All Forum Posts by: Erick Pinzon

Hey everyone,

I've decided to start investing in real estate to diversify my investments, with a long-term goal of creating generational wealth for my family. Hoping to do some networking and learn more about the pros/cons of investing in the VA Beach area.

Background:
I have purchased and sold a primary residence before, but am trying to learn the ins and outs of purchasing for investment purposes. My plan is to purchase single family homes/townhomes for long-term rental, and benefit from appreciation over decades. I have a pretty flexible schedule, but wouldn't be able to become a full-time property manager, so I may be looking at hiring one. I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.

Details:
-I have set aside $350k of expendable cash, and I'd like to leverage this. I can add to this in the future, but I am setting this as a limit as I get my feet under me.
-I am eligible for a VA loan
-Generally looking for homes <$400k ARV
-Single, no dependents, currently own no property.

1-year goal:
-Purchase 2 properties intended for LTR. House Hacking via VA loan and 2nd home are on the table, but I am not limiting to that.

3-year goal:
-Look towards multi-family property or opportunities to build ADUs. At this stage, I hope to have enough experience, and the network to be able to accurately estimate total expenses, allowing me to move towards bigger projects with bigger potential gains.

Any advice on ways I can move forward with my goals? Any tips for someone starting out that you wish you knew? Aware of any networking events/groups I should try to participate in?

Thanks in advance for any advice!

Jay

I will comment as a consumer since I live not to far from here and just recenlty discovered this gem. I was thinking of heading there for winter break and costs were pretty high. If I had a STR unit, I'd hit Reddit hard with ads and they even have a subbreddit as well! Tons of things to do for families though and it's hailed as the best ski spot near the RVA area and they also seem to have a very active community for summer. If you need me to check something out for you ahem...out of a free weekend lemme know!

Quote from @Erick Pinzon:

If anyone is curious my winter is looking pretty good. My lower unit is reserved a few weekends for family resulting in the $6k less. These are 3/2 Summit units listed on vrbo/booking.com/airbnb/private. Happy to chat if you have any questions. 

 @Erick Pinzon Thanks for sharing all the details in this thread. I've been considering buying something at Snowshoe so it's extremely helpful to see what it's really like. It looks like I missed out though. There's a 3/2 unit in Summit on Zillow for $250k and I can't imagine how that would cashflow if not buying it all cash. 

@Erick Pinzon did you sell everything? we are looking at a 3 ber at mountain lodge and the seller claims he is getting $55,000 gross rent. im having a hard time seeing these numbers come to fruition. 

Hi - I am trying to purchase a marina and was hoping there were other marina owners on here.  Hoping to get some insight on how the acquisition process went and any advice based on your experience.  I would like to be an active owner vs just an investor.  

Thanks!

Glenn

There is an opportunity in that area currently 660k. its gutted but I think the right contractor they could make it what they want, and then see if their landlord will extend the lease 6 months to match up with their time line. They have a very tight location requirement, what is keeping them in that area exactly?

We are looking at Snowshoe, WV as a potential market.  We are looking at both a condo and also a home that are near the base.  Condo is in Soaring Eagles and is ski in/ski out.  The home is just a block away, in the Sanctuary, but not technically ski in/ski out.  Curious to know of any in the area how condos perform in the summer time?  I assume in the winter months they would perform well, but in the spring/summer/fall (non ski months) how do they perform?  I would assume stand alone homes might perform better during that time.  Any input would be appreciated.