All Forum Posts by: Jonathan Smith

Jonathan Jaime Velarde the process is painless but there are some minimum extra fees but no down payment. I have used it twice and the second time the fee is a little higher I believe around 4500 which you can roll into your loan. No problem at all with the VA inspection either which can be a hassle if your looking at a fixer upper. They mainly look for safety issues so if it is average house you should be okay. Good luck and enjoy your last year of service.

I'm curious if anyone is invested in rentals in Hopewell, Virginia just South of Richmond, Virginia. It seems like there are lower priced homes C/D Class properties for sale in that area that seem to be a good fit for rentals.

Linda DellaRipa Nice upgrade and project, congrats.

What is the rule of thumb for calculating Closing Costs for analyzing a SFH. Do you have a certain percentage? I would like to be conservative with this number so I'm covered in a deal.

Rob Hunt sell the SUV and move on, there is no way they are coming back to finish this project.

Jeff Bridges I would agree to paint and switch the hardware. I would try to keep the counter if I could since it is a rental or do a resurfacing.

Kent Harris if they are licensed then you will be okay. Any electrical, plumbing, and HVAC company would have a license. Not sure what that contractor was describing, maybe it is a Texas thing.

Seems like like the contractor would be taking on the risk with this setup. Also this setup would lead to cutting corners on the work especially if the budget is not there or is busted. I suggest the contractor price the job at a discount so he is making some money and give him a lower percentage of the profit when it is sold. That way he is covered during the project and the split at the end would put the completion of the project in everyone's best interest.

Zachary Wolf if this is a flip, you would need to be around 100k or 110k to make a decent profit. That would leave your 20k repair budget 15k profit, 10k for closing costs, carrying costs, and the remaining as a contingency for repairs. The 140k will not work and your 20k repair cost might be cutting it close if a serious amount of work is needed to waterproof the perimeter of the home. The issues with the house might make this house sit on the market for awhile which will give you an opportunity to bid lower in a couple of months.

Tyler Mutch, you will have to get in rezoned to R-TH or R-MF for townhomes and/ or multi family. The commercial zoning applies to what types of business/building can be built on the land C-1-5. If you want to change the zoning I would go to your planning and zoning department to discuss this with them and get a feel from them on the possibility of the change of zoning. Another way that I know of is how Developers go into contract with the land owner with a clause in the contract that the purchase is based on being able to attain rezoning for the property. If rezoning is not allowed or granted then the developers does not purchase the land. You still would have cost into the deal with the drawings, time and paperwork. Hope this helps.