All Forum Posts by: Brad M.

@David Gonzalez you can try LoopNet to see if there are some on there that are not on MLS, although there will probably be a lot of overlap.

For sales, go to your counties GIS or tax record site.

Thanks to @Dave Foster for weighing in with his experience. I'm familiar with the timing regulations of a 1031, but didn't realize that it could still be such a good strategy for a smaller investment. 

@Matthew Maggy - I second @Adrian Stamer in one scenario. 1031 so you can defer the capital gains. You can put that money to use much better in Richmond. I see pluses to selling using a 1031. You get out of a distant market into something local, you defer taxes, you likely increase your returns. If you haven't done a 1031 there is a learning curve, but certainly nothing insurmountable. 

Another thought : Just pay the capital gains and move on. Others with more 1031 experience can weigh in, but in my mind it the small amount you are talking about here may not be worth the trouble and expense of doing a 1031. Even paying capital gains, I have to think you can put the money to better use closer to home and make that back through better returns in a short period of time.

Either way, I'd sell.

@Brian HuberAny specific type of project? SF flip, commercial, historic rehab?

 I think it is great that he took action. More than a lot of people do...

@Nicolas Escobar Multifamily is not as seasonal as SFH, at least not for the same reasons. Being in a college town, the school year is your big driver. Most leasing will occur around June, so as you are looking, be aware of the current and upcoming vacancy, especially if looking at student housing.

Personally, I time all of my leases to roll over in June so I am in the middle of the busy student housing season. Currently I don't even have any students, but that is when demand is highest and if I have a vacancy, that is the best time.

@Abou C. I am thinking you mean "clerk's" office, but who knows...maybe that isn't what you meant! Yes, you can contact the sheriff, if that is who serves your evictions, and they could probably direct you exactly where to go for your municipality. 

Once you have the address or name, you can send them a letter to see if they are interested in selling.

@Abou C. - Someone suggested in another thread to go find out all recent evictions. Finding an owner that just recently completed an eviction (or better yet, several!) could be a flag that they may be tired of owning real estate. 

@Mike Nelson - I'm not sure about the SF solution, but one does exist on a larger scale. A few newer projects in my market utilize Digital Package Acceptance and promote it as an amenity. http://rvaterraces.com/amenities/

I'm getting more detail from the developer and will let you know what I find. 

@Brad Morsberger Request a zoning letter from the city. This will, at the very least, confirm the zoning in place. It may be that it has already been re-zoned to allow three units, and the public sources available don't reflect that yet. 

In my locality, the zoning letter also states that as far as the city knows, there are no zoning violations. Doesn't mean they can't come after you later if there are, but it is good to know that as far as they are concerned, everything is fine. See section c of a portion of a zoning letter below...

Ladies and Gentlemen:

At the request of xxxxxxxxxx, we have examined our records with respect to that certain real property with all improvements thereon, lying in the City of Richmond, Virginia and identified in the City of Richmond’s real estate assessment records as Tax Map: xxxxxxxxxx, commonly known as xxxxxxxxxx (the “Property”), and we are pleased to advise you that:

a. The Property is currently zoned R-63 Residential (Multi-Family Urban) under the Zoning Ordinance of the City of Richmond, Virginia. The R-63 zoning district permits the current use of the Property as multi-family residential, as a matter of right, without the necessity of obtaining a conditional or special use permit, variance, special exception or other authorization or approval.

b. The Property is/is not subject to any proffered conditions, plan of development, use permit or other special limitations imposed by the City of Richmond, Virginia in connection with the zoning or rezoning of the Property.

c. To the best of my knowledge, the Property is currently in compliance with all applicable requirements of the zoning ordinance of the City of Richmond, Virginia. A review of our files found (i) no violations or alleged violations or regulations applicable to the Property, whether pending, contemplated or having already occurred, (ii) no fees due or pending with respect to any matter before the City Zoning Office; and (iii) no pending application for rezoning of the Property, or for a special or conditional use permit or variance in connection with the Property. Further, no proceeding to challenge the zoning or other governmental approval or use of the Property is pending, or, to the best of our knowledge, overtly threatened.