All Forum Posts by: Nick Macklin

@David Oechslein thanks for the suggestions. I'll scope those out and see what I can dig up! I've been the Ghent while going to a class down there and it seemed pretty nice. Not to mention it's right by Norfolk general which could be good for my wife.

 Do you happen to know off the top of you head if they allow renting ADUs in most single family areas?

 I have actually gone to one down there.  It was an ADPI meetup and to be 100% honest I thought it was trash with the exception of the speaker who was the accountant I use now.  I just hate meetups that try to sell you their product.

As far as meetups in MD: I host one here in St Mary's county but it's been tough with everyone's work schedule. Most are military so its been hit or miss. More like a small group of friends getting together to network and have a guest lender, lawyer, insurance agent, CPA etc. come and talk. It's been useful though and I think networking is the most important aspect of REI.

 I don't know what code enforcement is like in any of these municipalities but in the market I primarily invest in people can get away with making it "multi-family" even though it's not zoned for it.  Obviously no agent is going to tell you it's a good idea but everyone has their own risk tolerance.

@Taylor Hudgins yeah it's a PCS to NS Norfolk. My wife is a nurse hence wanting decent commute options for the hospitals. She doesn't want to share a wall with anyone so I was going to force some equity by creating a unit while there so it can be used as an inlaw for visitors and then and AirBnB or second long term rental when we left.

Trying to stick to the 70% rule with an ARV between 250-300k. Decent schools and low crime rate are desirable but my daughter will only be in 3rd grade by the time we leave so it's not critical. I know the crime maps are all over the place in Norfolk so I would probably have to be very selective.

I was curious, from an appraisal standpoint, what people have seen when adding additional income producing units to single family homes.  Doing CMAs is pretty straight forward for a regular home but when you make a single family home 3 separate units the comps are tough to figure out.  Anyone have any experience with how much value can be expected by adding one or two units (i.e. converting an attached and detached garage into 1 BR apartments)?

I'll be moving to the area sometime around February and would like to buy and rehab a place before moving in.  The intent would be to use it as a rental when I left 2 years later.  Ideally I would add an extra unit as well.  Trying to keep location convenient for commuting to NS Norfolk and the majority of hospitals in the area.  Decent schools would be a bonus.  Any recommendations on neighborhoods/ areas to look and market to?  VAB Town Center was recommended by a friend and fellow investor but I figured I'd cast a wider net.  Thanks!

If you want fees to be split differently it must be stated in the contract. If the contract is already executed then things are already set in stone. Did you have an issue with a specific portion as the buyer?

I'm looking into possible land development in the Jacksonville area and wondering how many of you have experience with this?  All my experience is in BRRRRs so I have no connections for home building and honestly have no idea what it costs for utility connections and so forth.  Can someone point me in the right direction?

Your situation seems pretty straight forward (no rehab on settlement statement) so the delayed finance is fairly easy and I think most lenders will be comfortable with it.  Where most people run into issues is when they account for rehabs on the settlement statement and lenders don't know what to do (despite saying they know exactly what's going on).  It's been my experience that when you get to underwriting they err on the side of caution and don't fund everything the Fannie Mae guidelines allow.