All Forum Posts by: Kenneth Croisetiere

Good afternoon fellow BP’ers!  I’ve got a question which (hopefully) has a quick answer.  I’ve owned a property for a year or so. I’m switching management companies.  One of the tenants in this property has not paid rent since March.  since were was a moratorium on the courts hearing eviction cases, the former manager was not able to post a notice or file for eviction.  The new property manager just took over this month.  Can they immediately post a notice (then file for eviction), or do they have to wait a month before they can post a notice?  I’ve looked extensively on BP, as well as other sites, and can’t seem to find the answer.  Thank in advance folks! 

I just ran into the same problem! Have you found a solution? 

@Shane Bond do you have land, or do own a house with a small lot in Manassas?  I don’t know of that many areas at all where houses in Manassas are selling for $1mil.  What area is it in?  If you have a decent amount of land in the right area, you could probably start discussions with some of the smaller builders/developers in the area.  There are a lot that are doing these types of projects in this area because its a great area and there has always been great demand in the good areas.  Feel free to shoot me a private message if you want and I’ll help if I can.  FYI I’ve lived in Gainesville (5 miles from Manassas) for the past several years, so I’m pretty familiar with the area.  

you probably won't be able to find a deal that cash-flows in fairfax county, or in the northern/western end of Prince william county. if you find a good deal you might be able to break even on rent vs PITI, CapEx, maintenance, paying the water bill, and potentially property management.

I have a few friends that have purchased townhouses in the gainesville area and are cash-flow positive because they found a great deal and most importantly because they put a huge amount down for the downpayment or have made substantial payments and pave paid down the principal dramatically. 

How soon are you looking to purchase? I know that not a lot of people recommend "waiting to make a purchase", but if you are purchasing in those particular areas, and are purchasing off the MLS, now might not be the best time unless you can find a pretty heavily distressed property. Again, I'm not an expert by any means, but i've lived in this area for a long time and have been keeping a pulse on the market. I have chosen to invest out of state for better cash-flow returns (but I am not experiencing much appreciation where I'm investing)

Good morning everyone! i was thinking about picking up a buy-and-hold in Ashtabula County, Ohio. Could anybody make a recommendation? I searched the forums prior to posting and was unable to find anything.  Thanks in advance for your time good people!  

Just subscribed via your website.  thanks for posting Levi!  -Ken 

Yes, in the Baltimore area.  I’ll send you a PM now.  

@James Maradits, did you end up hiring somebody to fix the issue?  If so, what repairs were done and for what cost?  I'm getting ready to install an interior french drain with sump crock and am hoping to get it done for around $5,000 but I haven't gotten quotes yet.  Hope all is well in Cleveland, I actually own a duplex in old Brooklyn but thankfully that basement is dry.  

@Christina R., sorry to re-hash this discussion but I'm going to have this same project completed on my current flip (or buy-and-hold depending on how this one pans out).  What did this cost?  Were you happy with the results?  FYI this property is located in Baltimore County.  Thanks! 

Good Morning everyone! I'm in the middle of a flip right now and ran into some unexpected major expenses so I'm considering holding onto this property for a few years as a rental then possibly selling in 5+ years. I purchased the property for $138k (including closing costs) and the renovations will come in around $90k. The ARV of this property should be $265k. If I seek a conventional 30-year fixed mortgage I believe the LTV limit is 75% (which would leave me with $30k invested in this deal). I really don't wish to leave that much capital in this deal if possible so I'm wondering if anybody has seen a lender go to 80-85% LTV in an non-owner-occupied investment property. Thanks in advance everyone!