All Forum Posts by: Brandon Spurlock

Quote from @Sophia N.:

We are looking at buying a multifamily property in Bon Air, VA. It is not our typical market, so would love some insight if possible into this market... is there a lot of activity/growth? The current underwriting projects an initial loan at 60% LTV with a fixed rate loan at a 5.50% interest rate. They say the property is likely highly "affordable" making it very attractive to Freddie Mac. Is that rate realistically possible in this environment?

Hi Sophia, local realtor and investor here. Are you saying that you already have a multifamily property that you're looking at? Bon Air is a great area, but there have been zero multifamily sales on the MLS in the last 1000 days in that area - they don't really exist down there. If you want MF, you're much more likely to find them in the city of Richmond. 

Most parts of Richmond have been enjoying fantastic growth over the past several years. If you have any specific questions that I can help answer, don't hesitate to reach out!

Looking for resources that might detail how to start and run a PM company, and how to know if it's a worthwhile venture. 

I'm a full-time realtor and investor, and serve a lot of investors in the Richmond, VA area. My team gets asked all the time for the "best PM company in town." The problem is: no one ever seems to love their PM company, it seems like a dirty and thankless industry. Is the juice worth the squeeze from a business perspective? We're wondering what it might look like to be an unreasonably good property management company. How might we do things differently, change the tune around PM companies?

What are the best books, podcasts, or people to talk to to learn more?

Hey @David Ebersole, welcome to the forums! Way to go benefiting from the VA products to land your first deals!

I'm an investor in the Richmond area and also a full-time agent. I'm helping buyers, sellers, and investors alike in the entire metro Richmond area. Happy to process with you what it might be like to find a MF house hack property in the area, recommend lenders, etc. Let me know how I can help!

Quote from @Latoya Pryor:

Quote from @Brandon Spurlock:

Quote from @Latoya Pryor:

Quote from @Brandon Spurlock:

Hey James, welcome to RVA! There are a few meet-ups that can be found on Meetup.com in the area. Less officially, a few of us from the BP Rookies FB page hooked up and have started meeting on the 2nd Thursday of every month, for fun, accountability, idea sharing, networking, etc.

 I'm a year or two late on this post lol.  Are your meetups still being held?  I would love to attend.  I am also a newbie wholesaler in the Richmond, Va area.

We’ve actually paused our meetings and have joined another great mastermind that meets on the 1st Thursday of every month! Which is tomorrow! Very casual but fantastic connections every month. It’s at 5:30 at the Hanover Air Park on Hopson Rd in Ashland. 

 What is the name of this group?  I've attended Todd Miller's meetup 1st saturday of each month and I've also attended RISE meetup which I believe is tomorrow as well.  Is this the meetup you are referencing to?

This is called the All In Mastermind hosted by Forrest McGhee.

Quote from @Latoya Pryor:

Quote from @Brandon Spurlock:

Hey James, welcome to RVA! There are a few meet-ups that can be found on Meetup.com in the area. Less officially, a few of us from the BP Rookies FB page hooked up and have started meeting on the 2nd Thursday of every month, for fun, accountability, idea sharing, networking, etc.

 I'm a year or two late on this post lol.  Are your meetups still being held?  I would love to attend.  I am also a newbie wholesaler in the Richmond, Va area.

We’ve actually paused our meetings and have joined another great mastermind that meets on the 1st Thursday of every month! Which is tomorrow! Very casual but fantastic connections every month. It’s at 5:30 at the Hanover Air Park on Hopson Rd in Ashland. 

Hey @Billy Farley, couple thoughts here as a realtor in Richmond. It would also be a good idea to get some advice from an appraiser, as they are the ones responsible for valuing your property.

Will you have the work permitted, and will you have egress? If so, then you'll likely be able to have the tax record updated with the appropriate square footage, and beds/baths. You'll also need at least heat to be considered finished, so I'd recommend running the duct work.

When listing a property like this on the MLS, we will include the total finished square footage in the listing, but will indicate how many of those sq ft are in the basement. For example, 1600 sq ft home, 800 of which are in the basement. That's 800 ABOVE grade (ground level and above) and 800 BELOW grade. Appraisers generally give much less value (to the tune of 25-50% of the value) to below grade square footage. So you can't price your 1600 sq ft home with a basement the same as you would price a 1600 sq ft rancher (which is all above grade).

Let's say comps in that hood are selling for $250/sq ft. When valuing your property, you may need to give 800 sq ft the $250 value, while only giving $100-150/sq ft value to the sq footage in the basement. Or, when running comps, only compare your property to others that also have a finished basement.

Happy to chat further, don't hesitate to reach out!

Hey @Robert Baez, welcome to the journey and welcome from Richmond! I have worked with some of the guys above and happy to be a resource to you when you need it. I'm a local Richmond investor and realtor. Don't hesitate to reach out!

Quote from @Keineth Lawrence R. Perez:

Good day! Currently have a home in a decent location that I purchased last year with a VA loan around June 2022. To whoever is reading and has some knowledge on the matter, I am currently trying to look for a decent duplex to quad deal in the Richmond, VA area. (If any in churchill area.) Want to know if I should house hack this possible investment and rent out my primary residence now. I already forced appreciated and did some rehab to the house and currently has 3 bedrooms and 2 full baths. Location is good since its right in the middle of growth and by the highway. Good for travel nurses if they have contracts due to being in the center of three main hospitals around town. However, if I get a duplex, I need an honest opinion if it would be smart to just move in there and make tenants pay more of the expenses and mortgages? Thank you.

If any CPA, realtor, syndicator, lender, contractor are in the Richmond VA are, I would like to connect. Thank you!

Hey Keineth, 

Good questions. I'm a full-time realtor and investor in Richmond Metro, and have helped multiple BP clients in Richmond buy house hack properties. 

Some immediate thoughts that come to mind. You used a VA loan for your current home. If you'd like to take advantage of the VA loan again, you'd likely need to refinance that home into a conventional loan. Since you've forced some appreciation, this may work out well for you. I'm assuming you'll need to wait until June 2023 to move out of that one to satisfy occupancy requirements.

Then, you should be able to use the VA (or an FHA) loan to purchase a duplex, as long as you plan to live in one side. I've got clients who are living in their duplex almost for free, because the rent from the tenants in the other side is almost completely covering the mortgage. With FHA, you can usually put down as little as 5% on a duplex.

If you'd like to connect with a local lender to get some concrete info on this, let me know - I'd be happy to connect you with some great guys. If you want to chat more, don't hesitate to reach out. 

Quote from @Meg Khal:

Quote from @Brandon Spurlock:

Hi @Meg Khal! It depends on your goals. Are you looking to cash flow? Hoping for safe appreciation? You can make money in any zip code, but it will depend on how you answer some of these questions, and obviously your budget. 

The A/B neighborhoods will likely be less lucrative from a cash flow perspective, but a safer bet for long-term appreciation. The entire Richmond Metro area market grew by 7.2% in the last year, some areas higher than others.

I'm a local Richmond realtor and investor. Happy to connect and discuss more if you'd like.

Thanks Brandon. I wish both were possible ha ha : ) For now I will stick to long term appreciation. I won’t be local to the area and will appreciate tenants who are easier to manage and pay on time.

budget is max 400K. 

I love short pump area but that may have reached its peak. So are their neighborhoods which may be upcoming ?

If you're looking to make an investment in a rental property for under $400k, you can set a search pretty far and wide. A 20 mile radius will net you plenty of good clean homes. It really depends which amenities you'd like to stay close to. But you could do well in many pockets of Henrico, Hanover, Chesterfield, and City of Richmond.

Hi @Meg Khal! It depends on your goals. Are you looking to cash flow? Hoping for safe appreciation? You can make money in any zip code, but it will depend on how you answer some of these questions, and obviously your budget. 

The A/B neighborhoods will likely be less lucrative from a cash flow perspective, but a safer bet for long-term appreciation. The entire Richmond Metro area market grew by 7.2% in the last year, some areas higher than others.

I'm a local Richmond realtor and investor. Happy to connect and discuss more if you'd like.