All Forum Posts by: Matthew Maggy

Congrats! Great to hear!

Good to hear success stories! Where is the property at? How did you purchase this? MLS? Wholesaler?

What's your day job? Maybe you can ask them for a shorter schedule like 32 hours/week? Or 7: AM to 1:30 PM hours. It may not hurt to approach them; especially if they know you're doing real estate stuff. 

I'm in the camp of waiting until you have 2 years of Real Estate income to quit, but if you're feeling burnt out, quit the day job. The reason for investing in real estate is to enjoy life a little more and working 80 hours/week will make you wealthy quicker, but will also make you gray quicker.

I have a full time job and a side business giving tours (admittedly not as time consuming as your side-gig as a realtor) and I have to be sure to set aside time for my lady. You should do the same, if you aren't already.

I work for a GC and deal with Richmond City all of the time. You will have to pay for the repair. No help from the City. You have to pay to replace whatever asphalt/concrete you dig up. Along with work in streets permits and the plumbing permits.  I hope to God its not brick.

The gentleman from Ohio is not off. Doing this digging and replacing gets expensive. 

If you need to locate the lateral, Dept of Public Utilities can tell you where it goes and can also camera the line for you for free, but it takes a while to get them out there.

You can PM me and I might be able to get you some contacts for the City.

Some suggestions of people you might use for this:

Stemmle plumbing for Plumbing

Whaley Excavations for digging in the streets

Pryor hauling for digging as well.

I've only got 2 properties (3 units) and am very much novice, but what I've gleaned from Podcasts, Books, and experience:

1) First step is to figure out your goals. 

Do you want to flip houses? Do you want to Buy and Hold? I noticed you mentioned raw land and development. Do you want to develop and sell? Do you want to build on vacant lots and rent them out? What's your income goal? Do you want to replace your income and stop there?

The steps to do this are (beating a dead horse) listen to the podcasts. The recent one about the "freedom number" was good for me. It will help you figure out your goal.

2) At the same time learn all you can about your market. If you're willing to travel, what about other markets around you? I am in Richmond, and know nothing about the tidewater region, but local REIA groups or other meetups should help you there. Talk to people (in person).

3) Talk to a lending professional. Figure out if you can get financed and for how much. Knowing your own ability to get financed can tell you where to start.

4) Use an FHA 3.5% money down loan to buy a duplex/triplex/4plex and get tenants to pay your PITI. Once again, I don't know the market you're in an if that's feasible, but I'd imagine so? Use BP calculators and stuff to figure out if the numbers work.

5) BP can be intimidating to someone who is working full time, making family time, and trying to make Real Estate work because of the people who are constantly flipping and making deals happen. Don't compare yourself to other people. Know what your personal goals are and work backward to achieve it.

6) Get started. NOW. There will never be a perfect time or the perfect property. The best way to learn is by doing imperfectly and learning.

Microlender? Hmm. Let me know how it goes. Who are you checking out?

Richmond, VA Credit Unions won't do LOC's on rental properties in another state.It's a conundrum.

I think it was Warren Buffet who said "There are deals in every market."

My fiancee and I just purchased a duplex in Richmond, VA which we are house hacking with an FHA loan and I'm looking for the next deal.

I have a Condo in Reno, NV owned free and clear worth about $53k (Zillow estimate) that I've had before I met my fiancee and it is in the name of my trust.

My debt to income ratio is too high to qualify for the HELOC alone (all I have is the one mortgage). My banking options are limited to National Banks because I live in Virginia and the condo is in Reno, so I have to be there in person to sign the documents. My national bank turned me down for the HELOC and suggested to put my fiancee on the loan. Problem is, she's not on the condo.

1) Do I switch the condo over to hers and my names and forego the trust protection? As well as let go of my last shred of independence as a free man (kidding!)

2) Can I apply with the some local Nevada banks and sign some sort of Power of Attorney for my sister or somebody along those lines to sign for me? It's kind of an expensive airplane ticket.

3) Other ways to tap equity from the condo?

4)Other options for financing? I just bought Brandon's book on Investing with no or Low Money Down and will listen to the audio book when I get off of work. 

Any feedback or advice is appreciated.

yeah. I suppose I should just suck it up and paint. I could do a quick fix like flat taping or using mud to fill the gaps and carefully edging it. The walls I don't mind as much painting, but ceilings. And its the kitchen,  so a lot of prep. 

Thanks for the feedback.