All Forum Posts by: Matt Connolly

@Douglas Mcqueen looks great! I live right around the corner from your property. Thanks for helping further  improve the neighborhood! 

Thanks for the great advice @Kevin C.! We close on Monday morning so I will definitely let you guys know how it goes once i get it in there to clean it up and get renters in there. 

Thanks for the advice @Joe Gracyalny! I will definitelycheck out the BP forms and use that as a starting point.

@Kenneth G. Thanks! Sorry for the late response. Both units are 2 beds and 1 bath. One unit is vacant and needs minimal work since the previous owner just put new carpet and paint into it. It does need appliances which I will change out. The second unit it occupied by Section 8 getting about a $400 discount but she will be only staying 1 additional month after closing. Both units can rent for $1100 conservatively based on other rents I've seen in that area. I might be able to get about $1300 for each unit. Purchase prices is $205k and walking distance to all the bars on Colley by Cogans and all the restaurants behind ODU.

@Kevin C. Thanks! I've been reading a lot on student rentals and there seems to be a lot of people trying to do month to month with the students. I've been leaning toward trying to do at least a year lease to cut down on turn over. What are your thoughts on this? Do you have success doing long leases in NN or do you also do month to month? Another thing I was reading about was about having a parent co-sign the lease since more than likely a full time student won't be able to make 3x monthly rent. Is this something you have run into?

I recently got my first duplex under contract and close on it mid December. Both units are 2/1 and about 800 sq ft. One unit is vacant and just needs a coat of paint. The other unit is occupied on a month to month section 8 lease for about $400 under fair market rent if not more. I plan on not keeping the section 8 tenant and cleaning up that unit as well. This duplex is located right behind a college and a big military town. All the numbers come out great. My next big hurtle is getting all my rental documents and leases in order. My question is, is it worth it to buy state specific documents online and then have a lawyer review them, or just sit down with a lawyer and start from scratch? Any other advice for this about to be new landlord is also greatly appreciated!

Hi everyone!

I recently got a duplex under contract right near ODU. I was hoping to connect with some other investors that have rentals in that area or are familiar with student rentals. This is my first duplex that I will be purchasing so I want to get it off running on the right foot.

@Andre St.George not yet. Put in a ton of offers but keep getting out bid. Stepping up some marketing campaigns to try to find some off market deals.

@Kenneth Foster as of right now I am using Hard Money. Have not lined up any PML successfully yet

Hi Omar and welcome to the area. If you get any properties under contract please let me know. I am mainly interested in the oceanview / bayview area of norfolk will look at any deal that you may present. 

Thanks @Alison Ruotolo and @Lynn McGeein I really appreciate the feed back and advice. If my work schedule doesn't change I will be attending the next TRIG meeting next week and looking forward to it. Thanks again Alison for the advice on the neighborhoods are town center. I'm hoping to get out there this weekend and familiarize myself with that area.

Good Evening Local BP Members!

I just got back to the area after being gone for a little while and ready to jump back into the business and get my first deal under contract.

I was looking to get everyone's opinions on what are the best neighborhoods to invest in to rehab currently in Norfolk and VA Beach? Also any help on local investors and definitely contractors would be beyond helpful.

Thanks!