All Forum Posts by: Account Closed

Agree with everyone thus far.  Im no stranger to the trade; however, I hear of new processes and techniques all the time and If it's legit and tested I was sure the BP community would know about it.  Really seemed to be a mesh of wholesaling, bird dogging and a new twist of crowd funding.  I am comfortable with my hard money lender, he knows our market and will not fund a deal he feels is risky.  I think I'm sticking with him until I can build more capitol.  At least I got a free dinner. Thank you everyone for the quick feedback!

First I will state, "I don't believe in Guru's". However, I attended an event in Virginia this week by Visionary Events. The works highlights DIY tv stars Danny Levin and Drew Perkins. Obviously the workshop is selling you "education". I don't believe they will teach more than you can acquire for free on BP! Having said that, the appeal is they are a private money lender. My hard money lenders criteria makes finding deals hard and I am always open to new ways to fund deals. In a nut shell they will purchase for 1.6% on the front end of a deal and charge $400 as a sort of service charge. A basic title search and comps are done as part of the $400. Seems to good to be true "thus my skepticism". Now the hook, you cannot use their services unless you take their 3 day $1300 course. If you do a deal with them within 6 months they will refund your $1300. Once you complete the course they claim to assist in finding deals before they hit the MLS. They prefer to not rehab and sell to other investors looking to hold. Appears to me they have found a way to grow a wholesale business. At this point, are there any bigger Pockets members out there that have heard of them and or currently use them for funding?

Hi Tiffany, I am an investor from Williamsburg. If you have not yet done so; sign up for the Peninsula Realestate Investors Association (PREIA). You can sign up on @ meetup.com. The next meeting is this coming Thursday. A wealth of knowledge is available. The PREIA is a "must do" for new Hampton Roads investors. You pay for a meal but the knowledge is free!

When using the flipping calculator, I see no entry for my down payment.  I figured it would be in the expanded area for closing costs; however, I don't see a spot to add the required down payment.  Can some one pleas help me understand where this is calculated?

Welcome Warren! TRIG and PREIA are great places in the Hampton roads area to start! Good luck and maybe we will run into each other if you decide to attend one of the meetings.

Looking for some tips and or reviews Regarding our first deal in Newport News Virginia.  At our local Investors group meeting (PREIA) The theme this month was "Shark Tank".  The organizer pitched a 3 duplex ( 3 BDRM 1 BATH each) on one lot, total of 6 units for a owner finance deal.  The units will rent between 600 and 700 monthly.  The Terms we negotiated were 10k down, 4% interest, 60 months @ 800$ monthly.  We are using 401k funds for rehab so property will be free and clear in 5 yrs.  Here are the issues with the property.  The property has been empty for 8 years and all units need rehabbing.  1duplex can be done and ready to rent quickly ( 30k total rehab).  1 duplex will require a bit more rehab but is basically in the same condition.  The 3rd duplex needs a ton of work.  There is only 1 parking space for the entire property; however, it is located in a city and two blocks from the largest employer in the area. Not sure if this is a pro or con but the property is also registered as a historical property in a historical area.  Our plan is to rehab 1 duplex and have ready to rent in 60 days or less (we are a class A contractor).  Once tenants are in place in the first unit we will begin work on 2nd unit and follow the same process for the 3rd unit.  We will fund the first unit rehab with our 401k.  We plan on having 4 units cash flowing and once paid off in 5 yrs we will use property equity to complete the remaining unit. Our long term plan is to hold the property.  All advice or reviews of this deal would be greatly appreciated.

Welcome to BP! Glad to see someone local. Check out the peninsula realestate investment association on meetup.com. (PREIA)

Hi Mila, I was at a meeting last week and found out that both Norfolk and Portsmouth are great for investing. However, be careful if flipping! If you spend 50% or more of the assessed value on your flip, you will be forced to bring the property to new construction code, and 30% in Portsmouth. We were not aware of this and thankful a local investor passed it on. We are from the Williamsburg area and have not reviewed the code personally; However, it's worth looking into to avoid a costly run over. Hope this helps you out!

At the last PREIA we met Bella Trowbridge. She runs the company The Closers of Virginia Inc from Newport News. She was very friendly and an investor herself.

Working on a deal in Williamsburg Va. It is a REO that has been vacant for 12+ months; and this is a first for us, we had to sign a mold disclosure before entering the property. We were not scared of mold remediation in single family homes; in fact, we welcomed it. However, this is a town home with an adjoining property. We are concerned with the mold in the attic and walls shared by the adjoining property. Could the adjoining owners in the future become sick and say it is a result of the mold? If so, would we be liable? I know this is a legal question and we will need to consult a lawyer to be safe if we decide to move forward. Has anyone in the BP community dealt with a similar scenario and if so what advice can you provide? The deal has great potential but a law suit would be devastating to our new business venture.