All Forum Posts by: Brian C.

Welcome to the site from a fellow Stafford resident and former Marine.  

I'm still early on in my real estate investing career, but for rentals, I've set myself two different cash on cash return criteria for rentals.  For turnkey in good neighborhoods, after fixes costs and accounting for vacancy and maintenance expenses, I don't look at anything unless it's 10% or greater.  For properties that require major rehab, because there's more work and risk involved, my threshold is around 20%.  This is based on staying local; if I were to ever invest out of the area, those numbers would have to be higher. 

Once again, I'm still relatively new to this, so that could change as i gain experience, or if market conditions dictate different returns.  But, for now I feel pretty comfortable with that. 

I want start off by saying I think BiggerPockets is awesome.  It has a wealth of information and when I search it, I know it's going to return results relative to what I'm looking for.  However, maybe it's just me, but it seems as though the search function hasn't been too great for the past month or so.  Not sure if they changed something or what, but the results don't seem to be as relevant as they were when I first signed up.

Anyways, I've actually changed the way I search it and leverage the power of Google.  I use Google's ability to specify what domain to search and follow it with what I'm searching for.  So if I'm looking for "rehab order" I google 'site:biggerpockets.com rehab order.' The results tend to be more of what I'm looking for.  Just though I'd share; it's helped me out.

@Paul C. I'm also curious as to what bank will give a HELOC for a rental. Thanks.

I'm with everyone else, Solar then Car, and here's the logic.

Mathematically, paying down the highest interest rate (solar) is the most cost effective.  Psychologically, studies show, paying down the balances that you can pay off more quickly in most people's cases actually lead to quicker debt elimination.   The solar in this case fits both, highest interest rate and should be quickest to pay off. 

As far as the Car vs the Home, even though the interest rate is higher on the car, the amount is likely actually less due to the tax advantages of deducting the Mortgage Interest.  That, in conjunction with paying off 50k can be done significantly quicker than 600k, which is the better in terms of the psychological effect. 

My final thought is, since you're on bigger pockets, I'm assuming you're interested in real estate investing.  With that said, with the exception of high interest debt, it's typically better in the long wrong to use available cash to invest.  I've done about a gagillion spreadsheets calculating debt paydown vs putting it toward my real estate investments and in all cases of mine, using the cash towards real estate was always better in the long run.  David Ramsey may not like that statement, and of course any investment has risk.  However, as long as they're calculated risks, I'd consider that option as well.

Hi @Victoria J., welcome to BP.  I'm a fellow Fredericskburgian primarily looking for rentals.  We're also trying to find a flip; my wife doesn't like that the rental rehabs don't typically involve opening up walls and putting in granite counter tops.

In my limited experience, good deals in this area go quick. If it's on the MLS, you'll want to act quick. We've put in multiple offers on days 2 and 3 of being listed and they were already under contract. We've got a couple hopefuls in the pipeline, but have had to go out of the area a bit (currently Culpeper and King George).

I went to the Rappahanock REIA in Fredeiricksburg (https://www.meetup.com/Rappahannock-REIA). There were some nice people there with varying experience. They go the first Thursday of the month. I plan on going to the next one. Might be a good opportunity to try out.

Nice.  I've been trying to get something in Stafford but no luck. 

Did you end up using them?  

Did you ever end up working with them? I'm looking at possibly doing so but haven't seen anyone use them yet.

My wife is currently working on getting her real estate license with the primary intention of aiding our own real estate investment activities.  Outside of our own purchases, we would only be potentially representing friends or family.  

We're looking for a brokerage that would be friendly to this and most cost effective.  In addition to any specific brokerages in the area (Stafford, Va and surrounding counties), any advice on terms of working with a brokerage?  I would imagine base case is a commission only arrangement, if possible.

Thanks for any input.

I'm also looking for small multi-family in those areas, not to house hack though.  Here's a duplex I cam across, not sure if you've already seen it since it's listed:

https://www.point2homes.com/US/Multi-Family-For-Sale/VA/Quantico/273-4TH-AVENUE/56518780.html