All Forum Posts by: Amy H.

@Carrie Easton my husband and I use Pilc & Moseley in Richmond, VA. Bill came highly recommended from other real estate investors that we knew locally.

Just at a quick glance, I would think you'd be around 9% CoC return gross but net (after vacancy, property management.. even if you self manage because you need to pay yourself, capex, and maintenance you would be under 3% CoC). Using 23% of rent for those categories/monthly reserves. What are your criteria for buying a property? Personally, I wouldn't do it with that low of CoC and high of cash needed to invest into the deal (closing costs, down payment, rehab).

@Aj Parikh Have you tried to talk to their case contact for their voucher program? They can lose their voucher for not paying. Is it covid related non-payment?

@Aj Parikh unless you are up to date on all the new tenant laws that came into effect in Virginia as of January 1.. I say it's safer to hire a lawyer for this one. 

@Account Closed I just did a few cash out refinances on rentals this past summer in Richmond. I used Kirstin O'Neil with Home Loan Zone (she's in Richmond) and Fulton Bank. Both were 75%. I couldn't find any banks that were above 75% that didn't charge crazy fees or a way higher interest rate. 

@Patti Robertson It's actually the only house in the neighborhood with a basement! 

@Remington Blackburn small world.. my best friend in middle school lived in that home and I lived down street all my life until college. Awesome job turning it into an investment opportunity!

@Joshua S. This is why people need to pay professionals to handle this type of thing. You're trying step over dollars to chase pennies. Hire a lawyer that knows the law and all the changes that are happening! It'll save you time, money, and a headache. You probably feel the same way when people list FSBO and you're a realtor :)

In Virginia- Protections through Dec 31:

Landlord cannot evict for unpaid rent unless:

Landlord gives tenant written notice about how much is owed with information about Virginia RMRP and how to reach 2-1-1- Virginia for rentals assistance programs. Tenant must refuse to apply for RMRP and refuses to cooperate with landlord in applying for RMRP.

Starting January 1, there are even more steps that the landlord will need to do in this type of situation.

Also if your lease was signed on or after July 1, 2020.. you have to include the Virginia statement of tenant rights. Must be signed off by both the landlord and tenant. Landlords may not sue a tenant in any court for any lease violation unless the statement has been signed.

@Ken Musial Virginia tenant landlord laws are changing on January 1 btw.. make sure to check them out (in case you didn't already know). Requires the landlord to do more regarding RMRP.

@Margo Fairchild Congrats on building a tiny home! I invest in Henrico and Hanover counties, but know the Richmond area thanks to my day job. Let me know if there is anything I can help you with!