All Forum Posts by: Ben Gordon

@Kyle Smith hey man! I actively invest in Wayne County and use Rennaisance Property Management. Contact Derric Watson (realtor). He does a fantastic job for us. He can reached at seven six five 914-0030 or derric @ renaissancepm.net

Good luck and welcome to the area!

@Nangel Ramirez I have great success with Renaissance Property Management in Richmond! Been using them for 5 years. They strive for quality tenants just as much as they strive for quality owners.

Hi Tricia!

We interviewed them a couple of years ago. They seem to have their ducks in a row and have a nice office. They were not really interested in hunting down properties for me, rather they just wanted to manage it once I brought it to them. We just got disinterested after that due to our distance away and lack of being able to search for property in person.

Hey Josh! I have purchased several SF and MF in Richmond over the past 4 years. I live about 20 minutes away. I highly suggest connecting with Renaissance Property management if you will be in need of a PM and Realtor familiar with the market. 

Thanks @David Roe

Don’t need it. Just want to utilize it for investing. I have since closed on this and pulled maximum allowable funds. 

Need some advice. Getting ready to close on a HELOC and I have a couple of options available....

$70,000

6.5% (Prime + 1)

$64,400

5.5% (Prime)

These options are based on 80% & 90% LTV.

Would you go for more available funds with a higher rate?

Or

Lower available funds with a lower rate?

With a difference of $5,600 I feel the lower rate is more ideal...Give me your thoughts BP!

@James Wise first purchase was 7 units consisting of (3) duplex and (1) SF for $62,500

 Great input! Thats why I put it on here! Thank you Adam!!!

This is the hard part I am wrapping my head around. The appraisals in this area for MF are low. However, the rental income is good. $50k is at the top end/worst case of the rehab needed. $1,300/mo is on the lower end, with $1,400 being more likely after rehab. Even with these crazy rehab numbers, the cash flow is $200+ per side and CoC ROI is above 12%...

View report

*This link comes directly from our calculators, based on information input by the member who posted.