All Forum Posts by: Mel Volland

@Sean Hudgins Thank you for posting this! I'm in your same market and love seeing the creativity here. A loan assumption wouldn't be my first choice, they always sound better than they are, based on my experiences. However, I'd be curious how the second position lending would impact buyer's option for assumption. I've heard seller financing and second home loan options don't go over well with the VA. Would the buyer have to qualify for both in terms of under writing? Or how would you go about that? Do you have any further insight? Thank you!

Welcome! It's normal to feel this way, and normal for it to stop you in your tracks. But don't let it!  Proud of you for reaching out to the community for help! It's tough not to get stuck, but something every successful investor does is to START and move the needle. Do not let this feeling keep you from taking action. I've helped several investors make moves in real estate. 

1. Figure out what strategy you want to use and your "buy box" - as a first time investor, a house-hack is a fantastic option! Small multifamily or rent by the room.

2. Financing - what are your options? What do you have in the bank? Do you need assistance (don't answer these here, just something to think on). 

3. Location - based on your budget, where you work, etc. An investor friendly realtor can help you here! Leverage them. I'm an agent, but it's up to you to find your fit! 

4. Creativity - real estate is creative, which is why I love it! Keep an open mind, maybe a path you have blocked in your mind can actually be something great!  

Wishing you the best in your search! Reach out if you still need some guidance! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Portsmouth.

Purchase price: $130,000
Cash invested: $35,000

Moved from the West Coast to the East Coast, House hacked this duplex as a BRRRR. Now both units are rented.

Hi @Jill McCann

You certainly have an opportunity here! How long have you owned the property? Do you have a low interest rate or high equity in the home? I would look into Seller Financing or Subto and make it a win-win on both sides. If you have further questions, feel free to reach out! 

@Bryan A. Brown Let's connect about STRs, sent you a message! 

Looking forward to it!

Hi @Daniel Parrish!

I am also a Realtor and specialize in MTRs! Happy to connect with likeminded professionals!

@Jacob Sloop thank you! 

@Heather Brown I'm happy to help! As a quick response, it's certainly slower in the season and contracts should pick back up in Jan. But I have been doing MTRs for four years here and this is the first time I've experienced a full month vacancy in a unit/property. MTR's are becoming more widespread and popular making the competition steep. I'd research what other MTR's are listing in your immediate area and base your pricing on that. $3,000 seems high for off season, but that's without fully understanding your location and property. Hope that helps! Feel free to reach out anytime! 

@Joseph Harr @Riley Harrison Newport News does allow STRs, they recently rolled out their latest requirements. Though, I haven't gone through the process yet, I will be navigating on behalf of another investor who owns a series of duplexes there. I help local investors evaluate their properties for STR/MTR operations. While Norfolk allows them, it is a process you need to be prepared for, especially if your property requires a CUP. The process involves city planning and commissions, city council, local civic leagues along with making sure the property fits the criteria to pass…these items are not found on the website, so don't be fooled thinking you have it in the bag. I'm assisting a past client go through the process and we are 10 months into it and approaching the finish line! My #1 advice, make sure the long term rental numbers make sense when purchasing so in worst case scenario you have a fall back plan that keeps you covered if STR doesn't pan out. If ou are serious about this strategy, make sure you also work with a real estate agent or someone who knows and understands the nuances to get approved. Good luck out there! Feel free to reach out!

Investment Info:

Single-family residence buy & hold investment in Norfolk.

Purchase price: $165,000
Cash invested: $17,000

Contributors:
Jonny Volland

We scored with this little SFR.This one is located in East Beach, Norfolk. About 1 mile from the beach. We are all about the yard! It's huge! Plus, there's opportunity to expand the house in the future. Lots of value add! Perfect for a buy and hold. I imagine most home buyers wouldn't be interested in this home due to its curb appeal or lack thereof (maybe the flat roof, or the minor flood zone)😂 but hey, we are confident in the numbers! Stay tuned!

What made you interested in investing in this type of deal?

Diversify and move in when we’re ready to move from our house hack situation!

How did you find this deal and how did you negotiate it?

MLS, full asking, minor repair credit request

How did you add value to the deal?

Working on it now😉 but adding value to the exterior and minimal interior updates.

Lessons learned? Challenges?

TBD!