All Forum Posts by: Tom Hacku

@Sandra Arnold Hey! There's some awesome meetups in the area. Richmond RING is tomorrow night 6:30 (it's on meetup.com), it's probably the top group in the area, definitely recommend. Chesterfield REIA is another good one (also on meetup) and is meeting next Thursday. They also meet first Wednesday of each month for a happy hour. Also check out Todd Miller's Wholesaling Meetup (on meetup) which meets first Saturday of each month

@James Mbualungu yup check out Chesterfield REIA, Richmond RING, and Todd Miller's Wholesaling Meetup. They should all be on Meetup, if not check out Facebook. I've heard good things about Petersburg/Colonial Heights REIA but haven't been. Any questions feel free to shoot me a message

@Bernardo Mejia I try to stick as close to the 70% rule as I can, which means your purchase price should be 70% of the ARV minus repairs. That will account for holding costs/loans, realtor fees, closing costs, etc. Knowing how to run those numbers is important, just practice as much as you can. Right now finding a property that fits the 70% rule is difficult, but still possible just gotta stick with it

@Michael A. I know theres quite a few investors that use them. I’d say ask them about any specific questions and as always do your own due diligence. 2021 is my first full year in real estate so maybe @Amy H. and @Sarah Stamper are the better ones to ask since they both have great experience. But when I formed my LLC I was able to deduct startup costs for 2020. Hope that helps

@Carrie Hatcher Yup, I use Pilc & Moseley as well, definitely recommend

@Ethan Sharrett Check out Chesterfield REIA (google it or facebook), Richmond RING (on facebook and meetup.com), and Todd Miller's Wholesaling Meetup (on meetup.com). @Taylor L. also does the Multifamily and Commercial Real Estate Investors meetup (on meetup.com) which I hope to attend soon. Highly recommend getting involved and networking as much as you can. Let me know if I can help in any way

@Taylor L. Unfortunately same night as Chesterfield REIA but definitely hope to attend future meetups. Thanks for getting people together!

@Tiffany L. Try searching some of the local FB groups like "RVA Off Market Real Estate" or "Real Estate Investors and Contractors, Richmond VA." Some good info (and networking) there

@Christian Redman I would say look into Hopewell, Chester, South Richmond over Petersburg. I’ve heard heard from other investors there can be some headaches with the city of Petersburg, tenants, etc but on the other side of it this could also present opportunities if you’re willing to take those on. I hope others that invest there weigh in on this but my thoughts are you have more of an appreciation potential elsewhere and it might be worth the small amount extra in the long run to go there

@Wendy Thurst I would say if you have a partner already just look to close it with your cash price and try to limit the number of people you split the profits with. If the cash price doesn't work for the seller then there's always a seller financing option. But typically the rule of thumb for a lot of investors is to be in 70%ARV minus repairs on a fix and flip. As the ARV creeps up you can maybe get to say 75%. Or if it's in the Richmond VA area and you want to make quick cash you could always wholesale it and I'll buy it haha