All Forum Posts by: Amy H.

@Yvette Valencia is the cash flow $200 after ALL expenses (PITI, maintenance, vacancy, PM, etc) or is that just after you subtract PITI from rent? That makes a big difference.

I usually analyze deals/areas based on how much risk it is (aka more repairs, lower income area, more maintenance, etc). If the area usually is going to require more repairs and maintenance, then I want 20% CoC return. If the area isn't at risky, I'd do it for 12-14%.

Congrats @Eddie Gonnella on the purchase! Keep us updated on how the repairs, ARV, and rents end up at. Good luck!

@Barb F. Unfortunately we do not currently offer a renovation loan. It's in the works right now to eventually offer it, but currently we do not. If you end up giving up on this deal, I would definitely consider using a VHDA loan for a home that doesn't need any lender required repairs.

The Home Style loan is a good option for repairs. Have you looked into a FHA 203(k) loan as well? I would compare both of those and see which gives you a better return (less or no MIP or PMI, better rate, etc).

@Teren Cooley I’m available too as others have said too if you want a third party opinion on what I’d do if I owned the property. Feel free to message me.

@Barb F. I work for VHDA, so feel free to reach out if you have any questions!

The down payment assistance programs are great for people who need assistance coming up with the cash for the down payment; however, sometimes it will cost you a little more either with interest rate, strict guidelines, possibility of MIP or PMI (sometimes for the life of the loan),or with occupancy requirements. So if you have the cash for the down payment, I'd look into other options too.

@Michael A. Welcome back to RVA! I can’t be a mentor as I’m rather new myself (My husband and I have two rentals and our primary) but I’m always down to meet people interested in RE and bounce ideas off each other.

@Justin Pierce I have a good painter and a property services company I just used earlier this year that were the best quality and value I could find. DM me if you want either of their info

@Devin James as a newly married female in her late 20s that chose with my husband early on in our relationship that our financial foundation was very important, I’d say skip the $5k ring. We were together 7 years before getting married and we agreed early on that a real diamond is a marketing shame of the US. I agree with others who said that above. Save the money for school and real estate. We spent about $80 on a fake diamond and got a 14k gold band I could get resized for about $110. And that’s it.

Don’t let marriage be so materialistic.. just ask a few of my friends who have gotten divorces how much the jeweler will give you for your $5k diamond after you sign divorce papers...

@Stephen Glover congrats on the refi! I’m about to start researching lenders to refi one of mine in Richmond.. what lender did you use?

@Account Closed I love goal planning, so this is an excellent idea! I definitely don't want to own an empire of SFH's but enough to cover our monthly personal expenses and travel budgets (probably around 15). Then start the aggressive pay down of debt. This will be a great thing to think through during my flight to Australia in a few days! Good time killer haha