All Forum Posts by: Sam Rogers

Yeah, I've come to that conclusion now. I'm moving on to the surrounding areas that have fewer regulations. Thanks for all of your inputs everyone.

No, I definitely do not want to be that guy. It needs to work out beneficially for both parties involved. That's why I'm reaching out to people here for input and guidance. I'm not trying to "get over" on anyone, except maybe the city, but even then it still needs to be above the books. My goal is simply to research the feasibility of an arbitrage business model in Charlottesville and ways to deal with the restrictions imposed by the city.

I'm definitely open to looking elsewhere, but I'm trying to come to a true understanding of the regulations in Charlottesville and Albemarle. More specifically, I'm trying to see if there are any regulations about subletting, since that is technically what I will be doing.

Thanks for your response John. I'm currently trying to figure out if these regulations apply to me because I'm actually trying to form an arbitrage business, so I will be a "tenant" in a sense.

I'm thinking about starting an AirBnB business in Charlottesville, VA, but it seems rather hostile to AirBnB hosts. Does anyone have experience working in Charlottesville specifically or other areas with strict regulations, and if so, how do you deal with them. I've reached out through AirBnB to a few hosts for their input, but I'm curious to hear what the BP community has to say. Thanks, Sam.

@Jerry Padilla

No, I don't have the money for a down payment, but I'm not afraid to bring in others. I'm just looking for advice and guidance from people that have experience with purchases on this scale so I can figure out exactly who I need to bring in to make this happen.

@Brian Sparr

So I have done some preliminary work. I have access to a narrpr account and was able to determine that the market value of these 11 properties is ~$1,712,000. The county assessment is $1,479,000. The gross rents for 2018 were $209,647. He told me that he had not raised rents in a couple years because it wasn't worth the risk of losing good tenants (most of whom have been renting from him for years) and that, well, he's made his money on these properties over the last 30 years. I have been in two of the properties, and driven past the rest with the owner. They are in good shape; these are by most standards very well kept rentals. I'm sure I can talk this guy down some because those numbers don't include the convenience of purchasing all the properties at once or any potential repairs. The owner has told me outright that he's not looking to make a fortune on the houses and that he would be open to forms of creative financing to help reduce his tax liability. He doesn't really want to owner finance going by the large amount that he would want down. Sorry for the book guys, but I really appreciate the help.

Hey guys, I'm a new investor looking to get started. While doing some marketing to wholesale, I was contacted by a man who is looking to liquidate his portfolio of 11 houses. He is looking to do a cash out and be done with being a landlord since he manages all of the properties himself and wants to start traveling. He also suggesting simply using the county appraisal values for the houses as our starting point for negotiations. I would like to just try to buy the portfolio instead of passing it along, but there isn't much out there on how to buy houses on this scale. If anyone could point me in the right direction or give me some advice, I would love to hear it. Thanks, Sam.

Does anyone have any idea what exactly this is called or a direction for me to go?

YeahI thought about that 1% rule. I would like to flip the property and subdivide the rest of the land, but hold onto the land with the tower on it. Even so, how would you begin to Value the income stream from the tower? Especially since it has the 15% raises every five years. Would I just use a cap rate?