All Forum Posts by: Patti Robertson

The rule is that if is is non-conforming (doesn't meet current zoning guidelines), it is grandfathered as long as it remains occupied. If it is vacant for two years or more, you have to make it confirm with current zoning. VA is a buyer beware state. The seller was not responsible for disclosing. The buyer is responsible for doing due diligence BEFORE executing the contract. Here's the disclosure our sellers provide to buyers that addresses zoning. Read 7B.

This stinks, but by sharing your story at least other people can learn from your situation.

Are you sure about that price of $104/SF? That's not what I'm finding in MLS. The 8 sales below include two really high comps of $260K & $191K. When I excluded those, the avg sales price/SF = $83.09. Price/SF is a strange way to evaluate the value of a duplex though. Most people would evaluate a multiplex based on CAP rate or a multiple times rent.

These are the stats for every duplex sold within 2 miles within last 6 months as is reported in MLS. The column headers were thrown one space off when it copied and pasted, but you will be able to figure it out.

I'm not trying to discourage you.  Just sharing info. Setting investment goals is a very personal decision, and there are lots of totally acceptable strategies.

Oh, but it  is! :)  Here's a link to a brochure that the Virginia Fair Housing educator put out out about it. This is a Federal Law.

http://www.dpor.virginia.gov/uploadedFiles/MainSit...

Try Snap Troeschel.  BP won't let me post his number here, so I will PM you with it. If I ever hired a PM to manage my properties, it would be him.  I am a PM, but will only do peninsula for owners who also have properties on the Southside. Snap gets all my peninsula referrals. He manages like a business person, not an agent, if ya know what I mean. He is licensed though.

You know that hoarding is now considered a disability and therefore a protected class, right?  I am SO sorry for you.  

I think I'm familiar with the property you are looking at. (Ches Blvd?) If so, I think you are way off on your ARV. How did you come up with that number? 2 bedroom duplexes in Norfolk are not selling anywhere close to for over $100K/unit. I agree that the 3 bedroom is under rented, but $650 is really market rent for a 1 bedroom apartment without central air. Will your HML give you a long term loan? If you have income and credit, all of our local banks will finance rentals. If you can qualify, Union Bank will even do a commercial loan right now with no money down, as long as you are financing less than 80% of appraised value. The really prefer large loans though. I'm not sure if they would do a single property loan with these terms or not. You don't know unless you ask though.

In my market, anything that is installed has to work.  We remove garbage disposals instead of fixing them in SEC 8 properties.  If we have a fridge with an ice maker, it has to work.  Probably easier to replace the fridge with a refurb.

The big question though, is do you have the ability to close on a $1M home purchase?  

Do you have rehabbers working in the $1M+ market? If so, if you get a good deal, rehabbers are always looking for inventory. Ask Annabelle to look in your MLS for $1M+ homes that have sold, and look to see what the names of the owners are. She should be able to tell if they are flippers. One clue is the name of the Seller. Another is to look at the property history to see if it was purchased low, owned short term, and then sold. She probably won't be able to get you their contact info, but if she gives you the entity names you may be able to find them. Worst case, she will be able to see who the agent is they hire to sell their homes. That agent will be able to get you in touch with them.

Dang!  I am suddenly VERY grateful to be landlording in Virginia!!!