All Forum Posts by: Barry Mason

Put me on your list. I flip in Suffolk and surrounding areas.

r/ Barry Mason, [email protected]

Greetings Rebecca,

I'm actually from your area, having moved away almost (30) years ago. I'd leverage the area's college population to your advantage....I actually went to school at W&L and houses to rent were hard to come by.

Good luck!  Barry 

I'm trying to do my own taxes and want to know if I provide anything on this year's return about my flip-in-progress's cost in 2016 (even though it's not sold yet but I purchased it and had many expenses in 2016) or I wait and report everything at once (basis cost and profit made) on the return for year it's sold. I also note I have a dedicated LLC through which all transactions were made and this is my first solo flip. Thanks in advance.

Welcome to BP. Please put me on your distro list for any properties you might wholesale in Portmouth, Western Branch, Suffolk, Hampton and NN.

Good Luck!  Barry

You may want to scour Pinterest.com for tile flooring ideas...you can spend hours or days there just looking.  A couple of places come to mind to get tiles locally. One is prosource (http://www.prosourcewholesale.com/hamptonroads) and the other is Home Emporium (http://www.2nds.biz/Chesapeake.php). Prosource is a showroom only setup where you look at samples and order...you'll likely need to create a membership with them and definitely have to wait on product delivery. They do have a good selection. Home Emporium is an overstock/2nd's place and is hit or miss...you'll likely see different things every time you go and they quantity in the store is likely all they have or can get.

Good luck!

If you haven't already considered, you may want to find local banks which do portfolio loans. I'm speaking with banks local to my area which will do commercial interest only loans for up to 75% of sale price of the property and estimated repair cost combined. You will pay more in interest. The idea is flip the property quickly or if you can't sell quickly or wish to hold you'd refinance afterwards using more conventional loan methods (when the property is in a move-in condition).  The method is much better explained in the BP book on flipping houses.

Thanks so much. I've found it's always better to have several sources.

QUESTION: How long did the transaction take from doing paperwork to receiving funds?

Can anyone recommend a local bank(s) in the Hampton Roads area of Virginia which may do portfolio lending (REI friendly)? If known, a point of contact would be appreciated as well.

Is there a financial resume template available anywhere on BP which could be used to when speaking with potential lenders?  Credit score, debt, assets, etc...

I'm a licensed general contractor having worked in several areas in Virginia (Hampton Roads, Roanoke and Smith Mtn Lake). I also have an Engineering and IT background.  I've done IT work exclusively since the economic downturn of 2007/8 but my passion is building. I've done everything from small repairs, a few whole house rehabs and a few new house builds. My biggest was a large home using green construction materials and methods.  I've worked with my brother on a couple of flipping projects of which I enjoyed immensely.

I'm desirous to learn as much as possible about all aspects of investing and then pursue what's right for me. I'm also very interested to know if there are others with a similar background/skills and how they invest...until I joined BiggerPockets I was only aware of flipping and rentals.