All Forum Posts by: Remington Blackburn

Welcome @Wes Mccullar! It looks like you got good feedback already.

I signed up for the free trial on mashvisor (dot) com before I started hosting on Airbnb. It's an expensive subscription so I only used the free trial, but I would recommend taking a few days to look through the area using mashvisor. It gives airbnb comps that include price, occupancy rate, pictures, etc. I found that comparing occupancy rates for properties in different price ranges was really helpful. 

If you're looking for STRs, I'd suggest looking into hosting for traveling nurses. I think the STR supply for vacation spots close to the beach is high, but quality STRs near hospitals is low. Traveling nurses are generally great tenants and you'll have less turnover. PM me if you have questions about anything!

@Patti Robertson

Thank you! We are excited to work on the basement and get it rental ready.

@Amy H.  It is a small world! & Thank you! We love the area and the neighborhood :)  

It's tough in Virginia Beach right now! We were looking for over six months before we found our house. Unfortunately I don't have any recommendations right now, but I'll let you know.

Good luck on finding your house! 

Ben- 

I use digisigner(dot)com for lease signatures.  It's free and pretty easy to use. You just upload the lease and then add boxes where the tenants need to sign and initial. The site emails the lease to the tenant and has them digitally sign it. It also helps me with document organization.  

I use the VA lease agreements from BP for my properties. If you read through them you'll see where to change the lease term from year to month to month.

Congrats on the first deal too!

Investment Info:

Single-family residence buy & hold investment in Virginia Beach.

Purchase price: $535,000
Cash invested: $85,000

My husband and I were able to buy our dream home and we owe almost all of it to the Bigger Pockets Community. The numbers aren't as great as our past deals, but we were willing to accept it because we love the home so much. The property is 3700 sq ft with a separate in-law suite and basement. We have the in-law suite rented and are renovating the basement to rent in the Spring.

PITI: $2700

In-law suite rent: $1100
Projected basement apartment rent: $1100

What made you interested in investing in this type of deal?

We wanted to buy our forever home and something we would grow in to. We don't need all the space right now, so we're using it to generate extra income. We've been listening to the podcast for years and were only interested in buying a property we could house hack.

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

We found the deal on the MLS.

How did you finance this deal?

Conventional Financing

How did you add value to the deal?

We are renovating and separating parts of the house to generate extra income.

What was the outcome?

We are able to buy our dream home, offer good people a great place to live at a fair price, and have rental income pay a significant part of the mortgage.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the buyers agent for this transaction and unfortunately I would not recommend the sellers agent. He is a discount agent and I think the lack of incentive contributed to the lack of communication from the seller's end. Everything turned out well though!