All Forum Posts by: Nodirbek Akhmedov

Hey @Katherine Sherrit, welcome to Hampton Roads! Its a developing area and you will definitely find a full spectrum of neighborhood quality in any of the local cities. If you are into buy and hold, there are a lot of great reasons to invest here: huge military presence (average person moves every 3 years), potential Amazon fulfillment center in Suffolk and Norfolk Resort Casino.  

Investment Info:

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

Purchase price: $130,000
Cash invested: $160,000

A 4 bed/2 bath single family home that was once a duplex, the plan is to convert it back to a duplex and BRRRR. It is a professionally managed short sale and the process has been moving much quicker than expected. From the day we placed our offer to our projected closing day, about 3 month process.

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

MLS, made cash offer on asking price.

How did you finance this deal?

Personal cash.

How did you add value to the deal?

Rehab and conversion to a duplex.

Hey Shawn, I would definitely appreciate the direction. Let me know if you would like to meet up for a cup of coffee.  

@Erica Osborn Yeah its in Portsmouth, VA. Thank you for the advise, I am going back to the city again this week to submit the initial request. I think I found a city planner who is very helpful so hopefully I can continue to work with her.

The process to convert an SFH to a Duplex seems tedious but not hard. The city planner has told me that I can expect a final answer in about 4 months after my request. For those interested, here is my understanding so far:

• Fill out a formal request/use permit and submit to the city planning office with a $660 application fee (crazy) 
• Request will be presented to the planning commission that meets first Tuesday of each month
• Request will be heard at the City Council the month after the planning commission hearing 
• Request will then be presented at a public works discussion
• Surrounding homes in the neighborhood will receive a notice of my request with the option to appeal 
• ???
• Profit

@Dan Weber Thanks man! Going in was definitely the right call. 

I purchased a SFH in Portsmouth that was once a single level duplex and the previous owner converted it into a SFH. The rental income makes sense to convert it back into a duplex, but I am having a hard time reaching the right person in the City of Portsmouth office. I have been transferred a couple of times and ultimately end up in a voicemail box. Anyone have any experience in this realm or know an individual in the city that can assist? Thanks!

- Bek

bump

Thanks you @George Blower

Hi everyone,

My name is Bek and I am looking for a real estate agent in the Hampton/Yorktown/Newport News area who specializes in purchasing investment properties. Looking for distressed properties that we can value add and flip quickly. Thanks! 

Hi everyone! My name is Bek and I am looking to acquire my first flip by the end of 2018. I am originally from Maryland, but I live in Hampton/Yorktown Virginia area thanks to the Air Force. I started listening to BP podcasts on my last deployment because one can only watch so many bootleg movies. From there on, I started reading as many real estate/business books/BP posts as I could get my hands on. My experience with investing dwells down to managing a family portfolio during the last 5 years of this bull market. We are now looking to diversify and begin our real estate adventure. Look forward to meeting and interacting with fellow BP members! 

- Bek