All Forum Posts by: Ernest Grindle

@Tatyana Williams Hello and welcome. Zip codes are too broad down here, you will have b and c areas in all of them (and a and d areas in most of them too). @@Patti Robertson

@Patti Robertson That is true about the property managers, but you cover Suffolk so what more do people need :) It's also a lot tougher to do good comps since many areas are so rural.

@Kevin Sack You should read (or at least skim) the Suffolk Comprehensive Annual Financial Report. It has some great info in it. http://www.suffolkva.us/DocumentCenter/View/2218/2...

@Jesse Daconta Local to where you are moving, I think Suffolk is the best in Hampton Roads for appreciation. The city's growth is better than any of the other cities. I also like Chesapeake because of how desirable their schools are. Most investors like Norfolk the best. You can find a lot locally if you want, but there is a lot of competition right now.

@Marlon Thomas Hi Marlon. Yes you can. There are many succesful investors in Williamsburg and there is room for more. Are you looking to build a rental portfolio? The rest of Hampton Roads is still pretty easy for you to get to when needed so you don't need to limit yourself to just Williamsburg.

@Rosy Bruno @Patti Robertson owns a management company and is the president of the local landlord association.

@Kevin Sack For example your purchase price impacts your down payment which will be a major factor in your cash on cash return which gives you the relative value of that monthly cash flow to you. Also depending on the neighborhood you are buying in you could have years of cash flow wiped away every tenant turn over. Since it looks like you are planning to hire a property manager, reach out to @Patti Robertson She has an excellent property management company and knows every neighborhood in Hampton Roads and could tell you what to expect.

@Kevin Sack A lot of MLS rehab properties end up falling through. I've bought two REO properties in the last year as the back up offer. You can find the cash flow you are looking for, but there is a lot more you need to factor in.

@Melanie Heiges You'll find there are a lot of people happy to help you get started. Learn what you can, listen to the podcasts, and reach out whenever you have a question. But you don't really start learning until you have your own deals. My day job keeps me busy too but I find there is still plenty of time to be successful in real estate... And plenty of time to lose money on real estate too ;-) Find local people you trust for advice, like @Patti Robertson and @Shawn Bowen. They are both active at TRIG, along with a bunch of other great people.

@Melanie Heiges Welcome! The Tidewater Real Estate Investor Group (TRIG) is a great REIA. Google it and sign up for next Tuesday's meeting.

@Taylor Hudgins Hello and welcome. For your first deal you may want to go with a hard money lender. They will help make sure you actually have a deal and your numbers are right. I have a couple I can refer you to if you message me directly. For conventional funding I go with Heather Todd at Atlantic Bay (message me and I'll give you her number). BayPort and BB&T are also pretty good. I've heard Towne Bank is good too but haven't used them. Most conventional lenders will want you to hold the mortgage for 6 months (otherwise the broker has to give back their commission) so I only go conventional for rentals (or flips I rent for a year before selling...which can help with taxes).