All Forum Posts by: Tim Murray

@Jay Hinrichs I'm 2/2... also got a 2 year lease extension with rent increase on my first Richmond, VA C class rental. Very relieved. My construction and remodeling work in Alexandria, VA has cooled off a bit, but I'm using this slow time to push harder on my 2nd BRRRR in Richmond 💪🏻

I just completed a BRRRR in Richmond, Virginia. Currently looking for my next property. I am looking to meet some local wholesalers to create a win-win. Let me know!

@Enzo Nassif

That entire thing was only 3 sentences. Impressive!!

@Meg K.

When I was starting out on my own as a contractor, I did a lot of handyman filler work. I think your handyman is priced very reasonably - IF the quality of his work is good... being two hours away from your property, I think you should consider the 4 hour round trip, fuel, your time spent assessing the problem(s) going to get supplies and then actually doing the work and of course the opportunity cost (you could be earning elsewhere instead of fixing these minor items.)

Someone who is responsive when you need them and does quality work is invaluable. x10 when you are out of the area and can tackle these issues with a phone call.

What's up Stephen! I am investing in Richmond, but live 2 hours away in the suburbs of DC. I'm also new to BP. Currently in the Rehab phase of my first Richmond BRRRR in Broad Rock and would be interested in your insight from a property management perspective. I haven't started shopping around just yet, but would be glad to hear what your company has to offer. Please send me a DM when you get a chance. Thanks!

@Stephanie P. & @Patti Robertson Thank you both so much for the recommendations! I do have excellent credit and one investment property up and running. While all banks will look upon that favorably, I think most will still approach me with caution and see me as being new to the game. I bank with BBT, so I will keep that as an option- but I think I may have better luck getting a local appraiser if I were to use a local bank such as Union or Towne Bank. Richmond is a tricky city in which to appraise houses from what I have heard! Thanks everyone!!

@Will C. the more I look into it, the more it looks like 6 months is in fact the shortest seasoning period in can get with a conventional cash out refi.   I heard the same rip you mentioned on podcast 301. Awesome trick! 

@Adrian Stamer Good info, Adrian. Thanks so much for chiming in. I was hoping to save some rime and build upon the experience of my fellow Richmond investors, but you are right- banks do occasionally have special deals going on- great tip! I am compiling a call list

@Bob Green Thank you! I appreciate your reply, Bob. I'm hoping some local Richmond folks can chime in here with specific lenders!

@Andria Kobylinski Thank you for the tip, much appreciated! It appears that this is a hard money lender, which is a route I have yet to go down, mostly due to the higher rates. I did allude in my post that seasoning was my primaty concern... i probably should habe mentioned that a good rate was a close second :) I have cash for acquisition and rehab (which luckily I can do a good portion of myself) but I am looking for a bank to build a relationship with, preferably a local one right in Richmond. I may find that I will be stuck with a longer seasoning period (6-12 months) if I go that route, so I will definitely keep your suggestion in mind! Thank you again!!