All Forum Posts by: Sonny Smith

Hey Anthony! I'm also an investor in Virginia Beach. 

Contact Amiee Carr with Southern Trust Mortgage for any financing questions. 757-905-6475

Also, @Eric Doud is another investor in our area who is also on Bigger Pockets. He and his wife run a great management company. 

Thanks!

Sonny

Megan, any drop in price will get more eyes looking at it. Your agent is probably right regarding using a staging company. You could do most of the staging yourself in the kitchen and bathrooms, such as bowls of fruit and flowers on the kitchen counter, towels, shower curtains, and wall art in the bathroom, etc.  For example, here is a picture of a rehab that a friend of mine just did where they staged it themselves. 

Hi @Megan Moulton-Levy, I'm in Virginia Beach. If it's listed with a realtor, I would check with them first as to why the property has been sitting so long, and ask them what else can be done to get more activity. Are they marketing it properly? What are the comps? If the home is priced correctly, it shouldn't take that long to sell. Staging the property is something else to consider to help it sell faster if you haven't already done that. 

Hey @Don Cuffy, welcome to Bigger Pockets. I'm in Virginia Beach and I'm also fairly new to the site. Please let me know if there's anything I can do to help you out. 

@Robert Barnes offered a lot of valuable tips. I just went to TRIG for the first time last month, and really enjoyed it. I also recommend it. 

To answer the question you posed above to Robert and Gary, my first three rentals started out as owner-occupied homes when I was in my twenties. I would buy one, live in it for a couple of years while renting out rooms, and then move on to the next one. Wholesaling is an entirely different ball game that I haven't gotten into. 

Welcome @Mike Sedlacek! I also live in Virginia Beach and just joined Bigger Pockets about a month ago. Please let me know if there's anything I can do to help you out. 

Great job @Brandon Schlichter! This is encouraging and challenging. How did you find so many properties in such a short period of time?

Thanks @Sean Ploskina! That is great advice to keep in mind. I just purchased the house I live in less than a year ago, so unfortunately, it's too soon to be moving again. I will pursue the partner/seller financing options. Thanks again. 

I'm looking to purchase a multi-unit rental property in southeast Virginia. I have been pre-approved for a mortgage; however, the lender requires a 25% down payment. While I have this, it would stretch me really thin, and not leave much room for reserves and money for repairs. Plus, I'd like to bring as little of my own money to the table as possible. I also don't have a HELOC or anything else I could pull from.

I initially thought about using hard money for the down payment, or having the seller finance a portion of the down payment, but this lender will not allow a second mortgage. 

I can only think of two options at this point:

1. Use a partner to help finance the down payment; however, the lender will also require the partner to be listed on the mortgage. 

2. I could use hard money and/or seller financing to purchase the home, and then refinance the property with a mortgage. 

Do these options sound reasonable? Any other tips or advice? Thanks!

Hi James, 

Welcome to Bigger Pockets. I just joined last week. I'm in Virginia Beach and have been in real estate since 2007. 

Thanks,

Sonny