All Forum Posts by: Bill Hancock

They must be taking comps from Woodland Heights/Westover Hills area and sales North of Semmes Ave, this road is a market barrier.  Or looking at 614 W 20th St, pending listed for $230,000, its located North of Semmes Ave. 

Hi Russell

I can do that for you.  Just fyi, the rental database on cvrmls is not that extensive or most reliable.  Many use craigslist around here, and/or do not update the mls after the property has been leased out for over 365/730 days.  So mls has the old rent not reflecting the current rent. 

Like Taylor L said above, deal flow and multi family deals are hard to find.  

There are not that many in Richmond and very few in the surrounding counties.   Where mutli family is the most common in Richmond, "The Fan" per mls there were only 30 duplex sales in the last year, averages sales price of $465,433 and DOM of 17; 7 triplex sales, $565,136, DOM 55;8 quad sales, $500,396, DOM 28.   The rents on these are no where close to 1% fyi.  

There is multi family dwellings in other areas of Richmond, but there is less supply, less desirable to live in as a primary occupant, and rents are lower.  

Start looking in The Fan and Church Hill.  The Swansboro/Manchester area is very different than these areas fyi.

@Peter Jaglom a combination of both price and block.  The prices have increased dramatically there in the last 9 months and I have heard of crime in the area of Oak Grove first hand from inspection related work.  

Oak Grove/Blackwell area is up and coming, just have to buy right.  Trending upwards. 

Highland Terrace/Providence Park is currently a very popular flipping area of town.  FYI the Richmond Henrico Tpke is a market divider, west is higher values and east is lower values/prices.  Don't use comps for Highland Terrace from Brookland Park.  Further East you go in Highland Terrace/Providence Park, prices generally decline, some parts very fast.  Avoid Southern Highland park is hit and miss.  Avoid Gilpin.

Brookland Park is the more popular area, but it could be over supplied, just tons of flippers already there, the last couple years.  

Safe Harbor Title Company

Did a title search for me a couple weeks ago, turned it around in less than 36 hours.      

You will have a very hard time finding anything close to 1% deals here, unless you go in rougher parts.  Typically stuff cost in the $200s and only rents for $1,000-1,300.  There is lots of competition here and the market has been very strong for a while.  It would be especially hard from long distance, anything close to a good is gone in hours to a few days.  Just being honest, sorry.   

Tchaka has not been here in a while as he suggested.  

I don't know much about the Hampton Roads market. 

FYI. Nobody ever mentions Lake Anna in Richmond.  Everyone goes to OBX and/or "the rivah" they call it.  ie. Chesapeake Bay, York River, James River, Rappahannock River, and Virginia Beach.  Sorry.     

It is a reverse mortgage foreclosure, sorry I left that out.  Do you know the specified time table for the required period of time?  Thank you.  I am trying to make it my primary residence, so I thought that would help, but it has not helped so far. 

A large national bank has owns a foreclosure and is currently trying to sell it.  I have submitted a couple very reasonable offers below there list price.  However they keep coming back with "list price."  The pictures on mls appear to be from the early winter or possible pre-foreclosure.  The house is in worse shape now, when viewing it in person.  Is it possible the bank thinks the house is better condition than it actually is?  

Any strategies on getting the bank to accept a reasonable offer?      

Is it worth it or possible to write in the offer/contract, why you are offering X amount? B/c the house needs x, y, z repairs. 

Thank you for any help.