All Forum Posts by: Account Closed

Im currently in need of a wholesaler point of contact, or investor looking to sell a quadplex in Norfolk, VA area.

As this month and a half of me looking turns into two i have learned a lot but realize i need a checklist or some better form of organization. In my somewhat controlled chaotic approach i find myself looking at things (researching liens, permits, deeds etc...) with some properties and not with others in addition to using deal checker. It seems i have have spent more time doing that then placing an offer with some sort of expedited research criteria and have potentially missed deals that were under contract because of it.

Does anyone have a specific system or checklist they utilize to ”relatively” quickly assess or research a property?

@Patti Robertson

I have not however after your reply on my other post i now know about the group and most certainly will research on how to do so. Thank You

@Patti Robertson

Thank you for the reply Ms. Patti. I would agree with the statistics as far as numbers are concerned. However property condition and location are another thing as it pertains to where I personally am comfortable making a purchase with my buy criteria and limited experience.

My buy criteria is flexible however, for simplicity I am prequalified for a va loan 0 down. As i mentioned previously a quadplex is the closest i have come to a potential profitable property that allows for breathing room at their asking prices as compared to 2-3 unit properties. Not to mention 2-3 units in these areas at similar price points are generally rehabbed removing any value of current equity for me. I have limited capital for an emergency with my current property, life etc... that I would prefer to retain for just that, in addition to possible closing costs, inspection, va appraisal, and most likely a percentage of vacancy, and mortgage of said new property. I am willing to explore other loans as in 203k rehab loans, or a similar products however i would be limited by what i would consider more strict criteria for appraisals. If i begin to get “no gos” on appraisals in the larger federal type loans thats a $700 bill gone. The other option would be possibly a conventional rehab loan (i think) of a smaller lender to the tune of 3% down.

As far as a property type I am focusing on the most units i can get in a median area that are structurally and functionally sound, just outdated and in need of a face lift at a fair price. Im always open to suggestions and willing to think outside the box. I will certainly look into how to participate in the groups you have mentioned. Thank you again

Norfolk/Chesapeake Hampton Roads area Virginia

Good Evening,

I have searched high and low for the last few months via Trulia/Zillow for anything from a duplex-quadplex property, in addition to working with my third agent and receiving listings (which typically mirrored what i was seeing). Having learned many areas I have narrowed my search/# of available assets or potential thereof to the surrounding areas of ODU campus colonial place SSE to park place in Norfolk, VA. With the market as it is, I'm really only seeing quadplexes' as the profitable price points for myself.

Problem:

These properties seem to hit the market with either offers already on them or “under contract.” ( I potentially missed two opportunities that I went to place an offer after 1 day of being listed with ratified contracts).

Solution Attempt:

- I now have what i believe to be a more knowledgeable agent after moving on from my previous two.

- I have canvased the area calling on properties with for rent signs if they had them (approx 12). However i typically get a property manager who defaults to we are not interested in selling....

- I am posting here, reaching out and trying to network for leads prior to these properties hitting the market.

Questions

1. Most importantly is there anyone here that has property of that criteria interested in selling in the greater ODU area, or have points of contact that may be?

2. Is there any advice on more effective methods of accomplishing my goal of purchasing a quadplex as described above I have not explored?

3. Are there any know realestate groups in the Chesapeake/Hampton roads, VA area I may become a part of?

Hope everyone has a great rest of their weekend! Happy Hunting!

-Rick