All Forum Posts by: Heath Thomas Jr

 I got the lead, and just wanted to refer it to someone else. We don't really care what we get out of it. Just trying to help a nice woman out.

Looking at a deal for a house in Northern VA (4 bed 2.5 Bath) that has roughly 365k owed between the initial mortgage (250k remaining) and secondary lien for (115k). Seller says mortgage payments are around 1200/month and the house currently rents out for $1400. So when we include R.E. Taxes, insurance, minor repairs, there's negative cash flow.

The house is worth 375K at its best case scenario ARV. However rental comps are around $2000-2300/month. Why is the seller is renting it so low? I believe he had a 5 year lease and didn't raise the rates. He also recently had one of his mortgage payments increase from$300-$800 over a short period of time.

My question is, If I bought this house Sub-to would I be able to A.) increase the rental rate for this current tenant B.) be able to increase the rate next year when their option to renew for 5 more years becomes available C.) have to find a new tenant to raise rates.

I'm expecting the seller to send me the current lease soon so that may answer my questions but I wanted to se what the BP community thought about this deal as a whole!

Thanks Guys.

Does anybody invest in Floyd/ Willis County Virginia? I have a VERY motivated seller who wants me to do a short sale there. The problem is 1 I live very far 2. I've never done a short sale. I promised the Seller I would ask around for anybody that might be interested.. Her house is about 30 minutes from Blacksburg, Va (Virginia Tech)

Does anybody invest in Floyd/ Willis County Virginia? I have a VERY motivated seller who wants me to do a short sale there. The problem is 1 I live very far 2. I've never done a short sale. I promised the Seller I would ask around for anybody that might be interested.. Her house is about 30 minutes from Blacksburg, Va (Virginia Tech). Anybody have any advice/ Want to do a short sale in the area?

Hey BP members!

My partner and I have come across a great deal in Baltimore, MD. the short numbers are this:

We make offer at 62,000 (asking is 68,000)

Full rehab of about 35-40,000

2 comps sold in last 3 months, 1 down the street for 190K and the other was listed at 159k and sold for 170k.

its a 1,100 SF 3/2

We are looking for a JV partner who can fund this deal and also offer some experience as we are new investors. We believe if we add a partner and lose some profit we will gain more in knowledge than the money is worth!

Hi All!

We have a perfect Buy and hold Opportunity in Baltimore! 3 Beds 1.5 Baths 

Blocks from Morgan State university (less than 2.5 Miles from Johns Hopkins and Loyola University. 

Needs minimal work around 15k. 

Total investment of 95,000 and rental comps in the area go for 1500+ 

Can you afford to not take this deal?

Message us for more details!  Lets Make a Deal!

My partner and I have been searching for good Investor friendly agents for a while now. We still haven't been able to find a responsive agent who has been knowledgable about real estate investing, especially creative exit strategies such as wholesaling. Does anyone have any recommendations or tips to find a good agent?

Hello BP, 

I am interested in learning from investors what their preferred business bank is. My company is getting started in the DC metro area, and I want to know if others have a real estate friendly bank they use. We are set up as an S Corp and would like to set up a business checking account to separate our company and personal money. Also, does anyone look to use the same bank they have a business checking or savings account etc with to look for mortgages, business loans or lines of credit? Or are there certain banks better for each aspect?

I am thinking EagleBank, Bank of Georgetown, and BB&T as of now, but would like to hear from others before making a decision.

Thanks for your help,

Heath 

Baltimore Investment Opportunity! nearly 1000 SF 2bed 1bath ARV of 112K

selling for $55K mostly cosmetic job.. Email for more information.

I am!