All Forum Posts by: Account Closed

@Emma S. Along with what @Jon Lee said, you almost don't even need a buyer's list if you have the deals. One or two big players will probably take most of what you can find, even as you start getting larger numbers. Just be sure those deals are in areas that they're interested in. Of course, I'm going entirely on secondhand knowledge here.  I haven't wholesaled anything myself, so 'grain of salt' and all.

@Jay Hinrichs, you always seem to have a useful perspective.  I'm considering getting my license, mostly to get out of my corporate job and take a position that will help me learn and develop a network in real estate.  It doesn't hurt that my state seems to almost require it for wholesaling.  The only ways I know to get around having a license are assignments and double-closings (which seem to have a really negative connotation for most investors), or simply closing on the property yourself before selling.  While the latter is probably the truest form of wholesaling, it does miss some of the benefit us newbies look for in entering the arena without much starting capital.  

Hey @Heather Skowronsky! My main goal is buy and hold small MFR, especially the first property as I'd like to do a househack. I'm interested in cash flow more than anything, but I would like to get into flipping/wholesaling once I have a bit of "passive" coming in. Then I can use those gains as fuel for more buy and hold.

@Tyler Willson Thanks for the link!  That's much easier to read than what I had come across, and seems to confirm the same information. As for the tax assessor's website, it states:

Property Class:161 - R Two Family Converted

Zoning District:R-5 - Residential (Single Family)

Does "R Two Family Converted" mean that it once was a two family property that has since been made into SFR? Or the other way around?

@Jon Deavers I will give that a try, thank you!  I guess I can probably ask them the above question while I'm at it.  Much appreciated.

@Lee Fahy  Well, if you do end up losing some money, I guess you could call the difference your tuition. I'm sure you learned a ton doing this project.  I hope it works out below budget and on schedule, though.

Those are both very apt captions for that photo! Maybe you could make a collage over the years of her reactions at every property, then give the collection to her 10 years from now as kind of a cheesy thank-you for sticking with it through the rough bits.

@Ray Lai great info, thanks for sharing

@Mark J. great information.  I've heard the idea of the reno book in podcasts, and I think it's a great way to standardize your process and make cost prediction a bit easier and more accurate.  I definitely plan to create one during my first renovation.  Thanks for the tips!

@Lee Fahy she looks mortified!  Hopefully she'll come around once it starts paying off. I have no experience myself, but from what I've gleaned from books and podcasts, speed seems to be more important than frugality when it comes to renovation.  Sure, cheaper costs are certainly important, but holding costs (Actual monthly expenses plus the cost of tying up capital that could otherwise be placed in other deals) can absolutely wipe out profit and prevent you from utilizing your cash effectively to create more profit.  I.e. You're better off spending 20% more on this renovation if it means selling/refinancing 3 months earlier and being able to use that cash sooner.

Thanks @Nathan Mayhew and @Ray Jacobsen for the input

Thanks @Cameron Outlaw for starting this thread. 

 Good luck @Anthony Lee! And congrats on your potential first deal! 

How difficult is it to get a property rezoned in Richmond, VA? I've found a duplex that I believe isn't zoned to be anything more than SFR in my target market of Richmond. I believe R-6B or higher is required, but I'm certainly no expert. The numbers work, but I don't want to buy illegal property.