All Forum Posts by: Jonathan New

I am also interested in recs for the Atlanta area.  We are interested in large properties though

@Matthew Hime, my agent @Melanie McDaniel is very well networked with investors and every trade partner that investors work with in the area and is one of the most tenacious people I've ever worked with - she puts most all of us Navy folk to shame.  Best of luck!

VA has a new loan program that gives you some rehab money on top of the purchase price. It's new as of this year, so not many lenders are aware of it. I wanted to force appreciate as well, but I got overruled by the boss who wanted turn key SFH. Rhett is right about VA Beach being great for schools. Chesapeake also has very highly rated schools. Norfolk is very spotty on crime rates - Ghent is upscale but surrounded by impoverishment, then the city goes into a pattern of good street, bad street, good street, bad street.. for about 20 blocks. Strangest thing I've ever seen. Flood zones are all over the place too, so be sure to check that.

TLDR - for a primary residence considering schools and crime, stick to Chesapeake or VAB or maybe Ghent.  

@Renard Miller, is that a net or gross $/door?  

@Ron Etienne Younger.  I'm a newbie, so my terms were typical for investors working on their first deal - 11.5%, 3 pts, 6 month term.  Also, being a newb, I took FOREVER getting some information while I screened general contractors, studied insurance, and learned the title process, so my close was 3 weeks... WSF can close in a few days though if you're well put together.  WSF also wraps up your payments, closing cost, and points into the loan, which makes the cost of money more expensive but frees you up more at close and month to month.  

Welcome!  

TRIG (Tidewater RealEstate Investors Group) meeting on 16th of this month in VA Beach. Also, hit up @Melanie McDaniel for her monthly meet up. She's my agent and is very well connected in to the Hampton Roads REI scene.

@Thomas Franklin fair point, and I agree! I haven't seen a lot of the guru/sales pitches here in Norfolk, but the Norfolk REI market is not in the same ball park as Jax. National REI pundits aren't pushing Norfolk as one of the top investment markets. In the near to intermediate future, my business will probably grow past the point of being able to operate strictly within the Hampton Roads market, and I can't afford to wait until that point to start piecing together a team in other markets - hence REIAs as a purely networking tool. BP is great, but nothing can replace the value of face to face networking. I am sure that you agree.

I am also interested in the Jax REIA piece to start networking in the area.

If you flip for capital and BRRRR a whole bunch of doors, 2030 isn't just doable, it's realistically too far down the road. There will be road blocks galore, but every road block has a way to hurdle it. $300/door is high = flip houses to further pay down principle for a refinance to make your $300/door. HML cost of money makes you less competitive due to cost of money = make more offers. Every problem has a solution, and there are a bunch of nay-sayers out there who will try to chop the legs out from loftier goals than their own.

closing cost assistance. You can request the seller to assist with closing costs. I believe that in any other loan, the money used for assistance can only be used for closing costs (extra goes back to seller), but in a VA, the extra goes to you. I got a $12k check this past July when I closed on my VA loan on my new house. I would imagine that the same rules apply to a 4-plex since it's the same loan type as a single family.