All Forum Posts by: Account Closed

@Daniel Hennek Got it. Mainly due to alot of family members moving in. I spoke to my lender and they said it wasn’t a reason to break the 1 year rule.

Hello all,

I purchased a duplex in October last year using an FHA loan. I want to move out but I understand FHA loans have a one year owner occupancy requirement.

I was wondering if it would be possible to qualify for a owner occupant homestyle renovation loan, buy another property, and have the renovation happen now. I would like to time purchase and rehab such that the renovation is complete and I can "legally?" move in at the one year mark. Not sure if having an FHA loan would automatically disqualify me for another owner occupant mortgage within 1 year 🤔.

Any thoughts on if this strategy is plausible? Thanks!

@Jabari Long Good idea, Im working on finding an architect.

@Sean Rooks thanks!

@Jacob Sloop I agree, there is alot of value to unlock in the land. Thanks!

Hi all, I recently purchased a duplex in Norfolk. Its a non-conforming duplex in an area zoned SF-6. It's located towards the front of a half-acre lot. Behind my backyard fence is essentially a quarter-acre of empty land and I am working on ideas to develop it. I'm considering subdividing the land to create a flag lot and building another duplex (if possible) or single family on the new lot. Working on educating myself on the process before moving forward. This is completely new for me. I have attached photos for reference. 

Any recommendations on getting started or if this is even possible? 

I've drafted a lease using the Bigger Pockets and Nolo standard leases as a template. Made adjustments to meet the updated reqs in the July revision of the VRLTA and added specifics for my property. I was quoted $750 by a local attorney to review it and make edits. Is this typical?

@Kristopher Kyzar I plan to self manage for now. I’ve had a pretty terrible experience with my current property management and have plans to remove them. @Patti Robertson thanks for the perspective! I agree that the prices in VB are pretty high right now making for slim margins. I do plan to accumulate properties and diversify my portfolio more throughout Norfolk, Chesapeake, and VB (if possible).

Thanks for the feedback! Looking at a few rehabbed 4 bedroom properties in Virginia Beach in the $285k - $310k range. Doing a quick conservative look at the numbers.. 5% down and 5% closing would be around $30k in. Mortgage, PMI, taxes, insurance would be around $1600 plus 15% for vacancy/maintenance/capex, brings total expenses to around $1900. Looking at comps it could potentially rent for around $2100 after I move out next year. That about a 7% COCROI on the low end and a 25% Total ROI (accounting for loan paydown). I would like 9% COCROI at least but this is not bad for me. Any thought on my logic here? I plan to do a small fixer upper this year as well to learn after I find and close on a property to move into.

Hey, I'm looking to purchase my third property in the Hampton Roads area. I own two single family homes in Portsmouth, VA (3 Bed / 2 Bath and 4 Bed / 2.5 Bath) and was considering Norfolk, Chesapeake, or preferably VA Beach (4 Bed / 2 Bath) for my third property as an owner occupant. Not too familiar with these areas, I'm originally from New York. Any recommendations on location/value?