All Forum Posts by: Stephanie W.

Hello Southwest Virginians,

I am Stephanie Willoughby, a longtime BP member and southwest Virginia Real Estate investor. I would like to start a SW VA BP monthly meetup, the 3rd Thursday of each month, 6:30pm, at the Applebees on South Main St in Salem, VA. I have reserved a section for us and have arranged for special prices on happy hour snacks and drinks. Please private message me, email me, or call me to RSVP (all of my information is on my BP page) for January 15th, 6:30pm. In the future we will have speakers, forums and bull sessions but this meeting will be simply for socializing and introductions. I hope you can attend.

@Ilya V. this is NOT the property to be buying as your first and as a newbie unless you want to be spending 100% of your RE time for the rest of its life working ON the property. Fifty-percent expenses isn't even going to come close to covering the vacancies, lawsuits and damages you will incur with a property such as this. Pass on this one,  and find one closer to downtown that has some stability already built in.

@Andrew Kniffin and @Jon Holdman : Thank you so much for your input on my question about my 6 unit. All of your comments give me a good starting point for my research and I will definitely speak with both my attorney and CPA regarding the unique implications these larger multi-families present. I am always a learner, so please feel free to add as thoughts come to mind.

We should have a diverse and interesting group. I'm anxious to share stories, experiences, defeats and successes. Bring a friend (let me know), pass the word and let's combine forces to improve our businesses! At some point in this meeting or future ones, we'll have our own 'marketplace'. We'll share our 'want to buys' and 'want to sells' and 'for rents' for ready made takers! See you there!

Hello Southwest Virginians,

I am Stephanie Willoughby, a longtime BP member and southwest Virginia Real Estate investor. I would like to start a SW VA BP monthly meetup, the 3rd Thursday of each month, 6:30pm, at the Applebees on South Main St in Salem, VA. I have reserved a section for us and have arranged for special prices on happy hour snacks and drinks. Please private message me, email me, or call me to RSVP (all of my information is on my BP page) for January 15th, 6:30pm. In the future we will have speakers, forums and bull sessions but this meeting will be simply for socializing and introductions. I hope you can attend.

It sure would be a lot easier on everyone if you would post all the information in the Marketplace listing so we don't have to go through all these steps only to find out the property isn't in our purview. Thanks.

I have a six unit under contract. It is my first 5+ property. I have two duplexes and four single families and manage them all myself.

Are there different landlord/tenant laws that only kick in once 'commercial property' status kicks in? 

Are there any differences in the tax code for a 6 unit as opposed to a duplex?

Lastly, do any special legal issues arise once this threshold of units is reached?

Thanks in advance for the input.

The LLC is there to protect your personal assets from lawsuits, but that can only happen if you maintain a 'corporate veil'. Do your research on that, but it means if it walks like a company, talks like a company and smells like a company, the courts will treat it separately from you personally. Holding an LLC for a long period of time before any inflow or outflow of money takes place could put that 'veil' in jeopardy. There is no good reason to set up the LLC long before you need it.

I appreciate how organized and focused you are. It will serve you well. And thank you for your service. My father, husband and daughter are all Navy.

My best advice would be to 'drive for dollars' only on multis... find the ones that are unkempt, in disrepair, have high vacancies (signs that read 'first month rent free') or are otherwise showing an owner who doesn't or can't care anymore. Walk in the office, or knock on a door and get the owner's contact information. I have one in my hip pocket with this strategy after only one day of looking around. Good luck, I know how frustrating it is to have the 'want to' and the 'ability to' but just can't find the 'able to' anywhere.

Hey, Liz,

Feel free to contact me, a local investor, with any questions or concerns you have about getting started here in the Roanoke market. I'm always willing to share!

~Stephanie