All Forum Posts by: Jon Deavers

@Seyed Javaheri It depends on the location oftentimes. There is a small town in Virginia north of Richmond (the other one) called Ashland and homes on the tracks there actually sell at a premium because of the architectural styles and the fact that the train is integral to the town's identity. If you're looking at something in an otherwise average neighborhood or suburban/rural area, then the train is likely to cause delays on market timing.

I'd ask your local Realtor about the specific location and whether it's a pro or a con and take it from there.

Hi @Collin Radack

Congrats on the offer and I hope you make the move. Richmond is a great town and a ton of fun. There's a lot of demand for rentals here and the market is hot but still very affordable compared to our northern VA neighbors especially. There is a VHDA program for first time buyers (assuming you fit the criteria, I can make a referral to a great local lender who can give you more details) that will allow you to get into a property with minimal down payment and no mortgage insurance.

As far as location goes, to stay at $150k I can suggest looking in the JR Tucker and Hermitage High School districts. Prices have crept up here over the last year but those deals can still be found in old Glen Allen, Dumbarton, and several other neighborhoods within a 15 minute drive to UR. 

There are also some great buys in CHesterfield county at or below $150k but you'd be looking at a commute closer to 30 mins.

Feel free to reach out if you would like to chat about it in more detail.

@Sean Tluchak's office has handled dozens of closings for my clients and they always do a great job. In addition, his office is general practice so they can help with forming LLC's and a host of other needs. www.tluchaklaw.com

Good luck @Audrey H.!

You should be careful calling any area bad. May not be understood but "bad" is a dangerous term that can get you into some fair housing issues pretty quickly when you're advertising for potential tenants. If it's truly a bad area for your (consistent) criteria then you shouldn't buy there regardless of price point.

The advice here has been fairly on point, you shouldn't bid emotionally. However, completely disregarding the feelings of the seller is bad business. You need to be able to educate whoever is representing the seller on why your offer is low. And the numbers should justify the offer regardless of how low it is. In order for the deal to work, especially with individual sellers not REO's, both sides need to feel like they're getting a fair deal.

Keep in mind, these may be emotionless business transactions to you but you're buying people's homes and there is a lot of sentimentality attached to that. Throwing out an offer below market value (especially in a hot market) is insulting unless you can present it in a way that makes them comfortable with your plans for the property.

Hello @Susan Smith

Welcome to BP. It's been invaluable to my business and I've met some awesome clients here that have turned into good friends. Hope you have the same experience!

Hi @Account Closed

I work the Richmond metro area (of which Henrico is a part). Lake Gaston is 2 hours south of that on the NC border so Henrico isn't a great comparison. There should be some comps in Virginia because the NC/VA border literally splits Gaston in half. Lake Gaston is in a very rural area and so comps will definitely be spread apart. I have some friends that own a vacation home there and to my knowledge, the market is still very seasonal and hasn't recovered at nearly the rate the Richmond market has. If you would like a referral to an agent that works Gaston I would be happy to connect you to one in my referral network. They may be able to give you more insight into the market than an appraiser and should have as good or better comps than what an appraiser will come up with which should allow the heirs to make a more informed decision or give a fair market value should the ones who want to keep it decide to buyout those that want to sell. Feel free to PM me if you're interested. Hope this helps!

Hello @Joy O.

Welcome to the site! 

As an FYI - Some new changes to Virginia real estate law could have positive impact for some landlords (or potential landlords). This change goes into effect on July 1 of this year. Good news if you're thinking about renting out a condo or HOA bound home and ran into association troubles.

• 1.House Bill 684 pertains to the Condominium and Property Owners’ Association Acts and makes the following changes regarding the rental of a privately owned unit: First, associations can no longer prohibit the owner of a unit from renting it or evict the owner’s tenant; Second, associations may not charge any fees in excess of $50 or charge any kind of deposit, security or otherwise; And third, requires the association to recognize the owner authorized agent without needing the power of attorney, as long as the agent is licensed by the Real Estate Board.

Hi @Tim Mikkola

Welcome to the site! BP was instrumental in making great contacts to get my business up and running. I can't express enough the gratitude for the friends I've made on this site. 

Dive right in and enjoy! My office is in Glen Allen as well if you ever want to catch up for coffee and talk shop.

Best of luck!

Hi @Kenneth Shultz

I can make two solid referrals for an attorney and a CPA. 

@Sean Tluchak and his firm have closed dozens of deals for me and he is very knowledgeable and investor friendly. They operate a great team over there.

The CPA is a client of mine who specializes in working with local business owners for developing tax strategies and may be a great fit. He isn't on BP to my knowledge so feel free to send me a PM or colleague request and I'll pass along his info. 

Best of luck!