All Forum Posts by: Jacob Sloop

As you can see there is a significant discount for 1 bath properties.  70,000 is a whole lot

They tend to sit on market longer when selling as well.

BUT if you are looking to get started and have limited funds, buying a 1 bath in a good area can be a good move.  They will still sell and rent.

I would say location is key if your looking at 1 bath houses.  Other wise stick to finding a 2 bath   Hope that helps

Hey there!

I would suggest reading the multifamily millionaire books by Bigger Pockets.   From someone that's read a lot of real estate books, I will say they are the best.

Also for cap rates,  google the formulas and start using a calculator to play around with them to figure out value

I.e if something has an NOI( net operating income) of 200,000 and its a 8 Cap That's 200,000 divided by .08 = 2,500,000

@Alex Winfield

Hey Buddy!  Sounds like a great time.

Is this tonight or tomorrow?   It shows 2 different dates.    Didn't want people missing it !

@Thomas Zidron

Congrats on making moves!

There are some Richmond folks on here for sure that Im sure would help out! 

@Dawn Roy

 Im in Hampton Roads area if you ever need help there!

Interest rates have gone up so you just need to make sure your payments aren't so high that you cant cashflow..

Those are pretty great terms for a HELOC I must say though

Just advising that, especially with an STR, you run some worst case scenarios and ideally have it work as a longterm , with your HELOC payment and mortgage payment

Hey @Caitlin Stables

There's a ton of info on here on that subject and it depends on your personal situation to some extent.

I would start talking with some local banks and tell them what you're trying to do. The terms on HELOC's have gone up quite a but in the past year so you need some numbers to make sure it even makes sense... If the interest rate is too high etc.

Also what does your current mortgage look like ?    Terms aren't the greatest for a cash out refi either, especially if you have snagged a 3-4% interest rate in the past couple years..

Study.

Sorry to hear that Bob!   I think perhaps we have hit the over saturation point, and too much inflation, people are tightening the belt

Welcome to BP

Bigger Pockets is a wealth of info and I sent you a message if you need any help!

Thanks for posting buddy!  Sounds like a good one