All Forum Posts by: Andrew Miskovich

@Mindy Jensen

Sometimes the water heat stops working 1hour after closing. That is why you bring cash reserves into every project and allocate for both repairs and capital improvements....it will even out over time feels awful at the beginning of ownership.

Andrew

Even if the city says the approach is standard and well within the right of way consideration you need to consult a real estate lawyer to consider filing for diminished value. even though they have not “taken” your property the impact to value may be significant...if you never “ask” you will never receive.

Daniel, Highly encourage you to get out to the local functions and drive for dollars. Try the PRIEA and Central VA RIEA and other local real estate groups operating on meetup. Most of the deals are truly found off market in the Hampton Roads area found by meeting other investors. Commend you for starting early......I waited way too long to start! Andrew AF-Retiree & now investor landlord

Carter, I recently had a squirrel problem that was taken care of by a local company Cromwell out of Isle if Wight county....a little slow but well satisfied by both price & results. My thought is unless you have year round rodent problem....vermin issues are seasonal and can be handled when they pop up. Service plans are a bit of an over-kill unless you have a class A property. Andrew SE Virginia

Jorge I’m an investor from Williamsburg VA operating in Hampton Roads (peninsula side) & Richmond. My pick for experienced agent broker that understands distressed property and investor purchases is...... Ralph Maggiore Movement Realty Professionals 1605 Kingscross Rd Midlothian, VA Great service, experienced and highly rated in the Richmond Realestate Market Andrew SE VA

I had a similar situation but the risk was young renters without much history. Approaches considered... 1) agree with earlier comments for M2M and entire rent together one check which forces good “team” behavior. 2) charge a risk deposit for said individual based on past collections behavior-check maximum allowable by your locality. 3) my approach was to ensure 2 of 3 could carry expense load of apartment using rental criteria and evaluation from “TransUnion Smartmove”. Lease (12month) language that all were responsible and release of one tenant was in writing from all for approved reason and others assumed full responsibility. 2 or more departures without offering acceptable replacement(s) (same screening criteria) triggered a lease violation and right for landlord terminate, removed all tenants and retain up-to 60 days rent in order to ensure property is re-rented without impact to LL. Andrew SE Virginia

Isaiah As a military retiree & RE investor there's a few things to check. What is the remaining entitlement available? What that means in practical terms that if you have used X% of the standard $144K you have only that much left for your "new" personal residence. I'd check the VA literature on using that entitlement to help cover the 25% requirement (essentially surety for loan)....what gets interesting is the adjustment of 144K entitlement based on high cost zip codes....it essentially expands to cover more. With all that even if you don't have enough entitlement you can pitch in own cash to reach the 25% threshold. A good consideration when purchasing expensive properties. One last note....if as you depart Active Duty and it's determined you have the slightest disability through VA determination you can have future funding fees with VA loans waived....just a few thoughts, read up! Andrew SE Virginia

Jerry I'm looking for BRRR loan on a non-warrantable condo fix-up. Want to cash out at the ARV less 25%? Is that a doable situation? My bank turned me down.....won't touch regardless of the amount of equity. Andrew

Kiewellin, Do you hand cash refi for non-warrantable properties? Typical terms? Operated in commonwealth of Virginia? Thanks Andrew SE Virginia

Planning ahead with a fixer up condo...strong long term rental #s. Paying Cash....wanting to mortgage after repair complete Buying at 50% of FMV....ARV will be at or slightly below$100K; need sources for funding a 20% Down loan. My bank & others locally not interested due to property being classified as non warrantable. Looking for sources... Andrew M SE Virginia