All Forum Posts by: Lisa Arlt Escoto

Hi Gary!  I rehab houses in Norfolk.  Looking forward to getting to know you!  

Welcome from your neighbor in VA! Good to see you active on the site. :)

PRICED to SELL!

$318 Monthly Cash Flow - 17.76% Cash-on-Cash Return  

These great returns INCLUDE Property Management Fees, Vacancy and Maintenance Reserves!

4 Bedroom, 1.5 Bath, Completely renovated Section 8 rental in Norfolk, VA - NEW Kitchen and Bathrooms, Flooring, Plumbing, Electrical, Hot Water Heater and Baseboard Heaters

Available with or without Section 8 renter

FINANCING AVAILABLE!

$124,900 purchase price

20% downpayment ($24,980) plus closing costs ($1249)

Financing $99,920, 30 year, 4.75% mortgage 

Total Monthly expenses $730 ($521 monthly principal and interest payment, $109 monthly taxes, $100 monthly landlord insurance policy) plus OPTIONAL monthly fees and reserves (10% property management fee $133 month; 5% maintenance reserves $70, 5% vacancy rate $70)

Monthly Section 8 (Government Paid) Rent $1400 

@TaraPiantanidaKelly

My partner, who has rehabbed and owned hundreds of section 8 rentals in Norfolk VA, as well as regular rentals, has found Section 8 tenants keep the property better than regular tenants, plus there's not the worry of not getting the rent payments (because it's government paid). Of course every situation and renter is different, so I suggest anyone who is really worried about the upkeep of the properties do spot checks (or have your property manager do them) every month or so. It will give you a very good idea how they are treating the properties.

@JohnSayre 

Welcome to BP and thank you for our service to our country!

I'm a licensed VA Realtor working on rehabs in your neck of the woods (mainly Norfolk) and would be happy to answer any questions you have as you get started. Feel free to message me directly if I can help.

Correction - Thanks for your service to our COUNTRY!  (not company!)  

Blame it on my flying fingers - they type faster than my brain thinks some times.  :) 

Welcome, Aaron! Thanks for your service to our company. I am a licensed VA Realtor active in your neighborhood (Norfolk mainly, although I am finishing up a rehab in Portsmouth) and would be happy to answer any questions you have. Good luck diving in!

610 Walker Ave Norfolk VA 23523

Two 3 Bedroom, 1 Bath Section 8 Rentals

Turnkey - Completely renovated including new electrical, plumbing, hot water heater, siding, kitchens, baseboard heating, paint and carpet.

Available with or without Section 8 Renters 

Financing Available for qualified buyers

$189,900

Monthly Rent $2100 ($1050 per unit)

*$526 monthly cash flow and 19.72% cash-on-cash return based on the following assumptions and subject to change based on mortgage rate, credit score, section 8 rental prices, and other factors: Purchase Price $189,900, Downpayment $37,980, closing costs $1,899, 30 year amortized mortgage at 4.75%, Total Rent $2100 ($1050 per month per unit), Principal and Interest Monthly Mortgage payments $792.00, Monthly taxes and landlord insurance (estimated) $243, plus OPTIONAL fees and reserves: property management fee $200, vacancy reserve $105, maintenance reserve $105; buyer has adequate cash reserves and credit to qualify for mortgage.

**Owner is a Licensed Virginia Realtor.

Call or email for more details -  1-877-455-2794

[email protected]

www.VADeedOfTrust.com

The cash-on-cash returns for our turnkey section 8 rentals range from 16% - 26% depending upon the property. 

That sounds exactly like what some of my buyers have been looking for!  I'll be contacting you directly, Bob.  :)