All Forum Posts by: Rhett Z Begley

@Brandon L. thanks for the link, great advice for the agent search. I’ve got a solid agent I’ve been working with in VB but at this point I’m just looking for recommendations from BP for some specific agents in the NOVA area (Chantilly/Aldie more specifically). 

Good evening BP! I have a townhome in Northern Virginia that after about 5-6 years now has over 100k of equity. Cash flow isn’t great (~250/mo) so I’d like to get an estimate on what the place is worth and likely proceed to do a 1031 into something with a bit more cash flow (ideally a 2-4 unit) down in the Norfolk/Virginia Beach area. I have a property manager but I’m not thrilled with them so I’d like a recommendation from the BP community for a good real estate agent in the area. Thanks everyone! Best, Rhett

William, I have a HELOC on one of my rental properties and I’ve been shopping around for a better LTV for my other properties. You can absolutely get one, but they will typically be for a lower amount than on a primary residence, and sometimes a slightly higher interest rate. I’ve seen (locally to Virginia Beach) about 75%. For example, if you got a HELOC at 75% LTV they calculate it by multiplying your 275k by 75% to get about 206k, then they subtract your remaining principle of 161, which would get you a HELOC value of about 45k. Good luck!! Best, Rhett

I’ve worked with Christian Philips at ReMax for almost ten years now for my properties in VB. He’s solid. Knows the market, no BS. PM me for an intro.

Good afternoon everyone! Does anyone know of a lender in the area that will do an 80% LTV loan on 5-unit? We have our eye one one but there’s a big difference between 20% down and 30% down. I currently have a HELOC for 30% of the equity on a rental property in VB, does anyone know of a lender that will go higher than that? Lastly, does anyone have experience doing a 1031, selling the house with a tenant in it? Thanks everyone! Best, Rhett

Hello BP!

I've got a rental in Aldie, VA, ~4 years old that I would like to have a bathroom finished in. It's an already roughed out half bath that needs a toilet, sink, mirror, plus the valves for H/C water under the sink and the water valve for the toilet fill.

Any recommendations for a good contractor in the Chantilly/Reston/Aldie area?

Also, what would you estimate this job to cost? Just want to get a feel for people’s thought processes and what to expect for this area.

I’ll also be looking for a contractor to do a few other upgrades (new counters, kitchen island install, possibly crown molding, possibly new floors) shortly after the bathroom install.

Best,

Rhett 

Hello BP!

I've got a rental in Aldie, VA, ~4 years old that I would like to have a bathroom finished in. It's an already roughed out half bath that needs a toilet, sink, mirror, plus the valves for H/C water under the sink and the water valve for the toilet fill.

Any recommendations for a good contractor in the Chantilly/Reston/Aldie area? 

Also, what would you estimate this job to cost? Just want to get a feel for people’s thought processes and what to expect for this area.

I’ll also be looking for a contractor to do a few other upgrades (new counters, kitchen island install, possibly crown molding, possibly new floors) shortly after the bathroom install.

Best,

Rhett 

Ps- tried to post in VA forum but it wouldn't allow me to select it

Good afternoon everyone! My wife and I are moving to Virginia in three months and will start flipping houses when we get there. We’re getting an LLC and S-Corp set up now so we can hit the ground running when we get there. We’re planning to use the S-Corp for the flips (we don’t plan to make enough money the first year to actually reap the advantages an S-Corp provides, but you never know) and the LLC is for our longer term cash flowing holds. We’re looking for advice on what to look for when establishing LLCs and what to look for when selecting a bank for establishing a business account after receiving our TIN. Any other “I wish I had done this or that when I first started...” comments would be much appreciated. If this topic has already been covered, a link to a blog post or specific podcast episode would be appreciated as well. Thanks everyone! Best, Rhett

Jerryll,

If only Sysiphus had been pushing his rock up Mount Olympus using your footsteps as a guide he may have been able to join you at the top and become a flippin God, so I consider myself fortunate that I have someone like you at my disposal as I begin my journey , learning from your wisdom to prevent me from falling victim to slipping on monkey drool. 

Your new flippin friend,

Rhett

Thanks Michael!