All Forum Posts by: Joe M.

Thanks for the support and suggestions! 

Hi - I'm interested in selling 2 of my out of state properties and doing a 1031 exchange for a property in Virginia in 2025. I did submit my info to the 1031 exchange section here on Bigger Pockets (Run by Equity ?Partners?), but wanted to see if there was anyone close to Richmond that had some advice on professionals to work with, or general advice on navigating this process. 

Closing on a small 2 bed/ 1 bath house this week. It's in good condition. Kitchen is a bit dated, but clean and functional. Flooring is painted. Most of the windows, but not all have been replaced. Want to make sure the appraisal value comes back as high as possible on the refinance. Looking for some low cost/ high impact projects that can help boost appraisal value. The comps in the area wouldn't make sense to add a detached garage, an addition, or a total kitchen remodel. The house was priced right, but there is about 10k or 20k boost in appraisal value based on the highest selling nearby comp. 

Iowa native who now lives on the East Coast. Have been investing in real estate in the East Coast, but interested in investing back home. Who are some great people to work with? Property managers, realtors, etc. Appreciate any  pro tips. 

I think a really good mentor would dig into the details and strategy of 1) how to grow 2) how to find deals and 3) how to close deals. It probably depends what stage your mentees are in but you can spend a lot of time and money chasing a strategy that could set you back or suck up your cash reserves. It would be good to talk to someone at each growth stage (maybe in between each new deal) to strategize about possible next steps to take in growing a portfolio. 

Hey Scott - I know this was posted six months ago, during the peak of the pandemic. But both pre pandemic, during, and at whatever stage we are at right now it has been an extremely....competitive market (in most of the country). Everyone is definitely in different stages of their investing journey. I think depending on which stage people are in they'll have more (or less) options to think creatively about how to grow their real estate portfolio. I know the 70% rule has been a challenge for me in this competitive market. You're definitely right. There are other, creative ways to finance deals. I'd love to see more opinions on this posts. I'd especially be interested in hearing from investors in the early stages of their investing journey. I think for those folks interested in "refinancing" after a rehab, or refinancing in general most hard money lenders, and most traditional lenders that will refinance are currently (and have been) providing 70% or in some cases 75% ARV cashout. Most of the folks on BP are probably believers in BRRRR to get the appropriate velocity out of their money. I think if that is your strategy...your going to have to at least be cognizant of the 70% ARV rule. Unless (and tell me if you do) know a lender that offers 80% or better on the refinance. Thanks for what you do Scott. Enjoy your posts and thought leadership.

You just got a few to respond to you @Linda S., @Stephen Glover, and @Shera Gregory are all people you want to know and work with in Richmond. : ) 

@Matt M. and @Waylon Zook thanks guys. I think this sounds like the approach I need to consider. Does the client pay after you provide receipts for the materials? Or do you work off of a selection sheet ahead of time to estimate material costs ahead of time and build that into the payment structure? 

Thanks @Canesha Edwards, I definitely agree. Towards the end of my last project I did start to get into a groove with my contractor ordering items online that he could then go and pick up. Also, I like your idea of a consultant. I do have someone in mind who might be able to help with that. Thanks for the feedback! 

Hi BPers. Wanted to see if anyone had some tips and advice on how to work with contractors (and get them the supplies they need) when you live in a different city and the property you are renovating is 30 minutes away. Does anyone have any tips? (I know, I need to buy David Greene's book on How to Invest in Real Estate Long Distance). During my last reno, I was at Lowes or Home Depot every night picking up paint, fixtures, caulk, etc. I'm close to acquiring a property in a city about 30 minutes away. The numbers work better there. I work a full time job so running to Home Depot or Lowes and dropping supplies off everyday probably won't be an option on my next renovation. Just wanted to get some practical tips. Thanks in advance.