All Forum Posts by: Kyle Johnson

@Alan F.

Thank you for taking the time to respond. I have a reputable roofer coming down to check it out. I appreciate your willingness to help. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $265,000

This house was initially bought to be my primary residence but shortly after closing I had to move back to Fredericksburg, Virginia due to a family emergency.

How did you finance this deal?

This house was originally bought with a $0 down VA loan with a 2.6 rate.

@Axel Meierhoefer 

Thank you for the kind words of encouragement. You bring up a very good point that in selling and buying something different, I'll have to go through these headaches again with a new property. I'm into investing for the long run. I have a great job I love and other areas of income. I'm new to investing and other than this rental and my primary home, these are the only properties I own. I bought this rental with $0 down and a 2.6 rate with the VA Loan. I think I'll suffer through the headaches now and reap the benefits later on. I really do appreciate your advice and guidance.

@Kevin Sobilo I appreciate the advice. I work as an inspector on bridges and roadways. I have some construction experience but not with residential homes. From the videos I saw, you can see rotted plywood with holes in it underneath the shingles. Every time it rains the ceiling leaks inside as well. I did get a reputable contractor in my area to ride down to Norfolk and give me quote. He should be doing that today or tomorrow. 

I bought a home in Norfolk VA in September 2021. I lived there for 3 weeks and then had to move back to Fredericksburg VA for a multitude of family issues. Since December of 2021, it's been rented out consistently. The home was bought from a flipper who did a horrible job. He essentially put lipstick on a pig. I've already put a few thousand into repairs and today I got an email from my PM with a quote of 16k because the entire roof needs repaired. If I sell the house. I don't have the money to fix the roof. I'm looking at selling the house and using the proceeds to fix the roof. I'll pretty much break even at that point. My investing goals are to have a nest egg for retirement. I'm 25 currently and I'm in serious need of expert advice. Thank you.

Kyle Johnson 

I am new to real estate investing. I have one rental property that's located in Norfolk VA. I believe my current property manager is horrible with communication. Sometimes it takes weeks to hear back from her (if she responds before I ask a 2nd - 3rd time). Also I had to remind her to ask the tenants about renewing their lease. They are not so we need to put the house back up for rent. It's been over 2 weeks and she still hasn't done it. Also the property manager said she had someone install closet shelves (I paid for) when the tenants first moved in. But about a month ago she tried to bill me again for them because they never installed them about a year ago and said "the tenants have been asking for these to get done". I know property managers have their hands full and operate on small profit margins and I don't expect her to cater to my ever need but I feel like the lack of communication really frustrates me. Maybe you guys can give some insight.

I’ve never heard of that. I will definitely look into it!

I currently have one LTR in the Norfolk, VA area. I will have about $3,500 of additional income each month. I'm wondering if I should pay off all of my debt (student loans, car loan and CC) first or if I should buy another property first. It will take me a little over a year to be debt free other than my primary home and rental home. Any advice would be greatly appreciated