All Forum Posts by: Matthew Maggy

We've hit the point in our investing where managing all the properties takes up too much mental bandwidth. We will be moving our properties over to property management as they become vacant (the first one coming up quickly). Any recommendations for property managers in the Richmond, VA area? Size doesn't matter but I want someone with good systems in place. I've heard good and bad things about a couple of them. Who has anyone had good experience with? Thank you.

@Dennis Wayne it is ridiculous. We have a tenant who stopped paying before covid because her roommate skipped out and she had lied about her own income. We started eviction proceedings before covid but covid hit and pushed our court date back three times. We finally got the judgment in October but apparently the judges just aren't processing writs of eviction here in Richmond, Virginia. At all.

If I would have foreseen this, by one month, I would not have started eviction proceedings because she probably would have been more willing to work with us on getting state-funded rent relief.

Maybe it's worth filing this alternative breach of lease then 

I've got a tenant who hasn't paid rent since before the pandemic and has been riding the wave of eviction moratorium since last January. Our portfolio can take it so we are doing okay but it's putting a major damper on our plans.

We finally (after getting our court date pushed out twice) got the judgement but the City isn't issuing writs of possession to get her out.

My understanding is that the federal moratorium only applied to unpaid rent. Since our judgement was for unpaid rent, the City of Richmond hasn't issued a write of possession.

Since she has overstayed her lease, we could take her to court again for that and then apply for a write of possession based on that judgement but I'm curious:

Has anyone here investing in Richmond, VA been able to evict based on issues other than non-payment of rent? Or is the court is just not issuing any writs of possession for any reason.

I don't want to go through the rigamarole of another filing if they aren't issuing any for any reason.

The one we ended up buying did not have a tenant so it was an non-issue. Sorry I can't give you a more helpful answer.

Its worked out great so far. the two tenants I was getting at this time are no longer on section 8 and still live there. The other 2 section 8 tenants we've gotten since have been mostly good. Just a couple of issues with getting utilities in their name which has worked out.

The paperwork is kind of annoying but the process is relatively straight forward.

@Tyler Gibson The thought occurred to me and it is a good one. My thoughts were:

If I refied $93k at 6% over 30 years leaving me with $46k once I paid of the previous note; $41k after I pay closing costs for the Refi. I would basically have zero cashflow, but still have to do the work of management. A detail I left out, but is important, is that I already have a $25k HELOC on it (which is the most I'll get on a rental). I'd be paying $4k to access an extra $16k and not have the cashflow. I'd rather have more cash and no cashflow and just make a clean break then hope I get more equity.

We are in a position where we have had a lot of equity growth in one of our rentals (which we actually bought for cash flow) and having recently picked up some more properties are out of cash. Our portfolio now is doing great, so we don't really need to get rid of any properties, but we have a lot of equity in one of our rentals in a hot neighborhood and I wouldn't mind taking that off the table while housing prices are high. The property cash flows decently (though we could have charged more rent had we known). I also like having cash available for when screaming deals come up or when the prices go low. Curious what others would do.

We sold a property we bought for $26k and sold for $70k in 2016 and 1031 Exchanged into a property for $70k (+$8k in rehab) and owe $47.5k on.

My low-to-mid-range estimate is that we could sell for $130k. Long story short, after commissions, closing costs, potentially paying $1,500 in closing costs for the buyer, etc. we would end up with +-$70k. After capital gains taxes, it's +-$55k. 

I honestly hate doing 1031s especially because inventories are so tight right now and I work full time, I don't know if I can identify a property that meets my criteria for a rental within the 2 months required by Section 1031.

So the question is: Is it worth paying $15k to have $55k available as needed for down deals? Curious what others think. Thank you hive mind!

I'm going to be in Raleigh Friday 8/31 and I'm looking into the Raleigh real estate market for buy and hold/BRRR. I'd love to meet with a realtor who works with investors or an investor down there to get a sort of introduction to the marketplace and a feel for the market from a local.

Lunch is on me.

Under the stairs. Watch out for toilet distance from lav requirements. Small lavs are available.