All Forum Posts by: Sean Ploskina

I have a SFH in Portsmouth and my manager Property Services of Ocean View has done a great job with it along with my other proeprties.

Thanks ladies I appreciate the feedback.  We are going to get the receipts from the tenants and credit them that amount, assuming they didn't buy dysons :)

My sfh in north carolina has had issues with the ac. There are two units and the upstairs isnt working. It will not be repaired until midweek at best. The tenant is asking for a credit for july's rent. I am considering a credit for the fans to keep the upstairs coolish. Thoughts? Good idea? Bad precedent?

@Cesar Esperat JrCheckout BP's articles on house hacking.  That might be your best option unless you have a rich and generous family member. Most private and hard money lenders will want to be see a track record 

@Brandon Shaw.  Sounds like the big issue was your inspector did a bad job.  Some of that seems to be stuff they should have gotten.  Also a lesson on talking to the tenants.  If possible in the future try and get documentation about the seller's expenses.  

I am in the area let me know if you need references to get work done.

I know he isn't 'local' but I worked with @Brandon Hall who is located in Northern VA and I had a great experience.

What are the expenses?  1146 seems low for a 150k loan

You would have some equity. Most are selling around 100k right now. I would get a detailed home inspection and really check out the electrical and plumbing. Was it designed as a duplex or SFH? That kind of thing can lead to people doing their (aka shoddy) work. Also check the zoning. Some banks will not finance if it is zoned SFH and it is a duplex because certain areas are zoned to prevent building multi family so they won't get their money back.

35th and Llewellyn is the edge between the worse parts of park place(south to 26th st) and north into the nicer riverview and east of ODU.  It is getting better but if the market turns it will go downhill first.  Portsmouth and Norfolk have some areas that can cashflow and aren't dangerous but you have to hunt for them.  I found a duplex on 16th bay last year that required 15k in rehab but at a purchase price of 92 and rents of 1000/unit its worth it.  Most of the time around here it is 1% like @Thomas Fortune said.  Also like he said multis will not cash flow unless you are 50% ltv.  Be patient, the multi market has gone a little crazy here and most are 30+ years old if not pushing 90-100.  

@Kyle Forbes

I used @Brandon Hall this year and could not be happier.  Between email Phone and Skype we were in more communication than I was with my previous CPA.