All Forum Posts by: Sean Ploskina

I am looking for a commercial broker that is either here in Hampton Roads or operates here. I have smaller multi family properties and am prepared to move up to larger properties.

Can anyone recommend a broker?

Thank you BP

I am looking for a commercial broker that is either here in Hampton Roads or operates here.  I have smaller multi family properties and am prepared to move up to larger properties.

Can anyone recommend a broker?

Thank you BP

Welcome to BP @John French Check out the rental and BRRR calculators. They are invaluable. Also if you have been in the city a while you know Norfolk is a good rental city but you need to be careful where you buy.

Portsmouth has higher taxes so bear that in mind when considering your payments.  180 is pretty high for a duplex except in places like Ghent or Virginia Beach.  You should be able to find something in Norfolk or Portsmouth at that price.  Some military stay near their base but many commute from places like Virginia Beach.

@Akiem Jones

Most institutions are going to require so reserves; at least 2 months of payments for each property to start.  If you only owe 21k your payment can't be that high and shouldn't take long.  Commercial loans are more expensive and with only two loans you should be able to go to any back and get a cash out refi.  But all are going to require you have some cash reserves

https://www.biggerpockets.com/buy_and_hold_results/190251.pdf?c=1474142988

Lets try this again.

I am looking at two properties as buy and hold.  Can BP nation double check and see if I forgetting anything or if my projections are out of whack.

The first is a 2/1 duplex

https://www.biggerpockets.com/buy_and_hold_results...

The second is a 1/1 fourplex.  I plan on renting with utilities included

https://www.biggerpockets.com/buy_and_hold_results/190251

@Akiem Jones Norfolk's duplexes are generally built between the 40s and 70s so a detailed inspection will be needed. With older properties a larger Capex fund should be in place for things like roofs. The neighborhoods change quickly. As for flood insurance I have several policies with Jim Clark's state farm office. On average expect to pay 100/mo in flood insurance if it is required but do your research as some areas are zoned AE which require insurance and some are zone X which don't. I have units with and without central air and I haven't seem a real difference.

@Gade chua

Virginia Beach is a bit pricey in the price to rent ratio.  But the SFRs can have potential.  Norfolk you need to watch the address closely as the neighborhoods change very fast, block to block.  Also watch for flood insurance as it can kill a deal very quickly.  There is a large military population and they are all over the but Virginia Beach is the more desirable for them unless you are renting in the Ghent section of Norfolk which is the nice section of Norfolk.