All Forum Posts by: Clinton S.

@Taylor Hudgins can you also send me the contact info? I'm in a similar situation right now.

Good Morning BP,

Does anyone have recommendations for a real estate attorney and cpa in the Fredericksburg, VA area?

Good Morning! So after fours years of dreaming about investing in real estate, I finally took REAL action this week. I was planning on starting out with small multi-family apartments but, for some reason, I recently started looking at foreclosures in my area to see if I could find a way to get a deal and make some money. I decided to bid on an REO property. My winning bid was $237k on a 2007 SFR in Virginia. Zestimate shows it to be around $325k but since it was an REO, there are occupants in the property and I have not seen inside. The yard and exterior of the house are clean and well kept so I am hoping that the inside is maintained as well. I have drove by the property a couple of times and it looks to be in good condition in a nice neighborhood. This was a cash purchase so my intent to get my cash back as soon as possible so I can try to get another deal. Estimating rent to be around $1800/month. Here are my thoughts/questions...

1) Should I get a mortgage on the property as soon as possible and take all my cash out and rent it out? Do I need to wait for a "seasoning" process?

2) Should I try to sell it as soon as I get ownership and basically treat it as a flip? Thinking capital gains taxes and 1031 exchange possibilities. Just don't have any other properties in mind so I am not sure I would meet the timeline for a 1031 exchange.

3) Are there more creative solutions that I am not thinking about?

Any guidance or feedback would be greatly appreciated. I tried running through some of the calculators on BP but am not sure this situation fits into one of the calculators. I wouldn't mind renting the property but would like to take back some of my cash so I can do additional deals. I feel like I am way out of my comfort zone and this is my first go at an investment property so I am thinking I would have felt this way no matter what the situation was on my first "deal". If you are kind of enough to provide some guidance, showing some numbers with the explanation would really help me make a decision as well. Thanks in advance for any responses!

I am looking to get started with multi-families but will be looking at areas that are not local. Eventually, I would like to scale up in the same region but I am unsure how to determine if the city/neighborhood is a good location. Any direction on how to get started with determining a market to look at would be greatly appreciated.

Thank you Jennifer! I will certainly look into the Richmond REIA as I am in that area frequently. I am closer to Fredericksburg but am open to attending Richmond events as well.

Thanks for the advice Cheryl! I will definitely leave the wallet at home if I can find one attend.

I am a new member from the central Virginia area. I have no real estate investing experience yet but am interested in creating a real estate business with properties that produce cash flow. As Josh, Brandon, and many of the podcast guests have recommended, I will also be looking for a local REIA as another avenue of my real estate education.