All Forum Posts by: Laurie Falk

@Bruce Lynn Thank you!! Virginia is a tax deed state. I'll do some research on that between now and then. Is the county just looking to get at least taxes owed for the properties? Seems like some of the owners passed away a couple years ago, which would explain why they haven't paid them, but seems like only those couple years would be due.

There are some tax delinquent real estate auctions going on nearby within the next week or two and I'm curious how they work. There's a list of the properties that are going to be auctioned, some are land and some are SFRs. Do these have a reserve the same way someting online would? What kind of % to market value are they looking for? What questions am I missing? 

Is there a good podcast that covers these? I'm trying to listen to them all but I'm not very far and it's a lot of info!

Hi! I'm a real estate agent in the Richmond area and working towards purchasing my first investment within the next year. Looking forward to getting there with you! If there's anything I can do to help out, let me know!

Debating putting an offer on a live-in flip but the house needs new siding. It has hardiplank (I think?) that is rotten in numerous spots and the frames of the wooden windows are rotted as well. I think I'd want to do vinyl instead. It's not my dream home and the lot is kind of funky but the location is awesome and I think it has some potential and we could make it work for a year or two. I've done a couple live-in flips before but nothing that required this much updating-- they were both mostly cosmetic. How can I determine a general idea of repair/replacement without having someone come out? Is the repair cost book that BP has include stuff like this?

Thanks!

 I haven’t purchased an investment property yet (outside of my primary residence kind of being a live in flip). I’m not ready financially to do so today. 

However, I’m considering selling my house to cash on out on the equity. I’m not positive that’s the best choice though. Thoughts?

- bought house in May 2016 for $212,900

- Mortgage balance is around $182,000 at 3.5%

- I’ve put around $15,000 into it

- 2017 tax assessment: $225,000; 2018 $250,000

- would list for $269,000. I’m a licensed agent so wouldn’t have to pay the selling side commission

I’m super tempted to sell. I love the location and lot but not such a fan of the house. It’s definitely a sellers market— which is good. But it’s a sellers market— where will we live? I’m not paying what people are asking (and getting) for houses in my market. Having an extra $60-70k in the bank would put me in a better position to jump on a good deal though. We could potentially rent for a bit until something comes up. Would end up spending more monthly on rent than the current mortgage though.

It also just occurred to me that I could refinance and get some cash out. Not sure how worth that would be now that interest rates are a point higher than where I am.

What would you do?

HI Shane! If you're not already working with a Realtor, I'd be happy to set up a search for you so you can see what's currently on the market to start getting an idea of what's happening with multi-families on MLS. I've been keeping my eye out as well, but not close as far a having capital goes.

I keep thinking we’re at the peak and it’s keeps going! I don’t have the cash to buy it without selling mine or I’d probably do that. 

I’m so, so close to putting an offer on a duplex that just came on the market in my area and just want some advice. 

Some background: I got my real estate license at the end of 2016 but had a baby last year so didn’t do much with it. I got it to help in starting investing but would love to make that my “pay the mortgage” career. Lowering expenses (like the house payment) would help me get to being able to quit my current job faster. I currently own a 1700 square foot house and live there with husband, 5 month old baby, and dog. We’re in a hot market and could sell for $40k (ish) more than I bought for 2 years ago.

Potential property is a duplex— two 2/1s both around 700-750 square feet. So we’d be losing 1000 square feet of space. List price is $195,000 and both are currently rented— mls lists rents at $880 and $950 so seems like I could live in one pretty much free and just pay utilities. 

Advice? Besides the normal stuff to ask on a real estate transaction, what else should I ask for a duplex I’d be living in?

Thanks!!

There's a house coming up on my search that only has the notes "This is going to be sold as a land offer. The house has fire damage." for the description. What does that mean? There's a few pictures, none of which show fire damage, so I'm not sure what the extend of the damage is.

My offer on my first investment property was just accepted!! I'm so excited, but pretty nervous too-- I've never been a landlord before! It's a 4/2 duplex (2/1 on each side). One side is currently occupied and one is vacant.

Suggestions on whether to use a PMC? I like the idea of having someone else manage it, but it seems like such a large part of the potential income that I wouldn't get to keep.

Thanks!