All Forum Posts by: Sean Rooks

Congrats! That rocks, love the mindset and flexibility!

I also personally like South norfolk, I have done 1 BRRRR and 1 flip there, both successful. I agree with @Patti Robertson about the front porch technique, I also drive around noon to see how many people are outside. 

@Adam Kan what strategy are you looking to employ? House Hack, buy and hold, flip, BRRRR? Agree with the above, its tough but you can still find deals that meet your criteria.

@David Gatlin I like Keffer Realty in Chesapeake. For tips on finding a good property manager, Brandon/Heather Turners "The Book on Managaing Rental Property" has a great chapter on questions to ask them. Then just call around and see which one you like the best. 

I would consider still getting in now, even though the market is hot. As long as it meets you numbers. How I understand this market, is its Hot because interest rates are low = individuals qualifying for a higher mortgage = more demand than before. So if you plan to hold onto these properties for the long term, maybe the savings in interest rates over 30 years is with the higher price you would likely be paying to acquire one. Maybe not though too, just run the numbers with todays rates and see if it makes sense. Additionaly, another year of cashflow (not renting), appreciation, and tax benefits never hurts. 

You also may want to check out @Shawn Bowen and his team at Full Circle, they teach a wholesaleing class and will have an answer to this question and all your other questions. 

Agreed, pay and check it out. Due diligence is not free, but it all pays off when you snag a great deal. 

Agree with the above, ask your agent for some tactial offering advice. As for your numbers, just offer what you can pay that meets your goal cashflow/ROI. I wouldnt budge too much or you'll start taking deals that dont make sense, just to get a deal.

I agree with the above, go with whichever strategy gets you to your goals. If acquiring more rentals is the goal, then selling one seems to take you farther from that goal. 

If you goal cashflow $ and ROI % are met, then keep it! if you can increase your cashflow, and pull out more cash with a higher ARV, then that would give you cash to buy another rental shortly. Last thing to consider is ROE, return-on-equity. So your cashflow yearly divided by equity in the property, keep looking at that to make sure its not too low. When it gets low, either refinace or sell. However, this depends on your goals as well, some prefer a fully paid of property.

If I were you, I would analyze the best I could and probably do the upgrades, this would increase cashflow and ARV, then pull out some cash in a HELOC or Refi to while saving $ to buy the next house hack!

@Emanuel Eyssallenne, I would ask them, but yeah that sounds reasonable to me.