All Forum Posts by: Colin Davis

@Wesley W. The market here is not great. I started here in Colonial Heights late last year and did a couple flips (flops) that didn't make nearly what I hoped. I'm now looking seriously into some buy and hold properties for Petersburg. There's a lot of potential but only in a particular area of the town. You should attend the Petersburg REI meetings. I can let you know the details for the next one when they put it out.

Ok so, I found a great investment property but the bank wants too much money up front in order to finance my deal. THE NUMBERS DON’T MAKE SENSE FOR MY BOTTOM LINE. There are real estate agents involved on both sides of the deal. My question: Is it too late to start asking the seller about owner financing?

@Scott Morongell  I find it funny when I tell myself that I will never get all emotional over a deal and here I find myself all emotional over a POSSIBLE deal. You wrote exactly what I needed to read. Thanks

Apologies Matt. You are absolutely right. I should have explained that I have yet to evaluate the deal because there are too many unknowns.  I asked an agent to see the property and he was the one that informed me that the property is fully occupied.  I got really excited because there are no offers on the property as of yet, and multifamily is really hard to find in my area, especially for the price $150,000. In my excitement I could only think to ask, "when can I see the place?"  But I know that I need to be so much more inquisitive like, "how long are the leases?", "what does each unit rent for?", "why is the owner selling the property?" I guess what I am asking you as an expert is, what other questions should I be asking?, and what else (in general terms) should I be thinking about? Or should I be asking any of these questions at all until I've seen the place?

Fellow investors, I have an opportunity to buy a fully occupied duplex.  It looks like a great deal but through my excitement I am having problems thinking clearly.  I would really appreciate some ideas as to what I should be thinking about as this deal evolves. Thanks in advance.

Duane, I've yet to attend any REIA but I am looking to get involved in the Richmond area.

Thanks for the response Christopher. My local REIA has membership fees that will void the monthly meeting fees. I suppose I shouldn't be as surprised as I am. EVERTHING has a cost.

My Local REIA cost money. I've been listening to plenty of Bigger Pockets podcast and reading a lot of real estate books, all of which have stated or written, "attend REIA meetings or become active in your local REIA". However, I never read or heard anywhere that the REIA costs money. Did I miss something?