All Forum Posts by: Kristina Inglis

Hi, 

Does anyone have a property manager they'd recommend in the Norfolk VA area?

I searched for 'property manager Norfolk VA' but came up with nothing. I also checking in the 'Find Companies" section here on BP but found nothing.

Many Thanks,
Kristina 

Ah, @Jon Pitcher, thanks.  That makes sense to me, and answers my question.  

@Mike Flora, thanks for that. Can I ask, what do you mean when you say that the 'due in sale clause will not be an issue'? Does that mean that the lender has agreed to strike that clause from your loan documents? If so, that is a great relationship indeed! Also, I'm having trouble understanding "That's why when you take a property subject to the financing stays in the sellers name while you take title to the property in your LLC" . Specifically "the financing stays in the sellers name"......how do you keep the financing in the sellers name?? Sorry, I'm genuinely confused there. Thank you for your input!

Thanks @Account Closed, I have heard that but I'm questioning the validity of it if there is a personal guaranty written in the contract. If even with a personal guaranty written in, the lender will still not lend to an LLC, my question is why? Also, why do you say that an LLC will not protect 100%? Can you provide some detail around that statement?

@Andrew Postell I thought you COULD close with a conventional loan in the name of an LLC so long as the contract contains a personal guaranty clause. Is this not the case?

Hi, 

I have been actively analyzing multifamily properties (for buy/hold purposes) in Pittsburgh and am realizing that it is time to start discussions with an agent to help me find/bid on properties. I live in Arlington VA so this will be an out of state investment and therefore would need someone who is savvy in the Pittsburgh market and is an investor themselves. Any recommendations would be greatly appreciated.

Kristina 

Hi, I'm interested in learning about the demand for 3+ bedroom homes in Manassas/Manassas Park VA. Anyone out there own a rental home that would be willing to share their experience thus far? What vacancy rate do you/did you use?

Thank you all for taking the time to weigh in. I can see why a seller may not want to hand over their tax return to every investor inquiry.  I guess when I say tax return, I meant specifically Sch E.  But, again, I relate to why one would not share this until they are certain that someone is committed.   However, what I cannot understand is why they wouldn't provide answers to the best of their knowledge, regarding maintenance, capital improvements etc.  The realtor would not give me any of this info.  No matter now, I'm moving on from that property but this was a good 'eye opener' for me.  Thank you again, all.  

Right???? @Thomas Gagnon   I just don't get why they wouldn't share proof of their rent rolls. Especially if there is nothing to hide.  I just want the verification and would move on.  Doesn't seem to be that big of deal to me but since I've not been the sellers end of this equation it is very possible I'm missing something.  And I'm still really shocked that asking for the date of the last roof replacement would warrant the request for an official contract.  Either way, thank you all, this has helped me better align my expectations. 

Thanks Jason, that makes sense but on the flip side, isn't going under contract a waste of time if there is information available that would make the investment prohibitive?    I do see the point of tire kickers being a waste of time.   Sounds like it's all just part of the investing process.  

Hi all, 

This really shocked me but have been told this is very 'normal'. I'm interested in a multifamily property in Norfolk VA but need a bit more information to do my due diligence and complete at least a reasonable analysis. When i asked for the following information, the sellers agent told me that he'd be happy to give it to me once under contract. Isn't that too late??? I suppose I'd have to go under contract with a number of contingencies? Is this typically a red flag regarding the condition of the property? I read this as they have something to hide. What do you all do in this type of scenario? Do you lower your offer even more to offset the risk associated with not being able to verify certain information? I have not visited the property yet because I live in Arlington and didn't want to make a trip down until I at least could verify some of the bigger items that went into my analysis. Am I expecting too much? Anyway, would appreciate any insight.