All Forum Posts by: Maxwell Fontaine

Stoney Badger Tavern, 3009 Old Forest Rd, Lynchburg, VA 24501, USA

Mr. McKinney will give us general information on what Building Inspections does.

This will include the following:
Property Maintenance Inspections
New Construction inspections
Plan Reviews,
Issuance of Certificates of Occupancy,
Other codes which the City enforces

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Join us at
6:00 if you would like to order a meal and/or network
with your fellow real estate investors.

The meeting begins at 7:00 and we anticipate a great
Discussion time after the presentation.

Come prepared with your questions!

@Andrew Leung If in the worst case what would happen if you could not get it rented? Have you asked about owner financing the property? But if you are asking for a convincing response you already know you are not comfortable with it. If you do take that deal down and need proof of insurance on it i will be happy to help you out and keep your cost as low as I can on that property. 

Good Luck on this one!

@Pope Lake I don’t know if that’s a smart idea. What if the downturn doesn’t actually come? Nobody saw it last time and I feel it’s becoming a trend to just say it’s going to happen again in 2020 whether it does or doesn’t shouldn’t base your decision to invest in real estate.

When you compare what you think you’ll save when the economy turn vs how much you would make until then doesn’t come close. You’ll miss the opportunity to be already in the market and have the leverage to get as many props as you can instead of just starting.

Lastly, more of a personality statement, how do you know you’ll actually buy properties in the downturn if you won’t do it when the economy is still going forward? Just saying, sometimes people have a plan never pull the trigger because the situation never feels right or looks right. READY. SHOOT. AIM.

Hey @Scott Sewell, I have seen and had my own troubles with getting funding on mixed use because of the risk factors they POTENTIALLY offer to the property. The lender and or insurance company sees 2 or more types of individuals passing into the same property. Main concerned is it could result in someone from the business audience causing damage to the residential unit on the property, followed by the vice versa. The business is normally valued higher and could be help liable for those damages meaning bigger risk of a payout (insurance) or loss of use of the property (lender). These are obviously extremes but that is how they see it unfortunately (generally speaking). If you do find a lender for the property let me know if you need someone to get you insurance on the mixed use. I had a carrier that will absolutely take this one and help you present it to your lender that you can get insurance on the mixed use property. 

Feel free to reach out I hope I can or did help a bit. GOOD LUCK SIR!

Hey @Ben Goldstein, if its a big enough rehab and if you trust your contractors enough I would almost recommend sitting down with your contractors and him them each break down a price to complete the job that you need. From there you see what the actual materials cost and the LABOR which is what they are making money on mainly. You could try that which is very specific to your job and area but take a bit of time, or also just see what the going rate is in and talk to a few different contractors. 
If you need a builders risk insurance policy please let me know I will get that taken care of for your within the day. 

Hopefully a helped a little bit. GOOD LUCK SIR!

hey @LaTonya Snow, I know a couple of a couple cleaners that were awesome that missed out on work because the property or business owners wanted them to be insured. I don't know if you have a small insurance policy covering your company but it may be worth it to get. It gives a more polished look to your company to add that in on a job bid. If I can help with anything please let me know.

Hey @Joseph OHare,

Give me a call I will get it for you in the morning if you still need it. 

Hey @Shane Bond, 

That's a weird question I think because to sell it does not require it to be paid off first. And you should really think about either getting the house at least rented to help off set some costs. By doing that it will give you some insight first hand about 1 renting in your area and if it is really in demand or not, 2 how high rents could potentially be in that area. I don't know Manassas to be a hot rental areas, I may be ignorant in that. Overall you need to do some homework and examine what gives you the best exit strategies and go with it.

If you need any help with insuring that property please let me know. We can talk about the property and saving some money on the monthly expenses as much as possible.

GOOD LUCK!

Hey @Timothy W Hanson, 

CONGRATULATIONS ON THE DEAL, I HOPE IT TREATS YOU WELL!!!

Hey @Leigh Jones,

I saw you were looking to switch things over to the land trust and the LLC as the beneficiary. If you want to make sure that your personal name is not on the property make sure you remove it from your insurance on the property also. If you need any help with that or want someone just to take that off your plate let me know. Feel free to reach out.

GOOD LUCK!