rough 2022. FYI, I live in Richmond, Virginia.

The hard news: I was laid off multiple times that year so I don’t qualify for renovation loans. More so I had to move back in with my family which is a major shot to personal morale.

The good news: I’ve recouped my cash savings to $20k in a few months! I’ve got a few lenders lined up and am working with an agent.

My situation is a bit odd, and I’m trying to figure out the best way to go about it…advice is definitely welcome!

Currently, I'm staying with family in Richmond, VA as a 30M (layoffs hurt!) so needless to say, I'm trying to exit asap!

However, I want to buy a house and not get tied into renting. My budget is $250k although I’d like to stay closer to $200k.

I’m looking for homes where I can live with a roommate to offset living costs, and would meet the 1% rule when I move out to my next home.

Unfortunately, I’m having a very hard time with this. Most homes I find are in the .7%-.75% rent to purchase price.

So here are my choices as I see them (again, please offer any advice).

A. Buy a home on the cheaper side that negatively cash flows just so I can move out and collect equity on something using a conventional loan. Then, after a year, I can qualify for a renovation loan for another house, fix that up, and have a positive cash-flowing property. Pro: I have a home and flexibility. Con: I’m not making money on it.

B. Stick it out and hope things get better while stashing more cash away. Pro: Rapidly increase savings. Con: Risk being a 31M living with his family.

C. Rent and hope things get better. Pro: I’m out of my family’s house. Con: I’m losing money and have less flexibility to leave my rental contract.

I personally am leaning towards A. It’s not perfect, but I’m fairly certain I can get my living expenses around $1k living with a roommate and I can bust *** to regain savings to buy a pure rental property.

In addition, we are seeing a huge influx of people from DC, NYC, LA, and Austin. I lived in Raleigh NC a few years ago and saw home prices skyrocket. I don’t want to miss that train here in Richmond.

Thoughts?