All Forum Posts by: Luncy Jeter

@Kevin Greene how are you finding deals, buying properties? You would have to negotiate a great price upfront then look for tenant/buyers to seller finance the property to. I think I understand what you are saying, correct me if I'm wrong. But you want to buy the deal using your IRA, then turn around and find a buyer willing to accept your seller financing terms essentially becoming the bank.

This sounds like a great candidate for seller financing. She is looking for long term finances as the properties are her retirement plan.

Thank you @Iverem Rose. I have actually passed my real estate license exam out here and look forward to becoming a successful agent.

Direct mail does work but... its just another touch. The real purpose of direct mail is advertisement not to buy a house. Its letting those people know you buy houses. They have another option when they're ready to sell. Now its your job to remain in contact, meaning keep sending postcards or letters to your list.

You could also include a website on your mailers so people can get more information. So when they call you get actual leads not just tire kickers.

I would agree with @James Masotti. Not taking into account CapEx or vacancies would look great on a spreadsheet but detrimental to your continued success in real estate.

Even if the water heater, furnace etc.. are in good condition now it would only take one big hit to wipe out your cash flow. Then not only will your bank account be decreasing monthly, you'd have to deal with pissed off tenants... compounding the problem.

I would want to rent to people that would like to rent not need to. Also, because I'm in the military I would be able to advertise on base and possibly through a military referral network.

I would like to have the opinion of more experienced investors in the Hampton Roads area for a potential fix and flip or fix and rent deal.

Property located in Hampton VA. About 10 minutes away from Langley AFB. I know a lot of people hate going over the HRBT especially during rush hour but since there are several bases located on that side, the shipyard, and Hampton University, there is a market there.

I have a SFH home I'm looking to invest in. The ARV is 145,000, it needs about 30k in repairs so my purchase price would be about 64,000 give or take. I think at this price it would make out either as a fix or flip or fix and rent. According to the rent-o-meter, the going rent is 1400 however I think 1100 to 1200 is more reasonable. Its in a nice area with rehabs and new construction going on.

Any feedback would be greatly appreciated.

@Jessenia Munoz It would just depend on the deal. It would be hard to get the 1% rule here. The median value of homes in the area is about 250,000 meaning you would have to collect rents at 2,500 a month. The median rents in the area is 1500. 

Always remember you make money when you buy not when you sell. 

Hi John . Welcome to BP. I have been so busy reading and learning that I haven't found the time to even put a picture of myself up. Have fun!!

Coming from San Diego and transitioning here I can say from my point of view its more of a cyclical market. Because its the "Beach" more people recognize it thus drawing more attention to the city and more people. However, once you are here there isn't much to make you want to stay as far as economics is concerned.

The biggest industry in the area would be defense. And over the past 8 years federal jobs have increased. Under the next Administration I expect it to increase as historically it has done so. The next industry to support the area is tourism. Tourism here is cyclical due to the weather. Walk up and down the waterfront and its a ghost town from Nov-Apr.

So since it really has only one industry and its second industry is very cyclical due to the weather, I have to go with cyclical. If the defense industry and tourism are doing well, VA Beach will go up but if not then down it goes.