All Forum Posts by: Levi T.

Welcome to BP. I know of a few unlisted that are up for sell, if interested I can put you in contact with the owners. Triplex downtown Fredericksburg $250k. 2 bed 1 bath, 1 bed 1 bath, 1 bed 1 bath $2,320 month rents $399 avg month utilities $150 avg month tax and insurance Duplex South Stafford $250k 3 bed 1 bath and 2 bed 1 bath $2,250 month rents $350 avg month utilities $192 avg month tax and insurance SFH Spotsy Greenfield $150k 3 bed / 1.5 bath $1,265 month rents $0 avg month utitlies $110 avg month tax and insurance

=== 15.2-5139 Lien for charges. An authority may place a lien upon the real property of an owner only in the same manner provided by § 15.2-2119 and such lien may only be processed, recorded, and released in accordance therewith. An authority may contract with a locality to collect amounts due on properly recorded utility liens in the same manner as unpaid real estate taxes due the locality. === I'm not worried on legal advice, it's all small talk as I'm interested in how this law standup. I get that part of the law, what I don't get is how does a 3rd party open an account under their own name and credit, fail to pay the bill, so then the authority seeks repayment from others person/landlord and use the above to force payment of a 3rd party account.

We operate properties all over the state of Virginia, and out in King George County they use the property owner as the fallback to unpaid utility bills for whoever is living on the property. It's the only county we operate in that has done this to us. So they send you a bill for a water bill that you did not open an account for, and you better pay it or they will put a lean on your property, no ifs ands or buts. That's life, and you just put it into your operating budget.

What's interested, is today while talking to them about some units, the lady was a little hot under the collar from my questions about some odd billing that was from almost 8 month ago in 2015, that they just got around to sending us a bill for, with late fees, this year for some reason. They waved the fees in the end, but she gave me a earl full about it being the law, state law, that all unpaid utility bills fall back to the property owner, and that this is normally in every country everywhere in the state of Virginia. As we operate in many counties, I know that's not true, or at least I have never ran into it before, and I'm sure we have tenants that failed to pay a bill now and then.

I'm trying to find this law. Anyone else know of this law, or can post a link to this law?

I have the string of SFH, estimated value per unit is 75k-95k per unit. Currently we have 24, and we are chipping away at adding more in that location, at the rate of about 5-15 units everything 60 days, and I feel my policy is just crazy high. Each time we add more units I have to go back and adjust the policy. I feel like I should get some type of blanket commercial policy for Virginia, or at least that location, that covers any and all SFH we pickup. 

Is there such an option, that's not going to cost me a small mint, that can do something like that? I'm shopping around and need a good deal that works.

Things are very tight here in Northern Virginia. Inventory is under 150 homes for my area, it should be around 300. Rents are climbing at almost at $50-100 a month right this minute. It's crazy. The 3 counties around my area have approved over 10,000 new homes, and construction is everywhere. Could not be better!

Welcome to BP.

I'm not a CPA, but I don't see why not.

Kizzy Brooks call back up and retract your bid asap. You can do that anytime between now and when they except it.

Kizzy Brooks Yup. Figure what type of property your looking for then go hunting. Some people just run mailers all day long waiting for a hit, I personally cherrypick deals as I'm into buy and hold on properties most people want to flip. I look for empty houses, uncut grass, run down rentals, etc.

There is a good old boy network, but it don't work like your thinking, public sales are bottom dollar deals that people mostly lose money on. Off market deals is where it's at, and if someone wants to sell they normally call a few investing buddies or their banker and tell them it's up for sale if they have someone, couple calls later it's sold to someone within your network.