All Forum Posts by: Dawn Roy

As other responses have suggested....DSCR loan is a great option.

Cheers!

Great question Austin,

I have found the best way is to network with local investor groups.  There are many here in my local area and your area is likely to have the same type of meetings.

Most of the deals that I fund are by meeting investors in person at these groups and creating strong relationships.  You will find that every PML has a different business model.  

Make 2025 the year to build those relationships.

Cheers!

My response is not relevant to this transaction as it appears everything is going to work out with your lender.  However, for future purchases as investments or otherwise, as a Realtor, I never take a commission on my purchases.

For one, I don't want to pay taxes on it or split it with my brokerage. As we all know, you are really paying for the commission in the purchase price. I prefer to negotiate the purchase price removing any seller commission. Now with the NAR settlement, all buyer commissions are negotiable in the contract. Whether the seller was open to a buyer commission or not, I wouldn't put an additional cost into any personal purchase.

Congratulations on your new investment property.

Cheers!

Alex,

Every decision boils down to the numbers.  Can you buy a house and be within reason of what your current rent?  I would speak with a loan officer to get an idea of what I would qualify for with that level of student debt.  That phone call may be the decision maker.

I would also look into Virginia Housing.  There are loan programs specifically for Virginians.

https://www.virginiahousing.com/en

Good luck and Happy 2025

DealMaker Richmond and Richmond RING are two good ones.  

Christopher,

For a vacation home that you are going to use for STR, I would look at a DSCR loan product. Those products look at the income of the property and not the borrowers qualifications. There are other choices and options for lower down payments as well. You could also negotiate owner financing depending on the deal you find.

Cheers!

Kevin,

The best advice I have is to connect with other investors, wholesalers, PML, etc at local meetups each month.  There is a wealth of knowledge there.

Cheers!

Congratulations on being in a positive equity position.  Like others who have responded, $200 above your mortgage isn't cash flow.  That will get consumed with yearly expenses, especially a 3 acre lawn to maintain.  

A rule of thumb is...don't rent or lease to anyone you are not willing to evict.  A friend may not be the best choice for a tenant.  Have a property manager give you an estimate of potential rental rates for your area.

Cheers!

Joseph,

Congratulations on making the decision to invest here in wonderful RVA.  My suggestion for you would be to surround yourself with other investors.  There are several good meetups every month. As a dear friend of mine always says, "be in the room".  

Cheers!

@Andris Linauts congratulations on identifying a wonderful place like RVA.  We are rocking here and have a very strong real estate market.  I also commend you on having a baseline for your investing strategy.  

Homes at 200K and below are very hard to come by here.  Even the multi-family units are selling quickly, regardless of condition.  I was in a duplex this week with a starting price tag of 175K that would need at least 125K in renovations.  Sold in one day with multiple offers. 

Finding off market opportunities is a must.  There are meetups here that allow for networking with wholesalers and others in the investor space here.  Networking is key.

Like another post suggested, you should also consider all options. Not only LTR but MTR and house sharing. There is a huge need for good rentals and so many ways to provide that service. FYI, the City of Richmond has become unfriendly to non owner-occupant STR's.

All the best to you in your investment goals.

Cheers!