All Forum Posts by: Mason Osborne

Anyone know of a good contractor in Danville VA or surrounding area that would work in Danville. I don't live in the area (used to) but I'm looking for a contractor that will walk properties give estimates and renovate. We would like someone who understands the time constraints on investors or is willing to take this into consideration, as often times the walk through needs to be completed very quickly. We don't expect it to be free and would work out with you a fee structure for walk through/Reno estimates!

Thank you

Mason Osborne 

Thank you! This makes me feel much better about my CPA and help point us in the right direction!

Hi all. My group is getting started in real estate investing. We have created a multi member LLC and have established operating agreement, real estate agents, contractors, CPA and have identified some potential properties and PM companies. So we are exploring lending options at present.
I gave The One Brokerage (David Greene associated lending Co) a preliminary call to see if they operate in VA (they do!) and if they could help us financially get rolling. I was informed of a potential problem of our LLC. The loan officer said that we need to talk to our CPA about property purchases in the future and make sure from a tax/accounting perspective that later we would not run into issues on an individual level for personal property purchase and loan qualification.
    The example he gave was “from a lending perspective when we look at you as an individual we will see 100% of the debt from the LLC for anyone that is on the mortgage, but because there are 4 members to the LLC we will only account for 25% of the income for you as an individual applying for a personal loan. This would make it very difficult for you to qualify for a loan to buy a primary residence in the future if you decided you wanted to do so because it skews your debt to income ratio” 
     We were very forthcoming with our CPA ,who came highly recommended, that we don’t know what we don’t know and from a tax/accounting perspective we needed hand holding but this possibility was never mentioned. 
    So does anyone have guidance on how to get around this issue? Is this a problem with our CPA and we should shop for a new one or is this just something he knows to how to handle and we shouldn’t be concerned with? Any books/education recommended on this type of matter you suggest? Help please! Thank you!

Awesome Kevin Thank You! I'm in the process of forming an LLC with 3 other partners. If you ever feel like chatting about real estate shoot me a message. Id love to hear how you got started, how many doors, what area, etc.

Does anyone know of a regular REI meetings in Richmond Va or surrounding area? My partners and I would love to start frequenting some local meetups!

@Courtney Duong  I seem to be facing similar issues as described in the thread. Any chance you could share the spread sheet also? 

Thank you for the wealth of knowledge! 

Hey guys. My partners and I are looking to possibly start investing in the Petersburg area. Anyone have recommendations on core team members? Realtors, Property managers, contractors, or lenders they use and trust in the area? It seems to me it is very difficult to get recommendations on rock star property management in the areas that seem to be up and coming. We have also been looking at the Danville VA and are excited that some new property management seems to be coming to the area soon @Dustin Morris. 

Joel VIR is a big draw to the area. Averett University should keep a steady flow of renters near the downtown area. And the casino is going to be another. I’ve seen a huge change in the types of businesses coming to the area. Mostly pointed at keeping/bringing a younger crowd back to Danville.