All Forum Posts by: Walter Key

Charlottesville Area Real Estate Investing Group http://meetu.ps/c/8PBM/w1BpR/d

Charlottesville Business Networking Group http://meetu.ps/c/1PNnv/w1BpR/d

Central Virginia Business Owners http://meetu.ps/c/dK7b/w1BpR/d

As a Realtor in Virginia, my number one complain with real estate is other real estate "professionals". Sorry to hear you're hitting a wall with this agent. As @Jay Hinrichs recommended, I'd try to track down the owner directly and let them know you're trying to submit an offer but their agent is failing them miserably. 

@Scott Mac and I are in agreement. Get a CMA, if the dollar amount they are offering is at or above the market price, sell it and move. If not, negotiate.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $305,000
Cash invested: $35,000

Single family residence on 4.4 acres w/ private lake and beautiful mountain views. Bought at $305K with all closing costs paid by the seller. Appraised at over $360K when we closed! This is our new primary residence but we just built out a 1,055 square foot basement apartment (about $35K) which will be our mountain lake Air BnB! :D

What made you interested in investing in this type of deal?

It was an amazing home for the family but with so much future potential with a huge unfinished basement, it's own private entrance and a separate concrete parking pad on that side of the horseshoe driveway.

How did you find this deal and how did you negotiate it?

Found it on MLS and it was priced a fair bit higher. Gathered good data, and made a great deal.

How did you finance this deal?

Conventional financing w/ the seller paying all closing cost. Then, since I'm the Realtor on the buying side, I got a $9,000+ check back from my brokerage as a refund on my commission for buying my primary residence.

How did you add value to the deal?

First, we bought it at a great price. Bought at $305K, seller paid all costs, a $9,000+ commission rebate since it was my primary residence and I'm a Realtor. It appraised with over $55K in equity! After all that, we finished about half of the basement into a 1,055 square foot, 2 bed, 1 bath apartment suite which we will use as an Air BnB!

What was the outcome?

It's the perfect home for my family and the perfect location for a high-quality Air BnB. Greene County, VA is in the top 10 of all counties in Virginia for short-term rental income as our history, wineries and breweries, and beautiful Blue Ridge Mountain views bring allot of people down to visit.

Lessons learned? Challenges?

Once is a blue moon you manage to find an amazing opportunity waiting to be pounced on. When that happens...POUNCE!!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an active licensed Realtor in the state of VA so that certainly helped the process! :D

Nice one Tom!

Seth,

You're very right about the lack of properties in your price range. Most of those in that price range need a fair bit of work. However, in another year the market is only going to be pricier. We've got a great economy and a great, strong local housing market. So, the real question becomes, is your income (and thus your price range) going to go up substantially in that year? If not, it may be worth trying to find something to buy now and rent out. If so, you could afford to wait for a higher buying price to improve your options. I'm happy to discuss this more with you. I'm a local Charlottesville area Realtor. Shoot me a note if you have more specific questions I can help answer. - Walt

@Chase Louderback,

Sorry I am going to miss this. I'm a Realtor just over the ridge in the Stanardsville/Charlottesville area. I'm actually moving into my new home this month and the moving truck is getting picked up on the 20th! I hope you have a great turn-out. Hopefully I can make next one! Good on you for putting these together! - Walt

Dennis,

WELCOME!! That's quite a story my friend. I can't wait to hear more about it. They say you'll be the same person 5 years from now with exception of the friends you make and the books you read. Sounds like your 5 years from now self is going to be awesome! :D I'd like to compare notes on those 30 books and see if perhaps we have some titles in common. I sent you an e-mail this morning!

- Walt

LOL...

Jay, I tend to think that millennials (and technically I am one, but only by a hair) are split down the middle. You have half of them that are absolutely crushing life, paying off debt, succeeding in businesses, etc. Then you have the other half that's perfectly content to sit in momma's basement until they're 27 and they feel that life somehow owes them something. I guess the question becomes, how many does it take to change the market dynamics and how many are there really.