All Forum Posts by: Robert Stamper

 David,   We are in Richmond Va.   More specifically this house is in Henrico County, east of the city. 

Thanks everyone.   I think we dragged our feet on this one and missed it.  Supposedly an offer coming in today.   The added expense/headache of septic makes me ok with letting it go.  But, there is a little regret :)   We are ready for another house and they seem hard to come by now.   This deal worked if we could add a master bed/bath in the garage but not if we couldn't.   I should use this as practice to find the right people in permitting and see what I would need to do in the future so I can act faster. 

Thanks again, 

Robby

Also, does anyone have any idea what it would cost to enlarge a septic field tank/field?

Thanks

Hi,  I'm considering adding a master bed and bath to a 50 year old property that has a septic system (not city sewer).  Will I run into problems with permitting and have to increase the size of the septic or the leech field?

Thanks in advance, 

Robby

I'm in Richmond VA and my sister in law is considering moving here and buying a house. Thanks for the input!

Robby

Hi all, 

I'm advising a young couple that is 1) buying their first home and 2) interested in building a real estate portfolio of SF rental homes. I know they can get a first time buyer mortgage at 3.5% via the FHA program but I have a couple of questions

1) If they get an FHA loan with 3.5% down, will they have to pay PMI?

2) A year from now, I am advising them to rent that first SF home and go get another home as their primary home due to better financing you can get on primary homes  They should do this every year for 10 years.  I wish someone had given me that advice 25 years ago :)  What terms can they expect when they buy the second home as a primary residence?   Will they have to put down 20% or can they put down less?

Thanks!

Robby

We've had really good success with a couple of new construction duplexes on Porter.   They aren't quite 1% rule houses, but I don't pay property tax on the building for ten years because of the historic tax credit.   They are also brand new so they are desireable and hopefully don't need much maintenance.  We have had them for 3 years on one and 2 years on the other.   Because they are nice.   Personally, I would stay in old manchester because it has more higher end buildings.   The large rental complexes get more for a 2/3 bedroom than I do but they have more amenities.   They keep the rents nice and high.   There are some new units under construction now, but I don't think any are on the market.   You can go east of Hull St or south of old manchester and get better deals, but they are older. 

Hi, 

I have heard that you can do 10 conventional loans before they will no longer underwrite them.   I have also heard that the first 5 are held to a lesser standard of underwriting than the second 5.   Can anyone confirm that or explain the limitations?   I am approaching 5 conventional loans and would like to know what to expect on loans 6-10. 

Thanks,

Robby

Hi, My wife and I are building a rental portfolio in Richmond VA. What is the best method to get acquisitions? Buy from Wholesalers? Do your own marketing via lists? Driving for dollars? Google Adwords? MLS?

Lindy Pond at Finance of America is lending to us on a. Brrrrr here in Richmond.   It's a conventional/Fannie/Freddie loan so I think w2 income helps. You also can't start the refi process until you have owned it for 6 months.   Good luck.