All Forum Posts by: Gregory Cudzilo

I'm a new investor with 1 LTR property in Norfolk, but I'm looking to build my portfolio. Is BRRRR effective in the Norfolk/VA Beach/Portsmouth market? If so, I'd love to connect if anyone has any advice/thoughts.

@Tina Lee Hi Tina! I have 1 rental property in Norfolk, but I am looking for more. I'd love to connect and potentially work with your wholesaler.

I would offer 235k and not a dollar more. If seller says no I walk. Wait 4-5 weeks and the property will probably still be on the market. Then, offer again at 220k and see if seller counters at 235k and buy it at the appraisal cost (or less pending the counter). If it happens to not be on the market in 4-5 weeks then that means someone else got a not so great deal and you just move on to the next one. I'm not willingly buying something for more than it's worth, especially when there are other deals out there to find, but that is just my philosophy.

Sounds good...thank you for the feedback!

If I have a HELOC on my primary residence, but decide to move to a new primary residence and turn my old one (The HELOC one) into a rental...are there any issues with that? Does that HELOC remain in place for the predetermined 10 year draw period and 20 year payback?

@Ryan Moyer Great insight, thank you. I viewed it as the slam dunk cash flow that it sounds like it used to be. I live in VA and have no intention to travel to FL for Disney, I'm just looking for the best bang for my buck cash flow STR location. I will continue to analyze properties and check out Airdna, but sounds like I might need to consider elsewhere too. Thanks again

@Alex F. If you don't mind me asking, how soon after purchasing were you able to start generating cash flow? I've read that a few folks were 6 months in with their Kissimmee STR and not breaking even yet due to being so new on Airbnb/Vrbo.

All,

Thanks for the replies. This is exactly why I ask here first..for the experienced advice. Definitely don't want to burn any bridges or do anything not in good practice. I'm going to line up a handful of visits this weekend to get a better idea of which ones I like best then go from there, only offering if it's one I'm truly interested in. 

So I will be able to see a handful of the houses in person...just not all of them in 1 weekend. Sorry I didn't clarify that in my original post. But thank for all for the responses. It sounds like if I view 3 or so houses next weekend, putting an offer in on all 3 (Assuming they look as good in person as they do on the MLS) doesn't sound like a bad idea. Thanks again

Working on buying my first rental...a SFH buy and hold. There are several houses I'm looking at that are roughly the same price and will rent roughly for the same rent. Is it frowned upon/will it annoy my real estate agent if I want to place an offer on most or all of those homes, offering a little below the asking price to see if I could get one for potentially an even better deal? I live about 3 1/2 hours away from where I plan to buy (Plan to buy in VA Beach, live in Alexandria, VA), so I won't be able to visit all the houses in person. But in my head, it makes sense to shoot my shot with a slightly lower offer on all those houses and see if I can get lucky. Obviously if not, I'm willing to pay closer to the asking price but I think it's worth trying to purchase below the asking price if possible. I just don't know if it will rub my agent the wrong way if I send him a list of houses I want to offer on. Like I said all the house are similar in sqft, bedrooms,bathrooms, price and rental income. Thoughts? Thank you