All Forum Posts by: Lisa Arlt Escoto

I've heard good thinks about LT, too. 

I've used Sadler and Swan (in Norfolk) on several closings and Hank Sadler (and his paralegal Debbie) have both been very responsive to questions.  I recommend them. 

Hi Tom - 

I'm the seller.  We bought it for $60K from a rehabber and had major GC issues (culminating in a lawsuit).  Managing it from afar has been a nightmare for me and I just want to get out of this. 

That said, for an experienced rehabber with a good GC who is most likely closer to Norfolk than I am, it's a profitable deal.  

When we bought it it was on the condemned list.  We've since had plans drawn up and gotten City approval and building permit issued, plus installed the LVL beam.  

It's ready to go for the right rehabber.  Make me an offer!  Lisa

This is wholesale opportunity for an experienced rehabber as it is completely gutted and needs a full renovation.  Profit potential to sell to owner occupant, investor, or keep it yourself and rent out. 

message me with any questions. Include your email address if you'd like me to send you a copy of the CMA (comps)

Asking $43,000 (130K x .7 - $48K rehab)OBO

Expected after repair value $130K

Expected repair $48K

Building plans and Architectural Drawings already approved by the City of Norfolk and Building Permit issued

Demo done, LVL beam in

2 units, 2/1 and 1/1

Expected to rent section 8 for $750 and $650 per month- see http://www.nrha.us/rent/housingreferral

Downstairs unit can easily be turned into a handicapped accessible (wheelchair) unit (for expected higher rent)

Scope of Work and repair estimate - $48K - $53K

Scope of Work:

Frame new 2nd floor addition according to plans

Inspect footings for new addition. Must meet code

Replace siding as necessary

Run All New Plumbing

Run All New Electrical

Install New Drywall

Paint Inside of home

Repair roof

Install baseboard heat or new HVAC system

Install New Windows

Install Insulation

Install Trim and shoe molding

Install all new appliances

Install cabinets and countertop

Frame New deck porch on 2nd floor

545 W 38th St, Norfolk, VA SFR

Comps vary from $225K-$350K, depending upon the quality of rehab you intend to do. SOW and rehab estimates from my GC below. Message me with your email address if you'd like me to send you the comps report (CMA)

This is a job for an experienced rehabber and it has the potential for a big profit.

SOW and rehab estimate:  

ARV $225K ($60K rehab costs) or $350K (140K rehab costs)

buy as is $95K OBO

Architectural plans approved by City of Norfolk and building permit issued

demo done and ready for rehab

could close off 3rd floor and do standard finish 3 BR, 1.5 bath renovation for 60K with ARV $225K

OR

higher end finish, including 3rd floor 6 BR, 2.5-3 bath for $140K rehab, ARV $350K and cost $140K renovation

Scope of work - complete Renovation

Install grinders in basement area

Frame in New Walls

Run All New Plumbing

Run All New Electrical

Install New Drywall

Paint Inside of home

Install baseboard heat or new HVAC system

Install New Windows

Install Insulation

Install Trim and shoe molding

Install all new appliances

Install cabinets and countertop

Frame New deck porch

*High-end would be crown molding, expensive trim, Viking Appliances, dual HVAC system, etc.

Lisa

[email protected]

Welcome Pawnee!  As others have said, you've come to the right place! 

I second Brian's suggestion to start attending local meetup groups and/or the Traction REIA. All are free (or almost free) for the meetings and a great way to learn and network. I also highly recommend listening to the BP podcasts (free - and I learn something new every podcast), plus Traction REIA has monthly speakers and workshops (under $70) that can also be very good training (although watch out for the sell for coaching or more in depth training).

Hope to see you at some of the meetings soon! 

Hi Zach, 

My suggestion is to go to real estate investing meetings and talk to the Realtors there.  If they are there it means they either invest themselves or are interested in working with investors.  

It can be difficult finding a Realtor on your team, but worth it once you make it happen!

I live outside Washington, DC and manage flips/rehabs remotely in Norfolk, VA. It's a 4 hour drive and can be challenging unless you have GREAT people providing the boots-on-the-ground support you need. I would imagine having to drive there - and back - 2x a week, every week, and see if you still want to invest there. You probably won't have to go that often, but just in case, you don't want it to be something you resent or physically can't do.

Welcome, G.A.! I currently invest in the Hampton Roads/Norfolk VA area, although I live outside Washington, DC. Look forward to seeing you on the forums!

I agree that $40 a month per unit seems really low and not worth the risk.  Also flood insurance (for a single family residence) runs about $100 a month, which is why I won't buy properties in flood zones.  I suspect your flood insurance rates will increase - especially if there is a flood.   

Welcome, Zachary!  I'm in NOVA and belong to several different real estate investing groups.  Great way to meet folks, network, and also learn.  Let me know if you'd like me to share the list of groups I've found especially helpful.