All Forum Posts by: Account Closed

Realtors - Most realtors will tell you they are "investor friendly", but I would try to find one that actually invest themselves! Mark A. Dalton is GREAT. [I'll PM you his number]

Closing Agent - I've used Seven Hills Settlements

Contractors - I've worked with Ismael Berrios, he's very knowledgeable. [I'll PM you his number]

Property Manager - I would do it for you but I'm not a licensed realtor, so its best to call around and get a feel for the different companies around here.

Lenders - Depends on what your doing, sometimes credit unions are the answer, sometimes local banks, sometimes big banks, you just have to shop around, but relationships are the key!

Sign company - ...like bandit signs???

Let me know if you have any other questions..

Sure Kyle Bryant my schedule is normally packed during the week but just let me know when you're free and we can set something up in advance. That's goes for Jess F. Elizabeth Doucette and George Sanchez as well. P.S. - You and George should complete your profiles and add a picture so you don't seem fake... or like psycho killers lol.... but really

@Jess F @Elizabeth Doucette

To answer your questions in regards to the more desirable areas, I would have to say anywhere close to any of the colleges in town, Liberty being number one since they have the fastest growth rate and are closest to the busiest areas in Lynchburg. If you're not used to downtown, I would stay out of it until you learn more and get a better grasp of whats going on as a whole. I prefer the 02 out of all the other 2450's in Lynchburg.

You can find multi families popping up on the MLS or CL every once in a while, the question is whether or not its a great deal. That depends on what you're willing to pay per door and more importantly how much you're going to get for rent. A few of my mentors have mentioned that they don't look at anything if it doesn't profit at least $100/door after expenses.

At this stage I'm very hands on with my projects because in the future I'll know if someones trying to overcharge me for something basic, plus it saves money. I'm not sure if either of you want to or are even capable of being hands on in which case I suggest you have someone local you can trust be it a friend, family member, or property management company that you can trust.

@George Sanchez is right as far as the amount you have to invest, not to say that something won't pop up thats under priced in a nice neighborhood, the question is how much rehabbing will it take and what the ROI will be. There are gems around here though!

Don't be afraid to make mistakes, but don't haphazardly purchase anything without due diligence. Don't take anyones word, use contracts! Shop around. If you miss one deal, theres another around the corner. Be organized. Continue to pour into yourself in terms of positive thinking and self improvement. Don't give up. Don't listen to naysayers, especially those that haven't taken the plunge themselves.

Hit me up anytime.

Jess F. Elizabeth Doucette George Sanchez Hey guys I'm just letting you know that I see the questions and I want to give you my best explanation and examples but this week is pretty heavy. I will get back with each of you this weekend if not earlier. Talk soon

I live, invest and manage in Lynchburg! If the numbers are good, I say do it! It's never really hard to find good renters. 

Originally posted by @Chris Seveney:

What are your typical terms (% down, interest rates, points etc)

 I second this question!

Originally posted by @Stephanie Vargas:

Hello Matt,

I'm in Charlottesville VA and was wondering if you know if theres a group that meets in my area or if Roanoke is the closest. I am new to BP and also to the investing world but would love to attend a meetup to get out and connect.

Any advice you have would be appreciated! :)

-Stephanie

Stephanie, it's almost a 2hr drive from Charlottesville to Roanoke. You'd be better off coming to Lynchburg which is a little over an hour, but there's a gotta be a meeting in Charlottesville. Check meetup.com. If not you could always start your own... 

Wish you well 

Hey Andrew,

$80k is plenty enough to get started around here. I would either put money down on a small/mid sized community (< 20 units) or buy several SFH's or Duplexes. The full time thing is something you have to look at your personal finances to figure out, but I would say its based on how well you can leverage your money.

As far as a track to follow, do you want cash flow or capital gains? Both have their advantages and disadvantages, but in my opinion and several other investors I know holding is the best. If you choose to hold I would start out small, which is what all the "greats" typically do. This allows you to be hands on and learn so that later on you know what to expect and don't pay a plumber $500 to install a toilet LOL.

Questions to consider (some may factor into your leveraging);

• Do you have any experience in buy and hold?
• Are you transferring your job from MD to VA, or starting over?
• Relationship w/ a bank?
• Property management?
• Do you have or know a realtor?
• Any knowledge of the Roanoke area?

P.S. - I grew up in Maryland, and the pace down here is drastically different. I'm about an hour away in Lynchburg but travel to Roanoke often.

For a CPA I've heard great things about Shackleford & Werthman and Yesh from last nights meeting suggested them as well. When I spoke to them prior the receptionist asked who I had a preference for, and I told her I'd like to use whoever owns rental property and she said they both do. I'll tell you how my meeting goes with them, but if you want to speak with them before that they're located on Waterlick Rd. (435-237-3500)

TIP: Take suggestions from each solid contact you already have so you don't run yourself raggedy looking under every rock for your team.

Originally posted by @Kodi Rath:

hey Christian thanks for the advice! 

I am very handy, and I'm great at figuring things out. 

My fiancée is on board with REI 100% and she is trying to research as well, and she is all about doing the work ourselves. She's the one who's good with design type things, her only problem is seeing potential in really ugly things haha.

Currently I think I'd like to get started in single family homes, then when I have that down is like to try a multi family.

 Sounds like a plan, it always best when you're able to do things on your own, that way later down the road when you don't have time and have to hire someone they're not jerking your around.

We really wanted to start out in Multi and since I'm a PM I figured it would be easy but I underestimated in many areas at the time so we've taken a step back and are buying small SFH's and will revisit once we have all our ducks in a row and team completely assembled.

Let me know if you want to meet up at some point.

Talk soon