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All Forum Posts by: Elizabeth O.

Elizabeth O. has started 25 posts and replied 90 times.

Post: This is one reason I would not self manage...

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23
Mike F. Steve Vaughan Jay Hinrichs Perhaps you are all more experienced than I am. I am open to any advice but I sense some negativity. My tenant has been in place for 2 years. Always paid on time. Has a young child and has recently split with his wife. I have had to fix a few things over the past two years and the house was decently maintained by my tenant. It's a c+/b- property. I don't recall anger issues being on the checklist when screening tenants. He met all other criteria with flying colors. The smoking came as a shock but I'm not sure how to deal with this. If you say no smoking and they smoke aren't you then in a legal battle? Honestly this is the first I've heard of the smoking. Things happen. Even as a new investor I know this. I can handle the 2,500 it will take to fix it up. I set aside more than that for a turn anyhow. I'm ok even if I don't get it but man..... Seems as if you guys have been burned before. This hasn't happened with any other of my properties and if it did then I would look into it more. Even after your comments. I'd rather have property management than not.

Post: This is one reason I would not self manage...

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23
Long story short... My property manager went to show one of my town-homes. Turns out my tenant decided it was ok to put/punch holes in walls and put his cigarettes out on the carpet in every room. It's a shame because at the last walk though everything was as it should be and he was never late with rent. Im told he is going through a lot of personal issues. Anyway,... I'm so happy that I don't have to deal with this directly. I got a phone call today from my property manager explaining all of this to me. We will be keeping his deposit. Upon move out, my property manager will photo everything and will get estimates. Legal will be involved through my management group and they will garnish his wages for the damage done. The cost of damage is something I will front to get it rehabbed and rented in about two weeks as to not loose too much money but it's good to know they will get me money back. Bad news but having systems in place (a good property manager/company) allows me to be hands off. I'm sure there are people out there who could easily handle this themselves but I'm so happy I don't have to. Perhaps this will help someone deciding between self managing and hiring it out.

Post: New from Richmond, Virginia

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23

Welcome @Michael Moore Jr

I invest in and around Richmond.  I have a great property management group and realtor down there.  I like the North Cheaterfield  and Midlothian area.  Feel free to reach out.  

Listening to the podcasts is addicting.  When I'm not listening to podcasts I listen to any realestate book I can get on audible.  It makes my commute to my day job that much better.  

Best of luck!

Post: New tidewater investor

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23

@Ashley Holden

Congrats on your first duplex!  How was the experience?  I invest in the same areas and am also looking for a small apartment building to add to my portfolio.

It's hard to branch out and look for larger multifamily when you can still use up traditional loans and get good 1-4 unit properties.  Your thoughts on that?

Post: SFH & TH in Virginia Beach & Hampton Roads Areas

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23

@Norman Campbell

I'm in the NOVA area as well.  The high prices up here lead me to a couple of different places including Virginia Beach to invest.  I have two town home rentals down there.  I like the area and I'm hoping the addition of the new arena will really draw more people in and possibly raise values.  It sounds like we look for the same type of properties.  If I can be of any help feel free to reach out.  

Post: Looking to purchase my first duplex/triplex/quad in Richmond, VA

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23

@Michael Costanzo

I own a duplex and a couple single family homes in Richmond.  I use a realtor/property management group down there to help me find my deals.  

I've found that most of the time, small Muti's are priced high and only house hackers could make a good profit.

Grab a realtor and have them set up a search for you.  

feel free to reach out with any specific questions and if you'd like to know the people I work with id be happy to give you some names and numbers. 

Best

Elizabeth

Post: When/how to get rehab estimates

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23
David Methvin I am not familiar with your market but I'll tell you what I do. When I run my initial numbers to see if the deal will work I eyeball the listing and photos. I look in the 100k range with an ARV of 150+. If it needs minor repairs and updates like paint and a little bit of work, I budget about 10k. If it needs new kitchens, floors, and almost everything needs updating I budget around 30k. After I run all the numbers, look at comps to see ARV and it still looks very promising I go out to see it. I go with my realtor and property manger. If I can't go and it's a deal that will likely go fast I let the two of them go out and take a look. My property manager has been an investor for years and has almost always come in on point with rehab estimates. It's a certain level of trust I have with my realtor and property manager. I don't typically waste their time. They know I'm serious and if I ask them to look at a few properties I usually end up buying one. I would recommend trying to establish a team. If I get a good deal they make money so it's a win/win. I'm still relatively new (6 units) but that's my 2 cents for what it's worth. Best of luck to you.

Post: Hampton cabinets in Cognac; Please help with flooring

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23
Found a good deal on Hampton Cognac cabinets but am confused on what to do with the floor. I was thinking vinyl planks but does wood floor/ wood cabinets look weird? If I went with vinyl planks what would look best? Property manager suggested flooring for the kitchen and baths could be Allure red rock or Allure Ashlar tiles. For the LR and Hall could be Allure Ultra planks in Vintage Oak Cinnamon. I usually let me property manager call the shots but i need a high appraisal on this in 6 month. Not sure if flooring really matters. It's a buy and hold Type b property. I would be grateful for any opinions.

Post: Timeframes; closing, rehab, rent

Elizabeth O.Posted
  • Investor
  • Fairfax Station, VA
  • Posts 95
  • Votes 23
Does this sound fast enough? Closed April 1st All bids in April 26th Roughly 4 weeks to complete. Hopefully rented in June. I was thinking that this time frame was slow but after some research perhaps it's fast or average. What are you guys experiencing? My first mortgage payment is in May so it looks like I'll have to pay the first payment myself. Is it unrealistic to think you can have full rehab done before first mortgage payment is due? Scope of rehab: all new kitchen, floors, ceilings, update baths, paint and a lot of odds and ends.
Georgia H. Brrr stands for buy, rehab, rent, refinance. You can do cash out refinances with conventional loans number 1 through 6. As of now, when you hit loan number 7-10 you can no longer do cash out refinances with conventional loans.