All Forum Posts by: Joshua S.

Originally posted by @Skyler Mckinney:

So I have run out of houses to look at on the MLS/Trulia/Zillow etc. So I feel kind of stuck. I have listened to a lot of the podcasts and read a lot of books so I know about the other sources of getting leads but I have a VA loan to use to buy my first property so there are some pretty specific restrictions with that .I'm using the VA loan because I have no money for a downpayment so FHA and conventional loans aren't an option. I can't do a direct mail campaign because I have no cash and I can't do the auction thing because of the same problem, so I'm just kind of wondering what some of my other options are. I have checked craigslist and facebook marketplace. I don't have a network yet but I am working on building that so I am very open to any suggestions, please.

If you're looking to live in it, there's also the FHA Plus option (VHDA loan) that allows you to buy and finance the down payment into a separate mortgage. There is PMI included in the payment for that type of loan though, unlike the VA loan. So it would cost more per month. The best advice I could give is to just meet and talk to people. I suggest reading "How to Win Friends and Influence People," by Dale Carnegie. That book has helped me immensely with talking to people.

I think it depends on the type of short-term tenant that will rent from you. For example, if you're renting to someone that is traveling and only going to stay one to three nights, and is going to be busy during the day, then TV may not be necessary. If you're trying to rent to someone for a longer term, it may be wise to provide them with the same type of minimal amenities they would have at home. This would be a good idea for people that are coming here for medical treatment at Sentara that aren't staying in the hospital and don't want to stay in a hotel, or a DoD contractor that is here for a long-term contract. I think TV is good to have either way, people enjoy having the choice of whether or not to use it. And if it's in Norfolk, people aren't looking for a "retreat away from technology if visiting a city." I don't think Netflix, Hulu, or any other streaming service is necessary for you to purchase, but a means to access their own streaming accounts is a good idea, like an Amazon Fire Box, Apple TV, or Roku.  A way to make coffee is also a must, whether it be a Keurig or a $20 coffee pot from Walmart. Keep in mind, if you're asking a premium price, then people expect premium product. Just think to yourself, if you were staying there, what is the minimum you would you want.

@Anthony Bibbins "How to Win Friends and Influence People" by Dale Carnegie and "Think and Grow Rich" by Napoleon Hill. Both classics and still relevant. Also, I hear "The E-Myth Revisited" by Michael Gerber is good as well, but haven't read it yet.

Originally posted by @Charles Williams:

Hi Robert,  yes that is true.  The City has to inspect your unit.  I think it costs about $50.  You should call and set up the appointment soon.  Sometimes it takes them up to a week to get you on the schedule.  

Charlie

 
That's even if you DO NOT plan on doing section 8? Any idea what the penalty is for not having it done? I got a friend that owns some property in Portsmouth and I'm not sure he knows about this.

I know I'm late to the party, but welcome! Glad to see another person from Virginia! I'm an investor as well, also looking to do my first flip and I'm also a licensed real estate agent. So let me know if there's anything I can help you with.

@Nicholas Morgan Just realized how what I said sounded. Let me expand on that. Do you have a buyer broker agreement in place that whatever you decide to buy that you will use them? If you do, and it doesn't specify that it's only if they find you the deal, then legally, you have no choice but to use them for the purchase. If you have no signed agreement, then you're not obligated to use them as your agent. I agree with the guy above too, if you've never purchased property before, you'll want to use an agent. Also, the seller has to agree to pay the agent's commission. If they refuse, and you have a signed buyer broker agreement, then I believe you would need to pay their commission if you want to close the deal. If you decide not to use an agent, I would at least do the closing with a real estate attorney to make sure all the paperwork is on the up and up.

@Nicholas Morgan My thoughts are, if your agent didn't find it for you, then you don't owe them a commission.

@Matt Honeyford Put in super low ball offers on MLS properties that have been on the market for a while and need lots of updates. Lots of those owners overprice their homes and they sit on the market for a while.

@Amy T. You're running your rentals like these people are family or friends. You need to run it like a business. As soon as you thought "Smokey" was smoking in the unit, you should have given her notice that if she continued that you would either move to evict (not sure how long CA evictions take) or choose not to renew her lease. It doesn't matter if she's been there 30 years and paid rent on time every single month. You hate being a landlord sometimes, because you're not enforcing your rules or your lease. These people are not your friends, they're your tenants. For the next tenant, after you get rid of the crazy smoking drunk, you need to charge a minimum smoking fee SEPARATE from the deposit. And if you catch them smoking in the unit, charge the fee. If it happens again, give them notice and if it happens again, evict. Make sure to check with an attorney regarding what you're able to do. But you lost a potentially good tenant and you've likely suffered terrible damage to your unit that was being smoked in. Now as far as the money the previous tenant is asking for, the answer is no, you're not responsible for any of that. She's the one that chose to break the lease and is lucky you allowed her out of it. Can she sue you for it? Of course she can, you can sue anybody for anything, but it should have been in the lease that if you go to court, the losing party pays the other parties legal expenses. And she likely won't get awarded anything. Especially if she knew the lady next door was a smoking and decided to sign the lease anyway.

@Scott Kugler I'm a relatively new investor and have been using Cozy for over a year and I LOVE it. It has so many awesome features. Great for a small to medium size landlord. They technical support is also very helpful. And they're working on new features all the time.