All Forum Posts by: Mwazomela Thurmond

@Masood Amin Virginia. It was even voted one of the best states to retire on top of being great for investing whether it's Northern Virginia or Hampton Roads in Virginia which includes 7 cities with tourist and government opportunities.

Whether you're looking for short term, midterm, vacation rentals, tenants who could rent for multiple years or even decades.

Time and time again, I hear that the military (Navy, Army, Air Force, and Coast Guard) are constantly moving people into the area which means that compared to other markets, we are stabilized and don't have as much volatility as other markets.

I'm a real estate agent with Berkshire Hathaway HomeServices Towne Realty in Newport News VA serving all of Hampton Roads Virginia.

If you have any questions about the market or getting started as an out of state investor, I'd be happy to help you any way I can.

@Derek Fike Hampton Roads in Virginia includes 7 cities with tourist and government opportunities.

Whether you're looking for short term, midterm, vacation rentals, tenants who could rent for multiple years or even decades.

Time and time again, I hear that the military (Navy, Army, Air Force, and Coast Guard) are constantly moving people into the area which means that compared to other markets, we are stabilized and don't have as much volatility as other markets.

I'm a real estate agent with Berkshire Hathaway HomeServices Towne Realty in Newport News VA serving all of Hampton Roads Virginia.

If you have any questions about the market or getting started as an out of state investor, I'd be happy to help you any way I can.

When I worked for a landscaping contractor, someone asked us if they could speak to our past customers. But, honestly if you already have doubts, I think you should consider interviewing additional painters and find a contractor with the amount of reviews you need to feel comfortable. 

If we were working together, I think I would want you to feel comfortable enough to have honest conversation where you share your thoughts. 

I'd advise you to not only allow your business partner to tell you why it's so important to them to visit the site and then offer an alternative because they might just be looking for a way to contribute and feel valued since like you said (the contractors are doing all the work). 

Also, of they're only getting 20%, who gets the remaining %, I think your business partner probably just trying to earn a little more return on the their investment and you can learn how to help them or explain that you can't or aren't interested in offering more since I'm assuming the contractors might charge more than the estimated cost of building. 

@Brad Jacobson

I'd say #1 method depends on how you prefer to provide value to people the easiest way I know how. For me personally, I try to balance. My goal is to post often (passive lead generation) and also reach out directly to people (calling or direct mail) (active lead generation). Reaching out to other professionals can be easy but hard to get great referrals until you've contributed (earnable lead generation).

I'm glad your've mentally started preparing to take action. I'd suggest you meet with a local agent and lender and learn what they can do to help. Some homes can't be approved for FHA loans and an agent can help you with that as you look.

I'd say the biggest reason is to have an accountable person you can turn who has not only errors and omissions insurance but a network of brokers, other agents, lenders, and title companies who are there to help make the complexity much easier and save you time and money. 

I heard a crazy story from my fellow agent where the buyer was out-of-state and the financing fell through after the sale was processed with the state (Virginia). The seller no longer owns the home according to Virginia and the out-of-state lender and title company has no obligation to help the seller. They have no option but to pursue legal action as the agents have also not been paid but are there to guide this seller because they've agreed to work together. You can't predict the future, but having a support system can help give you peace of mind if any hiccups occur.

@Jason Thompson Thanks, I'm glad you liked the quote. My goal for 2023 is to expand my network with quality relationships, just like you. I spent most of 2022 renovating my home after my father passed away and left my mom with a few rentals, building projects, and agricultural land in Zambia. My investment goal is to learn about what it takes to find good investment properties by working with someone who has experience and eventually follow in their footsteps by either renting out my home since we have 100% equity or buying a smaller property to rent out in Hampton Roads or Virginia Beach and stay close to work and family.

@Devin Cook I would tell him about the roommate leaving. It's best to be honest about that, and he might work with you on the rent increase if you can find a new roommate.

Or if you're not interested in having another roommate, you could look for a smaller place to rent or meet with an agent to see if you can afford something small and start building equity.

@Jason Thompson Waiting can easily become analysis paralysis or analytical procrastinating. The deal that might be perfect for you could be on or off the market, but if you aren't ready you won't have enough time to be ready, willing, and able.

Abraham Lincoln said if you ask him to cut a tree down in 6 hours, he's spending 4 hours sharpening his tool. Find a good lender if you need financing, a good real estate professional, and build your network. Interest rates are always changing, if that's a main concern speak with a mortgage broker or multiple lenders because they have knowledge and tools you can't find while reading an article online.