All Forum Posts by: John Pierce

@Jeremy Trier These underground tanks tend to leak and can cost thousands of dollars to clean up/remove. Also, if you ever sell the property it could present an issue. If you are going to leave the tank in place, it is worth having it inspected. If the tank is leaking, it may be worth walking away from the deal, or requesting that the owner pay for tank removal and cleanup.

@Taylor L.

We will have to wait and see what passes. If 100% STRs are legalized, I think that the cost of houses in the Fan goes up significantly...

I wonder if STRs that are in a less central area (like the Northside) have any upside over a long term rental.

@Taylor L.

It is currently illegal within the City limits, but the City has put together a commission creating guidelines on legalizing it.

At the moment some of the guidelines they are considering:

1. Must apply for $300 short term rental license at City Hall each year. Must post STR license number in all advertisements. The license fees will cover the cost of hiring enforcement officers for STRs.

2. Only occupants can operate short term rentals (no 100% STRs, permit holder must live there).

3. STRs licenses won't be issued to more than 25% of the units in a multi-family development.

Like, I said, nothing is set in stone, but it looks as though it will be legalized in some capacity.

@Amy H.

I did a cash out refinance on one house about 3 years ago.

The bank will not let you cash more than 75% of the equity out of your house.

How much you cash out likely depends on how much you will need for your next deal. If you are dealing with houses that will appraise for around $100,000 or less, like I am, you probably want to cash out everything you can as the fees associated with getting the mortgage aren't worth it if you are cashing out a low dollar amount.

@Anvith Amin

They all look at pay stubs/proof of income and tax returns. Eagle Home Mortgage will do up to 20 mortgages.

@Dennis M. @Matt P.

You guys aren't from Richmond so you don't understand the Northside. This is a neighborhood that is gentrfying rapidly. $400,000 houses are very close to $50,000 houses and abandoned homes. Highland Park, Barton Heights, and Battery Park are residential neighborhoods that are quickly bettering themselves divided by a commercial corridor (Brookland Park Boulevard) that is not transforming as quickly as the residential areas. Most of the shootings are near the commercial corridor.

Highland Park is definitely a C to C+ neighborhood. I live in a B+ part of the Northside, and still have had several shootings within five blocks of my house in the past year.

@Alex Bayer

The house is probably middle of the road. We have updated the kitchen and the main bathroom, but the rest of the house feels dated with painted paneling. Plumbing, HVAC, and electric service have all been updated.

At some point, we will gut the rest of the house and update the living areas and bedrooms, but that may not be for a while.

@Alex Bayer

Somebody egged it recently. Also, someone stole the electric meter last year. 5 years ago it was broken into while we were renovating it and tools were stolen.

@Alex Bayer

I have a rental on 4th Ave, but live nearby in Battery Park.

There is no shortage of "sketchy activity." I recently had my car stolen. My house on 4th Ave has been vandalized and broken into. My enclosed trailer was broken into and tools were stolen. Also, at least half of the people I know in the Northside have had a lawnmower stolen. People will knock on your door and approach you on the street to ask for money.

You will need to have thick skin when it comes to the small things. Be sure to always lock your house and car doors, never leave anything out that you don't want stolen, and build yourself privacy fence with a locking gate.

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@Alex Bayer

You are near the 2300 block of 4th Ave?

Highland Park is very much an up and coming area. That said, shootings in the area do happen and hearing gunshots at night isn't that uncommon. If you had been anywhere in Highland Park on New Year's Eve, you would have heard hundreds of gunshots.

I bought my house in Highland Park for $18,000 five years ago. The neighborhood has come a long way since then, but it has a lot further to go. I still think you picked a great neighborhood to invest in.