All Forum Posts by: Stacy E.

Welcome to BP!  It's a great resource.

I am new to to the area but used Sharon LaRoe for my recent purchase.  She was great.  PM for her contact info.

@Nick Noon

Congrats!!! It's so exciting that all of your hard work and living in the construction zone paid off!  It's easy to get hooked on this!  Best of luck on your next project!

So I have done both.  

One my first property it was FHA and a 5/1 ARM. The lower interest rate, helped me out because I was just getting started. (I did pay that pesky PMI but that was my own fault.) After the 5 years, my interest rate could only go up (or down) a maximum of 1% per year. It was also capped that my interest rate would never be higher than 5% of my original interest rate for the life of the loan. I could live with the rate even at the worst scenario so I took it.

On the house I recently purchased, I looked into an ARM but it didn't seem worth it. The rate was .75% less than the 30 year fixed but there was not a cap to the movement after 5 years. I was able to lock in at 3.5% (since I am living in the home) and feel that it was the best for me at this time. Of course if I end up selling before 5 years, then maybe I would have wished that I did the ARM. Right now, I am a BRRR investors who is looking to build up a rental portfolio.

Best of luck to you.

Hi @Antonio Evans, 

Every situation is different so this may be something you want to discuss with a tax accountant.   I'm not sure the reasons for you taking over the payments.  Is it to help them out or for the house to transfer to you? What are your plans for the house?

I looked into to doing this with my dad's rental in VA but it ended up not making sense. Since he has used the house for a rental for multiple years, he can no longer take depreciation. If I put myself on the title now, then I won't be able to take depreciation. However, if I wait and the property is transferred to me upon his death, it is transferred at the market rate. So then, if I use it as a rental, I will be able to take depreciation. That is a big deal for me.

I'm not sure where the townhouse is in VA but many markets are very hot so now may be a good time to refinance. It is typical that the winter does slow down a bit though. One idea about the appraisal would be to pull comps for the area. Why do you want to refinance? You could also just pay their payment and keep the loan in their names.

So many options... 

Hi there, 

I just started this process as well.  Instead of flipping though, I will probably turn mine into a rental.  Anyway, I think it comes down to personal preference.  My bungalow had a drop ceiling (think commercial tiles) that the previous owner used to cover up old water damage.  I felt that I needed to change that right away (even before I moved in because of the mess.)  This also led to me having to replace some drywall.  I am also going to refinish the hardwoods before I live there.  Some would disagree with that and state that it could be done right before I move (since they are good enough).  However upon further reflection, I've just decided to bite the bullet.  I figured that if I am going to pay the money for it, I might as well enjoy them.  I've also decided to paint because the walls were horrid colors.  If they were more to my liking, maybe I would have waited on this.  A good paint job will hold up for multiple years. I also considered the hassle factor.  This house is less than 1000 sq ft so I don't have a lot of extra space to move things around.  My two slower projects are going to be the kitchen and the basement.  I feel like I can work on those bit by bit while enjoying the rest of the house.  I hope this helps some.

@Mike Oconnell-- I have some. I currently have 3 doors that are rentals and just purchased a primary residence. I've used the BRRR strategy most recently and have a goal of 15. I am interested in learning more in general and specifically here in Richmond. I see a couple REIAs on Meetup but not sure which ones are best. Any advice appreciated.

Hi everyone, 

I just wanted to stop in and say hi.  I recently moved from Alaska to Richmond and am looking to connect with others

I will try to come up from Richmond.  It may be tricky on that night though.

Nice job!  I made the move to Richmond in August.  It helps to see that it can be done here.  The market seems so hot right now to buy though.