All Forum Posts by: Mark Pijanowski

Thanks for your responses.  We were looking at buying a fixer-upper in order to force appreciation and refinance out into another deal.  This was the reason for HM.  As for the market, we are simply trying to learn more from people who operate within it.  Thanks for your insight. 

My wife and I own a few properties, all over the world really. But we know we need to focus on a particular area, which is why we started looking at RVA (where my wife is from). We ultimately decided that we're going to BRRRR in Petersburg as it's a big time rental market and it isn't as cash intensive as RVA. We prefer to not use hard money, just a point of preference.

Wanted to get some insight into the community.

We're out of state as my full time job (military) keeps us moving around quite a bit. We self manage, so we feel that BRRRR'ing is the best strategy for us, as we'd prefer to grow our portfolio while rolling out cash into sequential deals. A renovated home (should) mean that there are less maintenance issues.

How is the overall market? Is it difficult to rent? Is it difficult to find great tenants? Are there particular areas we should avoid?

Truly any input would be helpful. Thanks.

@Nicholas Covington thanks for the info. I might go the conventional route, especially if you’re thinking most blanket loans won’t cover 3 units. Not sure if it matters if the properties are duplexes.

I’m really looking to see what my best financing options are. Thanks again for the insight.

A deal popped up on the market and we are exploring all the ways to fund it. 3 separate units.

We could go with 3x Freddie/Fannie loans or a commercial loan. We’re a bit unfamiliar with commercial lending, but from my research, it looks like they could help us out.

We were given a host of commercial lenders numbers but most don’t pick up their phones over the weekend. Anyone know a commercial lender in Virginia who works weekends?

@Andrew S. They are a military family. As I am as well. We checked with our realtor (also a landlord). She said that the issues my tenant has aren’t deal breakers, besides when the housing department conducted their joint inspection, they didn’t indicate that anything needed to be updated/repaired.

@Nathan G. The exact sentiment my wife and I have. I’m trying to be proactive, I recognize some of these requests will need to be done down the road...which is why I don’t mind doing them the last year of their lease.

@Theresa Harris indeed. I’m thinking about doing the renovations the last year they’re in the property, but if they want to handle the install, I don’t mind paying for materials upfront. I see that as a win win for both parties.

@John Underwood I’ll see if they are willing to increase rent in exchange for immediate renovations. They’re likely staying 3 years as it stands. If they decide to stay another 2 years, that would be entirely out of their hands, it depends on what the military would do in terms of their next assignment. He could opt to stay, but still unsure at this time.

@Pat L. Thanks for the reply. If I can negotiate for supplies only, it might be an option. Great insight and experience.

@Neddie Smith thanks for that, I’m inclined to wait. I have a craftsman that should be able to handle the renovations, pretty quickly once they move out.