All Forum Posts by: Kevin Phu

@John Jimenez remember, all of those "rules" are simply just guidelines. You need to run all the numbers and see exactly what it comes out to be. Have you used the BP calculators? Those are very easy to use and break all the numbers down for you. 

What was the condition of all the homes in question? That plays a factor in price as well.

@Account Closed 15k is very possible to get into the CA market. I'm only 4k in on the house I just bought with my 0% down loan. That includes closing costs and inspections. 

@Irina Belkofer @Doug Woodville That makes a lot more sense now. I also spent the afternoon driving around the Park Place neighborhood and yeah...no thank you. Lots of rough looking homes and lots of people hanging out on the stoops. If I were to grade it on my A to D scale, it would be a solid D. 

The listing says its 4 units and so does the tax roll. Where did you see 6 units? Did I overlook something?

Thanks for all the input! I don't intend on buying soon. Just researching the local market. 

@Linda S. I've noticed there are a lot of MFRs here! Definitely not the same where I'm currently living. I actually come to Norfolk somewhat often because of work so I definitely want to take advantage of that and personally check out the neighborhoods and property. Main reason for that is so when I do have a PM, I can understand what they're telling me because I've seen it for myself.

@John Leavelle That's what I'm doing...

Thanks for the info

@Rob Roy what area of Chesapeake is your property? Have you made any progress on getting it sold? I am actually staying in a hotel in Chesapeake right now as I am in town until Oct 20th for work. 

Looking to make some investments in this area in the future. 

@Account Closed from the local investors on BP, Norfolk and Portsmouth are strong rental markets with good cash flow. Lots of gentrification going on and incoming businesses like IKEA in 2018. 

@Felipe Salgado, look for properties that have things like outdated kitchen cabinets, outdated bathroom vanities, ugly flooring. These won't be major rehabs but will allow you to force some appreciation. I saw you mentioned a condo. I would recommend you really look into the pros and cons of buying an HOA property. I personally don't even give them a chance because I don't agree with allowing a random group of people who have 0% stake in my property tell me what I can and can't do with my property. They can also have "special assessments" and then you'll be required to throw up thousands of dollars. If you still want to consider an HOA property, check out BP podcast #244 with Linda Weygant. She owns a bunch of HOA properties but she also sits on the board of every HOA so she can control it to her advantage.

I just bought a house in Oxnard with my VA loan so I understand you when you say it's an expensive market. Meeting great numbers is going to be somewhat difficult as well since it's 0% down but you'll find something that will work.

As @Amanda Fallon recommended, also consider an FHA 203k loan. The strategy she outlined is a great one and is one that I am using. Buy a property with my 0% down VA loan and house hack it for a year then buy another property with a 3.5% down VA loan and house hack it again. The money you will save house hacking, depending on your income, will even open the doors for you to invest out of state. I am currently in Norfolk, Virginia on a work trip and researching the local market. Home values are so low that I could easily save up a 20% down payment for a property here within one year.

Good luck on your search!

@Dylan Vargas blows my mind! I'm excited to start learning more about the local market here and honing in on a criteria.