All Forum Posts by: Matthew Maggy

Used it for a 2/1 property on Northside and it was fantastic. Appraisals are usually generous, so watch out for ARV vs. what it's worth at Market. If it's a buy and hold, not as much of a concern.

Check the plumbing. What part of town is this in? 

Price makes me think North of 9 Mile, or Southside near McGuire. You can get $1000-1200 section 8 in these neighborhoods.

Vacancy calculate 5%. Assess the life that the roof has on it. What's the exterior material? Wood siding is more costly to repair than vinyl or brick (in your cap ex estimates). Is the electrical updated? Does it have central heat/air? Laundry? For the higher rent in the lower neighborhoods, I find these features are paramount; especially the laundry amongst these types of tenants.

Again, I'm not sure what neighborhoods your talking, so this applies to southside or north of 9 mile, etc because those are the rental markets that I know.

I find that most people say they want reputable and trustworthy, but generally balk at the price of what a reputable contractor costs.

Restoration Builders of Virginia, Inc. Doing Church Hill rehabs for 34 years.

anyway, I know a lot of the usual suspects in Church Hill, so whoever you go with, I'd be happy to offer some input.

Convenience store property.

I have an in on a really good commercially zones property in a up-and-coming, almost there part of town in Richmond adjacent to a hot neighborhoods and I have a question about convenience stores.

The property is prime location for a convenience store as it is the only commercial property in the area. It's small (700 sf lower level, w/ apartment on top). Having never talked to anybody about convenience stores or anything, I'm curious if you guys know if these folks like to buy the buildings or rent the buildings? I assume these guys are fairly tight-fisted w/ their money. 

Any input on renting/flipping a property to convenience store proprietors What questions should I be asking? I plan to also talk to a couple of the guys at the marts around my neighborhood. 

For a bank that does portfolio loans, Towne Bank has a great product. There's no balloon, but the rate adjusts based on the prime rate every 5 years.

Welcome! If you want creative solutions, check out a website that I was referred to and about to purchase the membership for called "cashflowdepot.com" The person who does this details pretty clearly the steps for buying and holding, or wholesaling. Her free ebook really opened my eyes and tomorrow I'm going to purchase and delve into the seminars about the methodology.

I just realized in writing this it sounds like I'm making some sort of sales pitch. I have no affiliation with Cash Flow Depot lol, I just read her free 37 page ebook and saw some of her creative methods and had my eyes opened. 

Unicorns man, unicorns. ha just kidding. I think the only way youre going to find deals like this that cash flow is to start pursuing houses in anything below 64 and above and west of 195. it's hard to find deals where the numbers make sense in these places. that being said, we are house hacking a duplex in a class c neighborhood in 23222 and have had no problems.

@tyler Wilson Technically speaking, most work needs to be permitted. You could always permit a small part of the project (such as HVAC, or some sub-floor repairs, roof, or whatever). The tax abatement folks only need A permit number attached to the house. So if you permit a small portion then that covers you and you only have to get a certain part inspected. If you use a GC they'll be able to tell you what would be the easiest. 

I feel compelled to tell you since I always do this, to get permits for the job. Other investors may disagree as it adds a time and cost burden.

If a city inspector comes by and sees a dumpster on the street (meaning not in the property) it might raise a flag and the city issues a stop work.

People do work without permits all of the time, but there is always that risk. Especially if they see you doing any plumbing stuff. If you're working on it yourself you would be able to get away with it easier.

@tyler Wilson Technically speaking, most work needs to be permitted. You could always permit a small part of the project (such as HVAC, or some sub-floor repairs, roof, or whatever). They only need A permit number attached to the house. So if you permit a small portion then that covers you and you only have to get a certain part inspected. If you use a GC they'll be able to tell you what would be the easiest. 

I feel compelled to tell you since I always do this, to get permits for the job. Other investors may disagree.

If a city inspector comes by and sees a dumpster on the street (meaning not in the property) it might raise a flag and the city issues a stop work.

People do work without permits all of the time, but there is always that risk. Especially if they see you doing any plumbing.

Gold/Silver, is a part of a diversified portfolio. It's a good inflation hedge. It also provides no yield or monthly return such as real estate.

Don't buy gold from a broker. they will charge a 30% commission and will deeply cut into your returns. I made that mistake my first go around. Luckily gold went up a lot in that time.

It's extremely liquid.

An important thing to keep in mind is that gold coins don't have value just for their weight in gold (of course that would not be true in the oft-lambasted apocalypse scenario). Gold coins also have a "numismatic" or collector's value.

For instance, if you buy a 2016 Gold Buffalow coin just issues, it's worth about the spot price of gold. 

If you buy a rare 1 oz. 1906 gold, no motto St. Gaudin dollar coin which was only produced for 6 months in 1906, it's worth a lot more than that ounce of metal. This numismatic value can offset the loss of value incurred as bullion and metals are pretty volatile.

I personally hold a few gold coins and a bunch of silver for the unlikely apocolypse scenario. In that case, having silver to have smaller coins to trade would be good, then some gold for large purchases so as not have to carry around as much silver.

Also, I don't plan on divulging where I keep my gold, but it is not in a safe deposit box or held by an outside company. The majority of thieves won't go hunting for your safe that's bolted to the concrete slab or floor joists behind the water heater in your basement and will just go for the easy stuff like ipads and phones and get the hell out of dodge.