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All Forum Posts by: Lawrence Lloyd paclob

Lawrence Lloyd paclob has started 15 posts and replied 43 times.

@Marc Winter @Nathan Hillier@Steve Rozenberg

Thank you all for the tips and advise and yes it is a buy and hold long term investment, I did get in touch with 1 property manager and they said that they do not do over sight services. I will get in touch with several others and see if they are open to doing a oversight service while in rehab.

Hello bp,

Newbie question, I would like to ask for some advise on dealing with contractors for out of state investors.

I am in the process of building out my team and came across a good agent, a lender and would now like some advise on how to vet out a contractor and ask what is the best way to keep on tabs on the work being done and making sure the contractor is doing what they say. It will be my first investment and the properties I am looking at will be mostly cosmetics, paint, refurbish or glaze bathtubs and tiles, install cabinets and replacement of fixtures etc.

Any advise and tips will be most appreciated 

Thanks in advance!

Hello BP, I am looking to connect with some wholesalers in the virginia market. Looking forward to connecting with you!

Post: House hacking and rental

Lawrence Lloyd paclobPosted
  • Waipahu, HI
  • Posts 43
  • Votes 9

I also wanted to ask where is the best place to look up history price value and rents? Thank you in advance

Post: House hacking and rental

Lawrence Lloyd paclobPosted
  • Waipahu, HI
  • Posts 43
  • Votes 9

@Krissie Cole Thank you for the response. where is the best place to look for properties, I have been using trulia but I cant seam to find any duplexs for sale, unless their is a very short supply of plexs. Also I see you work with better homes and garden, I have worked with a great agent here in hawaii and we manage to wholesale 5 properties in the last year, Its a great company.

Post: House hacking and rental

Lawrence Lloyd paclobPosted
  • Waipahu, HI
  • Posts 43
  • Votes 9
Originally posted by @Patti Robertson:

Hi!  Feel free to give me a call. This is a lot to talk about in a post.  I’ll take a stab, but feel you may have more questions and it may be easier to have a phone conversation.

Hampton Roads is an awesome investor market. Virginia Beach specifically is our toughest city to compete in financially, because it is where the majority of people want to live.  We are typical of the rest of the country, in that we are in a pretty tight seller’s market, which makes it a great time for flippers to sell houses, but makes it harder to buy.  Virginia is a very landlord friendly state, and you can still buy rentals here at or under the 100 times rent multiple. You won’t be able to do that in Virginia Beach, but you can in our other cities. I landlord in 6 of our 7 cities and Norfolk is by far my favorite.

What did you have in your mind for house hacking with a 5 person family?  Are you asking if we have multi families with lots of bedrooms, or are you thinking of buying a huge house and renting out rooms? As you can imagine, the short term rental market is growing like gang busters in our market.  Most of our cities are developing specific laws to keep these in order and keep them legal. 

A couple of groups you may want to check out are the Tidewater Real Estate Investors Group, which is a club that a platform for in-person education and networking on all topics of real estate investing.  There are lots of flippers in this group.  The Hampton Roads Landlord Assoc is a free club of landlords who get together at least once a month to talk about our trade.  Both groups are full of BP members.

Feel free to call me anytime.  My phone number is in my profile.

Hi Patti,

Thank you for the response and information! I was looking into the norfolk area as it did look very attracting. I wanted to ask if the market in those areas are hot with renting out units that are plexs? My plan was to purchase a duplexs or up and live in 1 unit and long term rent the other unit / units. I will for sure give you a call in the near future and hope to meet up as well!

Post: House hacking and rental

Lawrence Lloyd paclobPosted
  • Waipahu, HI
  • Posts 43
  • Votes 9

Hello fello BP! 

Me and my wife are planning to move out from hawaii and we are looking into the virginia beach market. I would love to ask what the market is like, examples of what I am asking, is it a great market for long term buy and hold properties or is it a strong market for flippers or both? 

Also we are moving with a full house of 3 kids, what neighborhoods would you recommend us looking into that would be safe with great schools.

Did anyone do a house hacking stretegy in this market? Also how do I find out if this is a landlord or renter freindly market. 

Looking forward to connecting and hearing your thoughts on these questions, thank you in advance! 

thank you all for the great advise and info in the markets in NC. So I do not have a team nor someone I know that's has boots on the ground and I would love to reach out to locals and build relationships and possibly work together in a deal or more. I know it's critical to have a team in place but since I am new and NO is a place to network I am reaching out. 

But other then that I would like to get in with the money I have saved up which is $20k and see if I am able to use it as a down payment to purchase my first B&H rental. Or if possible I would like to get in on a discounted property and try to put in some rehab work, up the value and refi and pull as much money out and do it all over again, doing the brrrr

Hello BP,

I would like to ask some newbie questions, 

*Is there a typical percentage you pay on taxes for the profits you make from your rentals? If so, how would I determine how much I will be paying in taxes to budget for. 

*Also does the tenant pay for their own water, electric bills or do I have to cover that? 

Thank you in advance!

hello BP,

I am reaching out as I am looking to purchase my first out of state investment and I want to do my own due diligence on the property comps but I am not sure what are good and reliable websites to use to look for comps. Any advise and help is much appreciated Thank you in advance