All Forum Posts by: Richard Benjamin Wilhite

Any plans for future meetups in Chesapeake of Norfolk? 

@Sean Hudgins

What's your opinion of the Park Place and Kensington area of Norfolk just above Ghent? I'm looking at a sizeable quad over there at the moment, but so far I've only invested in B neighborhoods. 

@Patti Robertson

I know this thread is older, but I just moved to Portsmouth with and am considering investing in Suffolk. It seems the northern part of Suffolk is growing rapidly. But what about the downtown area?

I'm interested in small multifamily in particular. I've seen a few 5-8 units for sale around there over the last nine months for my price range.

I've mostly been looking in Norfolk and Chesapeake, but there doesn't seem to be much inventory at the moment.

@Tricia Miller 

I know this thread is older, but I just moved to Portsmouth with the
Navy and am considering investing in Suffolk. It seems the northern part
of Suffolk is growing rapidly. But what about the downtown area? I'm
interested in small multifamily. Do you think it's still a good area to invest compared to other parts of the Tidewater?

I know this thread is older, but I just moved to Portsmouth with the Navy and am considering investing in Suffolk. It seems the northern part of Suffolk is growing rapidly. But what about the downtown area? I'm interested in small multifamily. 

Did you ever get this resolved? 

Quote from @Jonathan Aulich:

Quote from @Richard Benjamin Wilhite:

I just moved to Portsmouth from Pensacola, FL and bought a duplex in the Waterview neighborhood for a "househack." We purchased here because the numbers made sense and I'm in the Navy and stationed at Navy Hospital in Portsmouth, so I'm incredibly close to work. Our little neighborhood of Waterview and Glenshellah across High Street just before crossing the Churchland St bridge is great. I feel generally safe here. However, there are many areas of Portsmouth, that I wouldn't live or invest in. I'd love to connect with other investors and wholesalers. Any local meetups in the area?

 Hey Richard, Welcome to the area! We host and investor meetup once a quarter. Our next one is November 8th at Elation Brewing in Norfolk . We have free food and drink tickets. We usually have about 40-50 people come out and its a great way to network. 

Hi Jonathan, thanks for the reply and for the invite. I just made it out to the last meetup at Elation last week. There were so many people, I was a little overwhelmed. But I met a few people. I hope to see you at the next one!

Hi Marlon, did you ever end up investing in Elizabeth City? I'm looking at some property there as well. I currently live in Portsmouth. 

I just moved to Portsmouth from Pensacola, FL and bought a duplex in the Waterview neighborhood for a "househack." We purchased here because the numbers made sense and I'm in the Navy and stationed at Navy Hospital in Portsmouth, so I'm incredibly close to work. Our little neighborhood of Waterview and Glenshellah across High Street just before crossing the Churchland St bridge is great. I feel generally safe here. However, there are many areas of Portsmouth, that I wouldn't live or invest in. I'd love to connect with other investors and wholesalers. Any local meetups in the area?

I have a potentially complex question that I was hoping someone here might be able to answer. I’m an active-duty military member. Next summer my wife and I will PCS (Permanent Change of Station) to Norfolk, Virginia. We will be leaving two houses in Pensacola that we plan to rent out. One will be a long-term rental with a 12 month lease, and the other will be a short-term AirBnB style rental by the day.

My concern is that I plan to apply for the Public Service Loan Forgiveness program, which active-duty military and other government service employees can utilize to have the balance of their student loans forgive after 120 payments. I believe that the monthly payments are based on yearly income from the prior year. I estimate that the income from these properties will add an additional 20-40k to my yearly income. I've been told that if we operate them under an LLC or sole proprietorship then these profits would be included in my personal income. I'd like to set it up where these profits are not included in my personal income and thus not increase my monthly student loan payment so that at the end of 120 payments, I can have the maximum amount of loans forgiven.

Is there a way I can set it up so the profits from the two rentals are counted toward business income? Or is it better for my wife and I file MFS if my wife is the one who manages the rentals?

I’ve also heard that putting real estate income under an S corps would have disadvantages from a tax perspective. And I know that putting properties under LLCs have other costs and doesn’t necessarily mean the profit wouldn’t count toward my personal income.

One of my colleagues here in the Navy recommended that I practice filling out schedule E(s) and C(s) and project what the numbers look like, since short-term rentals like AirBnBs are often on Schedule C and not E.

This all seems very complex to me since I’m not use to filing my own taxes and have no experience adding rental income to my taxes, so I’d very much appreciate your insight. I do plan on accumulating more rental properties in the future if these are successful so I’d like to get a handle on this now, especially since it will take me 10 years to pay off my student loans through the PSLF program.