All Forum Posts by: Robert Rodriguez

I have a rental property in Woodbridge, Virgina. I'm renting out a 3 bedroom townhouse for $1850. I bought the place brand new in 2012. This will be the first time I will need to replace the carpet in the house due to normal wear and tear. For 1850 rental in Northern Virginia do I purchase the cheapest pad and carpet because it's a rental? or do I spend a little money on the carpet and pad in hopes it will last longer? I mentioned the $1850 because I'm not sure if that puts me in the low end rentals, mid range, or high end. rentometer says I'm about average for my area. Also if anyone is familiar with Northern Virginia area and has a contractor that can handle a 3 story townhouse or know where I can can purchase a descent deal on carpet and padding (not to sure of average price per square foot here) please feel free to message me. thanks for the advice

@Patti Robertson Thank you very much for the article you pointed out.  Was a great read and will be very useful for me here in the future.  Nice collection of nuggets in which i can prepare for even before having done it myself.

Thanks @Jason Magee  for the double down. Section 8 is def something i'm interested in as well as the 757 area (Norfolk more so now then others). Hope to be pulling the trigger on something before the year is up.

Thanks again

I tried to find the answer myself before posting but couldn't find the same situation. If it's easier to share with me a BP link then explain then please feel free. So I have been looking at Foreclosures and Pre-foreclosures for a chance to get a primary home at a discounted rate. I found one that had an eviction notice on the door and a for sale sign in the yard but no listing agent only a number. Long story short I found out this house was already bought back by the bank and not on the MLS yet because the listing agent hasn't gotten it ready to sell yet. My assumption is the listing price will not be near the price the bank paid for it but listed at a price similar to comps in the area (not what I want).

So this time I looked at pre-foreclosure. I used BP Marketplace  >  Find Foreclosure link.  I searched my area and found a house on there that says active pre-foreclosure.  I know the area it' in and think would be a great buy even though I didn't see any pics or know the exact address.  To get the exact address I have to register for a free trial and it's asking for my credit card info.  I'm always skeptical of free trials that ask for my credit card.  Does anyone know how I can find out the exact address of the house in pre-foreclosure?  I believe the next step would be getting in contact with the owners but I need an address for that.

If any one could provide some advice on how to find the address (free of charge or by paying). Or even if the advice is not to contact the owners.  I've never dealt with pre-foreclosures or foreclosures.

Thank you

@Ayana Miller, @Renard Miller, @Patti Robertson  Do you all do section 8 housing in that area?  If so how is that process? is there a waiting list for houses wanting to be added?  does it take 2 weeks or more like a couple months?  Any information you might know of would be helpful.  Thanks

Thank you all very much i didn't think about the shirts and advertising angle.

I have a real estate business and wanted to get some advice on a current situation.

Can my real estate business sponsor a team in an adult flag football league?  The adult flag football league is ran by a city in my state.  They have to pay an $800 fee to play a season.  Can I be a sponsor for that team and pay their fee?  Will I be able to write this off at the end of the year? Would the answers change if I or a family member were to play for that team (can I no longer write it off?)

Thanks for your help and advice

@Christian Nachtrieb I'm still very new to this but from my understanding. how ever much you get approved for (the HELOC) you have that amount for a specified term, say 20 years. you can take money out and use it for whatever it is you want. then you have to start making payments on the interest of the amount you pulled out. if 20 yrs go by and you haven't paid it off I believe it becomes a balloon payment at that point (interest and principle due). if you have paid it off then there is nothing due. so let's say you did pay it off in 7 yrs. now you still have the original amount of the HELOC available to you for the next 13 yrs. and just recycle the scenario as needed

So I did some calling around today and was able to get in contact with penfed. they confirmed they could do a HELOC based on my investment property. they will give me 80% LTV with 12 yrs to pay it off. another friend of mine was looking as well and he was able to talk to Navy federal credit union and they told him they could do a HELOC as well on his investment property but it had to be a SFR and not a multi-family. just wanted to post an update on what I found for anyone else who may be looking.

Thanks again for all the advice... I'm running into an issue now.  My first property i bought was in 2010. It was my primary (and investment) for about 2 - 3 years then straight investment since then.

From reading about HELOCs i used lending tree to find me best lenders (supposedly). Well after talking to two both of them told me that they can't do a HELOC on an investment property even though i have tenants in them. And they added that no bank will. Instead they suggest i refinance and cash out. So i would get a 75% LTV and get rid of my mortgage insurance.

I know i have seen people on BP say get an investment property and take out a HELOC on the investment property so i don't know why they are saying it isn't going to be possible. I also think they make a good point about getting rid of my mortgage insurance but i'm not sure i want to refinance to do that. Is that the only way??

If i live in Northern Virginia but want to invest in Hampton Roads, VA (about 3 hrs away) do i need to find a local bank that will do a HELOC on an investment property (assuming this is still possible) in Northern Va, where i currently live and my current investment property is? or in Hampton Roads, Va where I want to begin investing?

Thank you all for the information. I am going to check with some banks and see where i can get the best terms on a HELOC. Once i start this process I will know how much money i have to purchase a property in need of some rehabbing. I still don't know if i plan to fix and flip or rehab and refinance .... i think i'm leaning more to the rehab, refinance and hold. By doing so this would get me my second investment property (which is long over due).

Thanks again