All Forum Posts by: Account Closed

I am looking into purchasing a duplex in Norfolk, VA as a first step in real estate investing, with the plan to owner-occupy for 2-3 years. Norfolk because I like the city and it also seems that properties are still affordable.

The flooding, however, concerns me. Both as it occurs regularly right now, and also the potential larger effects of climate change, 5-10 years+ down the line.

Does anyone have any recommendations, Norfolk-specific or in general flood-prone/coastal areas, for what all I should be considering prior to purchasing in such an area for investment purposes? Here are the things/questions that come to mind so far:

Flood maps - I've looked up properties on them, but how do I learn how to better read these maps to know how to catch red flags? What maps should I look at specifically (if not all of them)? FEMA, city, Floodsmart? I am overwhelmed by not only not knowing how to intelligently interpret the maps, but also the variety of sources to find the maps.

Flood insurance - Would you say this is a must, no matter what the flood maps say? I plan to look into the costs for the purposes of calculating CapEx, but I'm wondering how I determine if it's necessary or not.

Flood history for a specific property - I’ve loosely heard that once a claim is made on a property, it is rendered uninsurable by flood insurance ever again. Is this true!? Is there a resource to find reliable info on a property’s flooding history?

Say a property has had no flooding issues in the past….how do you feel about investing in an area like this, that was built on a riverbed, that is particularly vulnerable to climate change in the longer term? Is it a ridiculous idea to think about this for a buy-and-hold for a 5 year period, with the hope to exit before climate change becomes a major issue?

Where do you look for reliable information on the potential effects of climate change for specific geographic areas

What am I not even yet considering?

…. I know this is a lot, any advice would be GREATLY appreciated!

If you buy a home with textured walls and popcorn ceilings do you paint them and call it a day? Or are you someone who smooths and removes? Does your strategy change for a flip vs a rental?

I offered full asking price on a property and listing agent/seller is saying deed issue. This wasted a few days, then they changed the listing to best and highest offer by a date that was a week down the road.  He obviously knows I will give full asking and now hes playing the market.  Is there anything I can do since he changed the listing after I put offer in?   I would have waiting until the last day had he structured the listing this way after my offer.  I really want this house and any help is much appreciated.

Just curious what’s y’all’s thoughts are on Other Peoples’ Money in a deal you put together. Quarantine time has given me more so much time to catch up on projects at home and business which means time catching up on podcast after podcast.

A common theme that comes up is OPM (Other Peoples’ Money). “I got into that place with 0 money down” or “I got person x to put the money up for this” this all sounds fantastic and is part of the lure right?? But the part that gets glanced over imo is that Is followed by “I have nothing of my own invested so Nothing at risk” kind of concept. Is it really that simple? You find an investor and present a deal and they know the risk and trust you so they put up the money but if it doesn’t work then just a “well sorry that didn’t work out”? Glad it’s not my money In there??

@Account Closed Her goal is to get out of the property. Someone lives in it right now and doesn't pay enough to cover the mortgage. She just wants out, and wants to help us out along the way. I'm not sure if I can do a HELOC, I think I could get one with the large amount of equity we will have in the property, but a subject to doesn't actually put the property in our names from what I understand (which seems like it would make getting a HELOC difficult?) She would let me make payments I'm sure, but she doesn't have the money to pay off the debt in full--she owner financed the property when she bought it.

I have a lead on a pocket listing. I’ve been talking with the agent for a couple months now. The seller is very eccentric to put it mildly. He has a portfolio of properties that he has abandoned. One is a six unit complex with only two units paying. Two others have squatters and two are vacant. Looking on the tax records he has not paid 2019 taxes. I’ve walked the outside of the property and spoken with one of the paying tenants. She is the one who gave be the info on the other four units. Working through the agent we’ve been trying to do inside inspections. At this point in the process Covid-19 hit and seller stopped responding. The agent says she has been unable to reach him for 8+ weeks. He has two other duplexes to sell as well. An associate of mine will buy one, I’ll buy the other duplex if I get six-plex.

I’ve been hounding the agent weekly. Today I find out through agent the seller is headed to bankruptcy. I fear things are going to get real messy once the courts and banks get involved. From what I can see none of these properties have liens but he owns a bunch of others. Only lien I see is 2019 taxes. Any ideas how best to approach this? I’m pushing agent to sell pre-bankruptcy. He might be able to use the cash to avoid bankruptcy. My guess is this was his original idea. Agent says he is severely depressed and might be giving up.

I'm having some difficulty finding traditional financing for a single-family property. My mother-in-law is selling it to me for what she owes, which is only 32K (ARV is about $130K). Unfortunately, I've been told by 3 lenders now that it's simply not a large enough loan. And all the business loans/credit seem to be stopped currently from those same institutions.

Should I do a subject to sale? The numbers work for cash flow, but the property needs renovation, which I would have to figure out how to pay for myself--pretty certain I can't get a HELOC until after I pay off the subject to loan. I have some money saved up, but I'm a bit short of just buying it cash.

So subject to, or keep shopping around until I find someone who wants to finance it?

Ok ya'll, long time BP learner, first time poster. My name is Terry! I'm from Buffalo, NY ( GO BILLS). I've come across a property about an hour away from me. The owner's daughter posted a " presale" ad about the property. 

    The current owner is getting older and needs to move back home (according to family) towards my hometown. I am interested in this property for a number of reasons.

1. Its right along the route of my son who lives about 40 minutes away. 

2. HUGE ski country/ Air B&B/ vaca rental opportunity. 

the daughter, whom i spoke to, said that they owe the majority of the mortgage...however its an FHA loan. I have a nice down payment as was gonna offer a potential subject to if i paid their profits/ closing costs...but can you subject to a loan not in bad standing/ FHA? thanks guys!

Hello everyone, newbie real estate investor here... this question may sound dumb but I need to know... if the housing market crashes how difficult do you think it would be to get out a mortgage? I've got 750 credit score and I would be able to put down a decent chunk of money for a mortgage anywhere around 20G to 30G (depending obviously.) Any input is greatly appreciated :)