All Forum Posts by: Christopher Brian

Yes. Here you go: http://www.reiofvirginia.com/

https://www.roanoke.com/calendar/business/real-estate-investors-meeting/event_f089ecc8-6560-11e5-8372-d76839f3f248.html

Hi: There is a local REI meetup that's active in Roanoke. They have some connections to Blacksburg/Salem.

This is their website: http://www.reiofvirginia.com/

https://www.roanoke.com/calendar/business/real-estate-investors-meeting/event_f089ecc8-6560-11e5-8372-d76839f3f248.html

There is also a FB group you can join as well but I'm not sure if that's been maintained over the past few years. 

There are also a few good wholesalers in the area if you're looking to do rehabs. You can google and find them pretty easily. Personally, I birdog for investors in BBG/CBURG/Radford but the network here is tight, supply is limited and competition is fierce. 

Feel free to DM me anytime.

Best, 

Chris

I just wanted to add a quick post to say that Jay Hinrichs is absolutely right. If you've read his post and are still questioning whether or not those types of programs work, wait a few minutes, go back read Jay's post again, and just sit with it for a few minutes. 

And a word of caution: a few year's ago we used to call deals like this sandwich leases/sales, etc. It's really a sub-to and really isn't for newbies or someone without reserves. A lot of times, the original owner/seller will still have an equitable interest in the property that you have 'transaction engineered.' And another point, if the tenant/lessee/future purchaser moves out, trashes the property, burns the house down, etc. you can be held legally liable for damages by anyone with an interest, lien, or note secured by the property. So, you could be stuck paying off your lender (if one was needed) and the original owner or any mortgage you took over, and then paying for repairs. 

@Jay Hinrichs

Agreed with the option to do a cash out refin-But-word of caution-and this was probably my fault because I didn't shop around enough, but it ended up costing me 10% of the 'cash out' to get my cash out. 

Maybe that's another discussion-I'd love to find a cheaper way to do the cash out. Taking a mortgage out on an investment property is expensive. 

Thanks Mindy! Just thought I'd ask :) 

Hi @Mindy Jensen - Can BiggerPockets give us the ability to opt-out of Pro perks and the notifications that come along with them? 

I understand BP wants to get the word out about all of the resources available to members. But, personally, I know where to find the perks if I need them and I don't want to see the notifications bell every time that I log in. Maybe it's just me. Thanks either way!

Chris

Another way to think about it is 'how long can you invest in real estate.' I've heard some argue that it's easier to invest and hold real estate long term than it is to hold something like an IRA/401k which have rules related to required minimum distributions, etc. Build a few LLC's or a C-corp holding real estate and it can go on forever. And regardless of when you start, you never have to worry about being forced to liquidate a portion of your portfolio per IRS guidelines. :)

Hi Timothy, I've actually heard this once or twice before from some people who went to school at WVU and then moved to Roanoke, VA. I'm looking for news or stats about the growth related to WVU Tech but haven't found a lot showing significant growth. What do you read to find out about their planned growth?

i did see this https://www.register-herald.co...

@Antonio Cucciniello I'd start with several BP podcasts to answer you on this one. First, try out BP321 then 260: 
https://www.biggerpockets.com/blog/biggerpockets-podcast-321
https://www.biggerpockets.com/blog/biggerpockets-podcast-260-ultimate-guide-negotiating-with-fbi-hostage-negotiator-chris-voss

Then I'd go to this for a direct answer to your question: 
https://www.biggerpockets.com/blog/why-choose-seller-financing
Here's my story: I had a seller financing deal accepted partially because the owner didn't want to be the one to collect the rent from the tenants every month and also have to deal with maintenance. They wanted steady, easy, repeatable cash flow. They originally wanted 85k. I got them down to 63k, seller financing, 30 year term. How: I used a spreadsheet to show them that over time they'd receive more because of interest payments than they would have received if they accepted the next best offer at 75k. They didn't want to receive a big chunk of money for the house because they were going to immediately get hit with a capital gains tax.  Ultimately, in the inspection I discovered some major mechanical issues that killed it for me. But, there's an example of how you can go in and, using seller financing as a tool, present a deal that is a better fit for you and the seller. Focus on what they want more than you focus on what you want and you'll generally come out on top. 
Oh-the other thing - never lead off with your number. Never offer up your number too soon. Try and get the seller to give you their best price first. Then negotiate. You got this.