All Forum Posts by: Stacy E.

Thanks @Anthony Dadlani.  I'm not looking for this to be a flip so I'm not sure that your services will work for me. I plan to live in the property for an extended time while I fix it up and eventually rent it.  However, I will keep you in mind if I do come across a "quick" flip. Thanks- Stacy

Please message me the info.  I could do Chesterfield, Midlothian or Henrico or even in the city if it's the right property.

Hi Everyone,

I haven't found a property yet but I am planning to move back to Richmond Va and owner/occupy/rehab. I have accepted a part time job that hourly pays more than my current job did but the mortgage broker says that income will not count because I have not had the part time job for over two years. This puts me in a little bit of a pickle. For my lifestyle the part time job fits better. I also figured that it would give me more time to work on my real estate endeavors (I will have 2 rentals once I move.) My rentals cash flow some but certainly not enough income to justify the loan. I do have a decent amount of cash saved for a down payment and retirement accounts... I suppose I could take out a HELOC or HEL(?) on one of the properties or do something creative with private money but I'd prefer to take advantage of being an owner occupant. Any ideas?

I have a little time--- I'm not planning to move until Aug but I would like to figure out my options ASAP.

Thanks in advance,

Welcome to Bigger Pockets! You may also want to attend a local REIA meeting. There are a couple ones in the Richmond area. I've been away for a bit but will be back by late August!

Hi Glenn,

A couple clarifying questions: What do you mean by 7 year Ballon 30 year Loan?  Is your heating costs you listed including the electricity?  What about garbage and sewer costs?  You should also add in Cap Ex.  On the surface, it does look like it will cash flow very well for you.

Yes, zoning laws are important but it can work.  It's what I did here in Alaska.  I bought in an area that was zoned for multi-family.  Another thing to keep in mind is that some places require the plot of land to be a certain size if you want to convert to a duplex.  For me, I could convert up to a tri-plex but they told me I could not do a quad.... Just the importance of knowing the rules :)

Hi  @Andrey Y. I'm here in Fairbanks.  Feel free to PM  

Many of the interesting things about Fairbanks have already been discussed.  A couple of clarifications from my perspective though:

The military here is a huge component of the town. We have 2 bases--- One Army (Ft. Wainwright) and one Airforce (Eielson.)  There is also North Pole, which is essentially Fairbanks but some people count it as a separate area.  Unlike some other places, it is very unlikely that the bases will close or downsize.  We are in a very good position geographically and there are specific training that can only occur in our cold environment.

As far as prices, it does vary widely--- There are some areas that are better than others but for me the rental market here makes a lot of sense. I bought a SFH and lived in it while renovating and was able to do the BRR method. It was a foreclosure and the heating system had frozen up so I had to replace all of that. Yes, it was a large expense but I budgeted for it and the numbers still made sense. I converted the basement into a unit and currently have a renter covering most of the mortgage while I live upstairs. When I leave, the house will cash flow well even with me covering the oil/heat. I'm not counting on appreciation. It's a cash flow thing and if you find the right house I think it's good to be a landlord here.

I'm not sure where you are getting the lower cost of living--- Alaska prices are higher than the lower 48 because everything has to be shipped up here and the heating costs are much higher than the rest of the country.  

Good Luck to you.

Thanks everyone.  It's just really an exciting time.  It was my first big project and I made a ton of mistakes but I bought it right.  So that made my mistakes a little more forgiving.  The bank won't let me pull out all of the equity because it will push me over the 40% for debt to income ratio.  It's okay though, the latest numbers will allow me to cash out over 50k.  I didn't go into great detail but I converted a single family into a duplex so it will cash flow pretty well too.  

So it's been a long road and I still have more to go but I have learned a great deal from my first big rehab. I bought it with a mini-construction loan (rolled purchase price and rehab into a short-term loan) from a local bank. I've lived in the house while I fixed it up and I just got the appraisal back for the refinance. I don't know about anyone else but there was a lot of anxiety with the appraisal. It came in almost 100k over my expected ARV! So with the refinance I have many more options. Here are a couple pictures:

I hope to post more details and specific numbers but for now I am just happy that my hard work really has paid off!

Hi Guys,

I'm ISO a wholesale deal in Richmond/Henrico/Midlothian area. It could be a duplex or single family. If you have something (non-MLS) please send me a PM.

Thanks,

Stacy