All Forum Posts by: Donna Salmiery

@Brandon Hicks I need to read your post! My two deals I did with 20% down on each - first property was $110k, second was $137k. I am saving up another $30k right now for my 3rd deal, but need to figure out how to do it cheaper. Going to your link now!

I would definitely negotiate closing costs if you can. I purchased my first two properties this year. My first property the sellers paid the closing costs  and the second one they wouldn't. It made a big difference in up front costs. The bank may want to see a reserve in the bank, but you won't actually need to spend it. So maybe a family member or friend would loan it to you and then you could pay it back immediately after the closing. Just a thought. 

@Ben McMahon Is 404 Duncan Ave, Front Royal still available?

Welcome Michael - I wish you much success!

Hi John - I have 2 rentals in Winchester also. We recently started a REI group - it's small, but growing. Shenandoah Valley Real Estate Investors.

https://www.meetup.com/Shenandoah-Valley-Real-Esta...

https://www.facebook.com/groups/194230991021027/?r...

Join the Facebook group or the Meetup.com group so you'll know when the next meeting will be.  You may meet someone that helps you along in your endeavors!

This is my first year as a landlord also. I have two single families and both tenants have been great. One even paid a few months rent in advance. A gift card sounds like a good idea. I am looking to buy an apartment building next and that could get expensive depending on how many units. 

@Account Closed - Thank you for the info, I will reach out to Rachel.

My primary residences have always had a well and septic ( I like living in the country vs city), so have had no experience with public water and sewer until we recently purchased our first rental. We had to pay to hook up the water in our name until we placed a tenant, who then took over utilities (additional cost). Then we had a leak, because the pipe froze between inspection and closing, so for the one week we had the water bill in our name, the bill was $1100! So I did not have a great first experience with not having well and septic. I hope I am not jinxing myself, but have not had any problems with our septic and we have been in our home 18 years and it was 5 years when we bought it. I wouldn't be scared of septic, just do your due diligence, and remember poop rolls down hill! (must be pumped if septic higher than house).

Hi @Kevin May - I am taking a vacation to Carolina Beach, NC in a few weeks. While there, I am planning to check out Wilmington, Wrightsville Beach, and Carolina Beach. I also have one long term rental so far, mine is in Stephens City, VA. What do you think of vacation rentals? What are the better areas in Wilmington? Good luck with your BRRRs and flips!

Wondering if anyone knows if the banks will count a property as an asset without counting the mortgage as a liability if the deed is in both spouses' names, but the loan is in the other spouse's name? The first property we purchased in just my name, but we are both on the deed. Now on to the next deal and we are planning on applying in my husband's name. Thank you.