All Forum Posts by: BJ Swing

Hey @Abdallah Saeed,

It starts at 5 pm but with work letting out most folks roll in when they can.  It's a pretty casual meetup. 

Charlottesville Area Real Estate Investors meets the 2nd Tuesday of EVERY month at The Point Restaurant in the lobby of the Omni Hotel Downtown Charlottesville. Sometimes we have a speaker but lately, we have just been engaging in general Real Estate Investing conversation.

Most folks grab a drink or food during the meeting and many folks stroll in at any point in the meeting. Please do not hesitate to show up at any time and make yourself at home at the meeting.

You can park in the Omni parking deck and ask for a voucher from your server. 

I’ve been researching an abandoned house in Virginia. The owner moved out maybe a little less than a year ago. Late last summer I was able to view the property when is was for sale by owner but I wasn’t able to take on the project at the time since it’s going to be quite a large rehab. They never listed it.

Now there is a note on the door that the property was secured by M&M mortgage out of Florida.

The taxes are paid up for the year and the court deed record doesn’t show any transfers.The family said that they have stopped making payments on the house though I’m not sure when.

Am I in a window to still purchase the home from the owner?How would I go by doing this?Should I contact a lawyer or a foreclosure realtor?

@David Dachtera Hey David,  I found this thread through a search.  I also found a house with the same note attached to the door.  The property taxes have been paid up.  Does the owner still have any claim to the house?

@Matthew Porcaro  I think that's why I was getting stuck trying to figure out how to make it happen.  My goal is to find a primary residence as an investment.  Could this process work with a duplex and I house hacked it? 

@Matthew Porcaro  Thanks Matthew.  With this strategy, the house would be my personal residence and I would use the cash from the Refi to fund another deal.  I would prefer to get in to a multifamily property, but those are hard to find in my area. (At least ones that will cash flow). But I haven't given up on that path yet.

@Lee Ripma The $100k is just a estimate at this point and I am working to learn what the true costs will be.  I'm just using round numbers for the math right now.  I've done some of research in to the 203k process and really like that route.

I'm researching a way to jump in to my expensive market. A regular 2 bedroom / 1 bath starter home will go for around $250,000 and larger houses can climb in to the $300's to low $400s depending on the area. Every now and again some serious rehab houses come on the market. One I'm looking at now is in an upcoming and popular area. It needs a total gut rehab. It can probably sell now for $140,000. The magic number in my area for total home rehabs is $100,000. I don't know yet if this is near to the true cost but I'm using it as an estimate. To do this type of work, I would choose to use a 203k or HomeStyle loan at 3.5 or 5% down.

With everything fresh, comps would put this house around $300,000 ARV. Let's assume with I'm able to get the whole purchase and renovation done for a loan of $240,000. Can I turn around and cash refinance out 70-80% LTV at $300,000? How much cash should I have on hand for a project like this?

Thanks for any advise!

Charlottesville is a rough market to get in on.  I have a seen a few good deals but they come with a mountain of rehab work.  I would have jumped on them if I had a team together but I've only been in the area for a year.

I'd like to get in to a duplex house hack but those on the market won't cash flow. 

Hey Brad,  I sent you a PM.  Thanks.