All Forum Posts by: Christopher Brian

@Austin Rath hey-it's in the Gainsborough neighborhood. Historically, this section of Roanoke has struggled with employment, investment, etc. But, there are several landmarks/icons of the Roanoke skyline that are the key points of the neighborhood; i.e. the Hotel Roanoke and the Roanoke Catholic School. Both have great architecture and are stable employers. If you're looking to get involved in the Roanoke area there are a lot of stepping stones to start with online. Check out the Roanoke Housing Authority's work in redeveloping the S. Jefferson area: 

Also, the Belmont Neighborhood in SE Roanoke recently received a historic designation. I'm hoping that's going to help with redevelopment efforts and push prices up a little. There's really not a lot of homes left close to downtown that are as convenient or affordable as what you can find in Belmont (personal opinion). I'm posting a few links, hopefully they'll work for you. 

Oh-for the rent - it's a long story but a neighbor down the street came by and we discussed $900. I still have final inspections to go through so haven't advertised it. I imagine I'll land anywhere between 750 and 900 depending on how long I can wait to get someone in there. 

https://www.roanokeva.gov/1215/Belmont-Neighborhood-Association

 https://rkehousing.org/redevelopment/current-redevelopment

 http://www.hotelroanoke.com/

https://en.wikipedia.org/wiki/Gainsboro,_Roanoke,_Virginia

@Taylor L. Thanks! I'm pretty happy with it so far. I'm still learning the ropes, really, and have treated this like a year's worth of college. That's about what it's costing at least!  I've kept the rehab costs down by using local contractors who usually work for bigger construction crews but wanted to pick up extra work. We didn't take it down to the studs so that saved some time and money plus the majority of the plumbing and electrical were accessible through the basement/attic and that made it easier to swap. 

I think the level of investing in Roanoke is increasing right now. According to census numbers, the city is growing. We've had some good job announcements over the past few years. We've also lost a few, older, major employers (Post Office/Norfolk Southern). But, I'm betting on the growing medical economy. Virginia Tech is investing over $500 million in the medical school and hospital along with Carilion. The city is also really trying to enforce code standards as much as possible to make it harder for negligent landlords to let properties sit and fall apart. It's shameful what some absentee owners have done to sections on NW/SE Roanoke and I'm actively trying to buy several SFR's off of local landlords who have neglected to do any maintenance for at least 10 years. So, for me, this is a long term play. I'm thinking Roanoke today feels like Asheville, NC circa 1988.

If there are any other Roanoke area investors out there - hit me up. If you're an absentee landlord and want to get out of a property that's been sitting for a while, happy to talk. 

I don't know if anyone said this or not, but don't hesitate to offer what you want to want to pay. You never know what the seller's condition or motivations are. Also, seller financing might make the numbers work better depending on the deal and the opportunity to increase the rents over time. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $29,000
Cash invested: $14,000

Hi everyone, here's a little info on a nice, brick SFR that I picked up. It had been used as an illegal boarding house. Prior owner/tenants had taken out support structures inside the home that cause minor foundation issues. We have updated plumbing, electric, and corrected foundation/settling issues. Images from before. Feel free to reach out with any questions - I'm an open book.

What made you interested in investing in this type of deal?

I'm always looking for older homes with a little bit of character that can be brought back from the edge of destruction. This place had good bones, or so I thought, until we really dug into some foundation issues. I love the location being within a block of the Hotel Roanoke.

How did you find this deal and how did you negotiate it?

Off market, Chris Martin at Remax All Starts brought it to me.

How did you add value to the deal?

Complete rehab - managing contractors, working with the city. This one had been on the city's bad list for years.

What was the outcome?

Well, we're 99% done with the reno and working on a final punch list from the city inspector. Initial, unofficial, post-reno appraisal came in at 67k so we're right in the money on a BRRR.

Lessons learned? Challenges?

Get more than one foundation expert out to the property, move everything out of the way when looking through the basement. Look for bad wood near where old sewer pipes were run (of course we knew this but-DOUBLE CHECK!!). ### Have a backup electrician on standby.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Chris Martin has been great to help find distressed properties. https://www.remax.com/real-estate-agents/daleville-va-24083-chrismartin-id31070406.html

I also really like Lemus Hardwood Floors. Great work on restoring the floors guys!

Investment Info:

Single-family residence buy & hold investment.

Single Family residential BRRR. HUD home-had been stripped of copper while sitting on the market. Repaired + new electrical/new HVAC/new plumbing/painted/etc. Belmont neighborhood. Long term goal is to restore many more of the homes in this neighborhood that have fallen into disrepair.

What made you interested in investing in this type of deal?

The price was right/numbers worked for BRRR. All of Roanoke has potential to come up based on the investments by Virginia Tech in the area. The Belmont neighborhood is getting a historic designation: https://www.wdbj7.com/content/news/Roanoke-neighborhood-to-receive-historic-designation-500423021.html

How did you find this deal and how did you negotiate it?

From a wholesaler-lots of negotiating on price.

How did you add value to the deal?

New plumbing/electrical/HVAC/landscaping/painting.

What was the outcome?

Rented - cash flow positive.

Lessons learned? Challenges?

Take your budget and triple it/take the timeline and double it-or maybe it's the other way around....or both ways around!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Negative.

Investment Info:

Single-family residence buy & hold investment.

Single Family residential BRRR. HUD home-had been stripped of copper while sitting on the market. Repaired + new electrical/new HVAC/new plumbing/painted/etc. Belmont neighborhood. Long term goal is to restore many more of the homes in this neighborhood that have fallen into disrepair.

What made you interested in investing in this type of deal?

The price was right/numbers worked for BRRR. All of Roanoke has potential to come up based on the investments by Virginia Tech in the area. The Belmont neighborhood is getting a historic designation: https://www.wdbj7.com/content/news/Roanoke-neighborhood-to-receive-historic-designation-500423021.html

How did you find this deal and how did you negotiate it?

From a wholesaler-lots of negotiating on price.

How did you add value to the deal?

New plumbing/electrical/HVAC/landscaping/painting.

What was the outcome?

Rented - cash flow positive.

Lessons learned? Challenges?

Take your budget and triple it/take the timeline and double it-or maybe it's the other way around....or both ways around!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Negative.

Hi: Has anyone worked with this company or know anything about them? I found a foreclosure here in Virginia that they had listed. I've called and talked to someone there and it looks like they are bird dogging foreclosures for investors. They are looking to do a double close and appear to want a deposit before we go to closing. I'm working on getting more details and will post as they come along. 

https://www.facebook.com/pg/GSMInvestment/reviews/...

http://gsminvestmentsllc.com/our-company

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