All Forum Posts by: Evan J.

We purchased a single family unit in Fredericksburg VA. The property has an unfinished basement that the previous owner apparently started finishing/improving but never completed. There is some framing and drywall that was put up, but that's about it.

There are a few obvious things that would need to be done in order to bring the basement rooms up to code, e.g. widow wells in bedrooms and a walk-out to qualify as a second unit.  The one glaring issue is the ceiling, which is definitely below the typical 7 foot height or so required by many jurisdictions.

I haven't been able to find any such requirement for Fredericksburg.  Is there really no such height restriction?  Does anyone have any experience with this?

Contact Sean Tluchak.  He does Real Estate law and is investor friendly:

http://www.tluchaklaw.com/

@James Blalock There's a meetup group that meets once a month, Rappahannock REIA. I've never been there so I can't provide much more information than that.

@Lawson Ott  Thanks, that makes sense.  Finally someone answered my question!

@Lawson Ott my company owns it.  So my signs can just say "for sale" and not "for sale by owner", right?  I don't need to disclose on all advertising that my company is the owner and not a brokerage?

Brokers and agents are prohibited from using advertising that implies in any way that the house is for sale by owner.  I want to know if owners are likewise prohibited from using advertising that could be construed as a broker's sign.

So I can put my own signs, with my own branding and info, on the property even if I'm listing through another broker?

Basically I'm trying to avoid putting an off-the-rack, handmade FSBO sign on the property because as you said, I'll be bombarded with agents and wholesalers who have the wrong idea.

@Percy N. I was going to do that. Just curious as to whether there are requirements to disclose on signage that it's FSBO, similar to owner/agent disclosure rules. I'm wondering if failure to do so constitutes falsely representing that we are a brokerage.

If I or my company has a property that I'd like to sell as FSBO, do the signs have to state "For Sale By Owner"? If I had an active license (I don't because I don't do sales) I'd advertise it as "Owner/Agent", but I'm not sure what to do in this situation.

The property I have in mind is located in Virginia.

Hi Diane,

Welcome to BP.  This is a great place to start.  What are your goals for Real Estate investing?  Let me know if there's anything at all I can do to help.

I agree with James that it is a competitive market here.  The deals are out there, but you have to work for them.  I've been fairly consistently outbid on properties in this area, and my wholesalers report the same.

It all depends on what you're comfortable doing and what you hope to achieve.  Good luck.

Virginia members:

We recently acquired a property for a rehab project that has tenants in it.  I was informed that the tenants were on a month to month lease.  Normally I would serve a 30 day notice to quit in this situation.

Upon further investigation, it seems the tenants are related to the seller, and neither have produced a written lease yet.  This leads me to believe they may not have a month to month lease but an implicit tenancy at will agreement.

While I intend to give them a reasonable amount of time to move, is a 30 day notice still necessary in this situation, or can I just choose a day by which they must vacate the property?  I would appreciate any insight anyone can provide.