All Forum Posts by: Daniel Harnsberger

Hi Nicky Reed , I'm a fellow Richmond investor. I have rentals, lease purchases, and I started our wholesaling. Advice was freely given to me so I'm always happy to pay it forward. Please feel free to write or call. Dan

Patrick Devlin - so much advice has been freely given to me. I'm always happy to pay it forward. Feel free to shoot questions my way.

Michael Latimer with Remax works almost exclusively with investors. Can't recommend him enough. Message me for his number.

Two days ago I got a call about a rental property I own Subject To the existing mortgage.  Apparently someone tried to rip the HVAC units out for copper, but were caught in the act.  However, the units are very badly damaged.

I would like to file a claim through the loan holder's home owner's insurance.  Do I need to file this claim, given I have ownership interest, or does she need to do it?  

As a side note, I also have a monthly plan through American Home Shield that this property is tied to.  Will they help?

Please advise, fellow BPers!

Use all the information available here ON BP, go to your local REIA. Read J. Scott's book on estimating repair costs.

Learn how to estate repair costs and you'll be ahead of 90% of your competitors.

Take action while also making lots of time for education (not from gurus).

Pick-up this deal in one of the top investment areas in the entire country- Church Hill in Richmond, VA.

Address: 3310 Q Street, Richmond, VA 23223

Square Footage: 3,384, (each unit is a 2/1, two stories)

Price: $60,000;  Repairs: $65,000*

Annual Financials

Rents: $800 per unit (2)**

Vacancy:  $1,344

Taxes: $744

Insurance: $840

Prop. Mgmt: $1,920

Maintenance: $960

Cap. Ex.: $1,920

Gross Income: $19,200

Total Expenses: $7,728

Net Income: $11,472

*Breakdown available upon request

**Section 8 rents for 2 BR apartments max at $904 before utilities

Welcome to BP @Steve Sterne. I'm a lifelong Richmonder and active investor. If you have any questions about market, feel free to contact me.

Dan 

@Bianca Garrett,

The best learning tool there is = experience. Start making offers on houses, buy your first rental, etc.

Richmond also offers some great monthly meet-ups, filled with people who have taken said action.  Come on out!