All Forum Posts by: Dan Call

@Kia Parr,  Welcome to BP.  Spend some time on the site looking to connect with others in your area.  Also, look for the local REIAs, as there are quite a few in NoVA.  

If you are specifically looking for GCs that work with mold remediation, I would post on the forums with exactly what you are looking for.  Make sure to use keywords in your post that will alert others to what you are looking for.(City, County, State, general contractor.....etc, Be specific)   Secondly, I'd run a google search and just start making phone calls.

R/

Dan

Will do, thanks for the update Levi.

@Branden Cunningham, Sorry I missed that. I assumed based on your situation that you used a VA loan to purchase a 3 or 4 Plex, which is why I made those comments. Let me know if I can help.

Best of Luck

Thanks @Todd Krzeminski, good luck with your endeavors.  I'll let you know what I find out.  What areas are you looking into?

@Tyreese Gadlin, I was thinking this morning that you should add some additional keywords in your posting so that others will be alerted and jump in to help out.  Try adding City, State, County, type of financing you are looking for, or other details about the project that might alert others to your post.

(On a side note, I have been waiting for Magpul to come out with a long action stock for a Remington 700, and I just found it on your website. Along with the Bolt Action Mag well for the 700L Mag)

@Tyreese Gadlin, I am a huge Magpul fan, by the way.

Hello @Tyreese Gadlin, The first thing I would do is ask for the rent rolls and expenses for this year.  The numbers reflect Jan-Dec 2015.  

Second, The numbers don't even come close to adding up.  For starters 2 units x 800 =1600 plus 2 units x 750 = 1500.  Should be 3100/month X 12 months = $37,200 not $13,867.  Unless they are saying that there is a greater than 50% vacancy rate.  And if they are, why?  Could be advantages to you for value add, but don't pay based on pro-forma.  The buyer purchases on how the asset is performing now, not on what it could be doing.

Third, ask for the actuals.  Get the break down of the repairs, late fees, maintenance....etc.

I'm no expert by any means, but I think there is a whole lot more due diligence that I would do before I would consider making an offer.  (Although I am not in your area.  Perhaps you know this area cold and I am way off base)

R/

Dan

@Ben Leybovich, Thanks Ben.  Looking forward to it.

@Branden Cunningham Are there things that you can do to force appreciation or cash flow? Or reduce expenses for that matter?

Not knowing all of the numbers, here are some basic thoughts that you may or may not have considered:

-Are you at or near the market rents for your area?  If not, can you raise the rent to make sure that you cash flow?

-Can you re-purpose one of the units into a vacation rental, air bnb, office space...etc?

-Can you have the units individually metered? (if they are not already, and you are covering the utilities)

-Are there additional services that you can provide to raise the rents?  Providing Wifi...etc and raise the rents above what your cost will be.

-If you are looking to exit, can you bring in another investor that can assume a VA loan? If so, that should clear up the amount that you can have secured on your next property.

-If you are breaking even now, why would you have a negative cash flow when you leave? (PM fees?)

-If you are moving to an area where your BAH will change on the positive side, maybe find a roommate (or several) and rent out a place together and use the excess BAH to help cover expenses. (I mean as a way to cover capital expenses that you didn't plan for at the onset, not to cover negative cashflow indefinitely) At least, until you have enough set aside to feel comfortable.  Or, just keep roommates until you set aside enough to put down on your next investment.

Anyway, just some thoughts.

Dan

BP family,

I'm looking to add value to some local RE Investors.  I am currently in pursuit of my real estate license to use in finding and analyzing deals.  I have been fortunate enough to have great responses from BP members with the questions that I have had so far.  

I have done a limited number of deals in other states (while living there), but would like to gain a greater understanding of my current market. If you invest in Warrenton, Culpeper, Marshall, Fredricksburg, or Winchester VA, and would like some assistance, please reach out to me. I currently have a full time job, but spend all of my spare time learning and networking with local RE investors and I am looking to add value to others through what ever means possible.

Thanks,

Dan