All Forum Posts by: Jonathon Thompson

@Andrew Frank

If they have not signed a lease with you to rent that property, and you are accepting rent from them, then you are likely in a month to month automatic leasing situation. The truth is you’re allowing them to rent that property with no set terms or lease. Other than they may occupy the premises as long as they pay the rent each month. In Virginia, for month-to-month situations, you can inform them that you will not be continuing the month-to-month lease as late as seven days prior to the end of that month.

For example, if it is Feb 15th, you can give them notice that you will not be renewing their contract or excepting month-to-month rent from them as late as Feb 22nd. Serve them that notice in writing no later than seven days prior to the beginning of the next month And except no more rent payments from them. If they fail to vacate your premises you have the right to Begin your eviction process. If I were you, I would go talk to a reputable eviction attorney there in Oakland to confirm what your local regulations dictate. I don’t imagine that they are too much different than Virginia though. Additionally in the future, I would avoid allowing anybody to occupy your unit without a signed lease agreement. It makes everything easier and there’s absolutely no reason not to have one. Bigger pockets has free rental lease agreement templates on its website. Good luck 



I definately agree, and I understand the BRRRR concept very well and I can see how it could be used with a hard money lender. I guess what I need to know is what's the best route for me to take if I want to use hard money to build a rental portfolio? I only have about $30K cash but I have 8 deals under my belt now. How should I approach the lender and what type of rental units would cash flow the fastest? I know it sounds sort of redundant but Im kind of stuck in a weird place where I cannot refi my current properties and I am essentially starting over with some experience and my last $30K. Any guidance would be greatly appreciated.

Whats up BP community, I am a flipper and rental investor with 8 deals under my belt in my first 9 months being in business. Those were all cash deals and refinancing them is not an option for reasons I will not get into on here. I have about $30K and I'm looking for flips but in my market the profit margins are razor thin. I want to reach out to you all with your enormous brains and ask you about using a hard money lender to BRRRR rental units. (Preferably single family homes but I am open to all vehicles here). Good flips are hard to come by here and due to the tremendous military presence, rentals are RED HOTTTT!!!!! How can I use hard money to really start blowing up this portfolio? Lets connect, lets chat, lets make some moves ladies and gentlemen. Thanks BP

Investment Info:

Other buy & hold investment in Newport News.

Purchase price: $50,000
Cash invested: $50,000

Cash Deal on a Turn-Key 2bd 1 ba condo.

What made you interested in investing in this type of deal?

Property appraisal on the unit came back at $56k so we made $6K in equity immediately.

How did you find this deal and how did you negotiate it?

We found it through the MLS and got it under contract for 54K with inspection release contingencies. We ID'd approximately $7K worth of "Estimated Repairs" and walked the sellers back on the price using those repairs costs as leverage.

How did you finance this deal?

It was a cash purchase.

How did you add value to the deal?

The unit is not in need of any major repairs at this time and its a condo so the risk of major repairs is relatively low compared to a single family home. Little Repairs coupled with the fact we know the unit is worth 6K more than the purchase price gives us instant equity in the deal.

What was the outcome?

This will be month 1 with the unit but no issues have yet to arise from this deal.

Lessons learned? Challenges?

Closing took a little longer than normal. Will budget that time more appropriately next time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

YES! Cheyenne Penn of Keller Williams Chesapeake, VA. She is simply the best!