All Forum Posts by: Virnisha Pastore

Looking at a property in Norfolk which could either be a fix and flip or a rental. Wondering what your opinions are on which way to go and if the numbers make sense. Here are the stats:

$119,500 Sales price

Comps around $240,000

Rental approx $2,000 per month (close-ish to the 1% rule)

Flip would likely render about 26% after work (I know not the 30% but close)

Turn around would take about 4-8 weeks (think it would be closer to 4 with the right team)

Which way would you take this and is this something you would jump on if you had the chance? Have until Monday to figure this out.

Cheers!

1 Vote

Norfolk, Virginia

Hey everyone,

Was wondering if anyone would be interested in a Real Estate Investing Networking Event in the Norfolk area? Also, what would you recommend including? We don't want to do any kind of presentation. Thinking free food and drinks but want to be able to add value. Hit me!

3 Votes

Norfolk, Virginia

Quote from @Joseph Harr:

How much cash does said cash buyer need? I've got some cash but I'm still saving up.

Hey, it really depends on what we have on hand. I'll DM you to discuss further.

1 Vote

Quote from @Randy Rodenhouse:

Yes, it can be frustrating since on Facebook marketplace. For example, you'll get a lot of people calling that. Just want to put it under contract in the sign the contract. I specifically say that it must be a direct purchaser with cash in hand and no assignments. This gets rid of a lot of unnecessary calls. You need to look and find properties in your area that are being rehabbed, and stop by and talk the owner(s). Those are the people that typically have the capital to buy your property with cash. Also at foreclosure auctions you'll find cash buyers since it is requirement at the auction.

That makes a lot of sense. I've been posting about the properties but not specifically stating the non-assignments. I hadn't even thought about the foreclosure auctions. Thank you!

0 Votes

Hi,

What's the best way to find serious cash buyers for properties? I'm finding a lot of wholesalers who just want to assign contracts but having issues connecting with investors (I'm in the Hampton Roads, VA area). I've tried searching for groups on FB with some luck. I feel like I'm spinning my wheels a bit.

Thanks

0 Votes

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0 Votes

Virginia Beach, Virginia

Thanks for sharing your insights! Your strategy breakdown is insightful. I align with focusing on higher-end flips in VB for bigger returns. Also, your emphasis on cash flow in Norfolk for buy and hold makes perfect sense. Distance and travel considerations are crucial. Let's connect and explore potential opportunities in alignment with these strategies. Cheers!

0 Votes

Norfolk, Virginia

Very true on Norfolk with the US Navy! Thanks

0 Votes

Norfolk, Virginia

Would you rather invest in Lynchburg, Suffolk, Newport News, Virginia Beach, Norfolk, or Chesapeake? Why? Are there any that you would never touch?

0 Votes

Norfolk, Virginia

Amazing Investment Opportunity in Lynchburg, VA 24504! Unlock the potential of our Lynchburg two story house awaiting your savvy touch just in time for Valentines Day!