All Forum Posts by: Michael Acevedo

What’s everybody’s take on Flood insurance within Hampton Roads, Virginia. I’ve had a co-worker who lost her house before due to not having flood insurance. Thankfully, the military helped her with the relief Corp, but as an investor what is your take for Flood insurance here in Virginia Beach and surrounding areas. Are the rates too high? Are they manageable?

@Cody Smith

I am dealing with a similar situation. I am paying of my car debt to open up some money monthly that can be invested immediately to my wholesaling business. Leaving my other car note, continue to pay monthly. Meanwhile, I am an active investor, I also work full time to cover the bills. I use all my profits from active investing and re-invest them into my business. I am also looking forward to house-hacking to free up more money that can be re-invested to obtain my long-term goal of building passive wealth through rental properties.

@Wade G.

I am not at the level where I have that many properties under my name but I have had this thought. Personally I plan on constructing my portfolio to have properties that will be paid down eventually. And other properties that I can add value and refi. My reasoning behind my plan is so I can have that large amount of equity to back me for future projects, and still have a great amount of cash flow coming in when I do refi my other properties.

@Kevin Rea

I’d stay in Virginia honestly. I’ve thought of Hawaii, but when I see what I can get for a million here compared to Hawaii. I set my goals to live in this beautiful neighborhood I seen one day driving for dollars. Crazy when you recite your goals everyday you start to picture it and actually see yourself living in your dream place hosting a get together or even taking the kids for Halloween. Mindset is everything!

I've personally paid up to 300 in a pet fee in Norfolk, Virginia. However I do notice the property managers here in VA usually charge around 150-300 and usually the higher priced fees won't have a monthly pet fee just a one time and the cheaper priced Initial fees usually have a monthly pet fee. But you can just contact property managers or look around and see what they charge.

@Greg Dickerson

Thank you for your advice Greg. I am currently running the numbers using the bigger pockets calculators and estimating the rehab with my brother as he is a general contractor. I love the fact that there is no dry wall and I can really see the backbone of the property. Also makes it easier for additions that add value and makes the estimation process much easier as I can see what I am working with.

@Michael Acevedo

Virginia Single Family *

Hello everybody!

I am analyzing a property that has been completely gutted. New siding, new roof and updated windows. Looks about ready to start getting some dry wall up and floors laid. My question is, has anybody ever had any experience dealing with properties that the investor gave up during rehab. If so, what problems occurred and also what success stories do you have from finding properties like this.

Thank you!

Hello everybody!

I am currently analyzing a deal that is listed at 85,000 but I believe there much room for negotiation as the price changes every month since the start of 2020. However, the description states that new siding, new roof, and windows have been updated. The house is fully gutted and looks about ready to start hanging some dry wall. My question is has anybody had any experience dealing with houses that a previous investor Did not fully complete and gave up during rehab? If so, what problems occurred or what success stories do you have from properties like this, any advice or insight would be helpful.

Thank you!

@Josiah Patrick Zebarth

I get out of bed everyday because granted being only 24 years young, I have had many various W2 income jobs. Also having served the Worlds greatest Navy traveling around many places, I’ve never seen such a passion in myself to achieve my goals in real estate. I realize myself, listening to a podcast, reading a real estate book, or checking the forums on a everyday basis, and the excitement I would get was even noticeable by my wife, and that.. That is the day I realized, this is what I love, Real estate. Learning new things everyday and striving to become better then yesterday. Real estate is my why, and that’s what makes it a lifestyle and not a job.