All Forum Posts by: Sean Ploskina

My guess by the price and age of the place is you are hopefully in Ghent if you are in Norfolk.  If so you are in a good location.  If not it is way overpriced.  However with the nessecary repairs would put me off at that price eitherway.  I would recommend getting estimates from someone who is in the business of installing the HVAC systems not the realtor.  I am very leary of realtor's opinions on rentals if they do not have their own.  

After speaking with a friend who is a loan officer at Wells Fargo he told me the maximum loans has been raised to 10 loans.  Does BP Nation have any info on this?  Are their any new restrictions on these?

If you are living in one unit do your numbers account for that?  I agree with Mark the 6% is low as most of the buildings in the Southside are older.  

I have an associate who is an experienced rehabber.  My market has been sucking in terms of acquiring rentals so I am looking to put my money in other options.  I know very little about rehabbing itself and want to make sure I am going to be putting my money with the right person.

What are some things that those here have found makes for a successful rehabber?  So when I sit down with him I will know what to look for?

Thanks BPers

While going through the Homepath site looking at their properties I saw that as of 10.6.14 they will be 'retiring' the home path program.  

Does anyone know why this happened or if they will be bringing another project online?  

Shame to lose a useful program like this.

I have been trying to find an option to split the water meter on my four plex.  Currently it has one meter and bill that is shared.  How have people been doing this?  Are there companies that will do it?  I remember a podcast that mentioned it but I can't remember which.  

Taxes 5388 in 2013

Seller's P&L is a bit rosey so I estimated the following

I budgeted 10% for Vacancy(7260), 10% repairs(7260), 5% cap ex(3630), 8% is what my manager charges(5808), No HOA fees

All utilities are seperately metered and paid by tenants.

insurance will be 2844 for all

Wanted BP Nation's help on this one.

Four lots. One with converted SFH to duplex. Three with two smaller SFHs.

Total yearly income 72600

I offered 490K.

Seller will carry back 100k 2nd.

I will be putting 20k down.

Tenants pay all utilities

Make sure I didn't get blinders on this deal!!

I wanted to poll the BP collective for ideas on the various exit strategies that lend themselves to a seller financed property.  I already have in mind

• 1.Hold. Rental cash flow
• 2.Rent to own. Upfront DP and cash flow
• 3.Straight seller financed. DP, point spread, sales spread
• 4.Flip. Dependent on current price and condition
• 5.Fix and refi. Rental cash flow and cash out

Any others I missed?

After reading several posts from the blogs here about finding a 'good' neighborhood I realized I never posted the way I do it.  

I ask the firefighters.

Full disclosure I am one.  However I use the local station as a resource to scout areas and streets.  Firefighters spend all their time in a fairly small area of service and know which streets are 'good' and 'bad'.  I have never found a street that I or my fellow firefighters go to regularly that wasn't a bad area.  We may not go to every crime that happens but the areas with the most incidents of fire and ems calls are not the places you want to buy.  But if you can stump them on the street in their area that is a great sign!  

So take a dozen donuts to the nearest station to the area you are considering and ask the crew. You will be surprised how much they will help you.