Brand new to real estate investing

Starting Out

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Brand new to real estate investing

Jeffrey Clark

Member since 2018 · 2 posts · 0 votes

Good morning, I just joined BP and looking forward to learning how to begin my first deal in or near Franklin Virginia

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Patti RobertsonBusiness Member

Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes

@Ernest Grindle -

That deal sounds like a no brainer! I have found that when most investors are dumping already updated property for really low numbers they usually are also under renting the property. Gotta love these landlords who don’t get educated and create opportunities for the rest of us! If you buy it, just make sure that either your or the current owner notifies SEC 8 just after the seller received the last payment that should go to them. It can take 15 days or so for SEC8 to turn off and on payments. SEC 8 will put them on hold until after you close and you complete the paperwork to become their new Payee. You will likely have a delay on your first rent payment, but you will get it in the second month, as long as you get everything submitted in a timely manner.

757-472-2547

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Rachelle RodaviaPro Member
BiggerPockets Support · Manila, Philippines · Member since 2015 · 1k+ posts · 149 votes
8y
@Jeffrey Clark
Welcome to the BiggerPockets community!
Glad to have you with us.
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Jesse Harris
Flipper/Rehabber · Richmond, VA · Member since 2018 · 57 posts · 19 votes
8y
Welcome Jeffery, Nice area there around Franklin. Hope you have great success.
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Patti RobertsonBusiness Member
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
8y
Hi @Jeffrey Clark. Welcome to BP and the world of RE investing. I would guess the closest real estate investing clubs are Hampton Roads. I landlord, flip, wholesale, and property manage here. What area of investing are you hoping to start in? I would think Franklin would be a great area for SEC 8 rentals.
757-472-2547
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Jeffrey Clark
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Member since 2018 · 2 posts · 0 votes
8y
Hi Patti, thank you. I never thought about sec 8 but, that's a great idea. I'm very new to this investing and don't know where to start.
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Patti RobertsonBusiness Member
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
8y
@Jeffrey Clark - You are certainly close enough to take advantage of the education and networking opportunities in our local market. I attend both TRIG and the Hampton Roads Landlord Assoc and would be happy to introduce you around. I wrote a blog on SEC 8 if you would like to check it out. https://www.biggerpockets.com/blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities
757-472-2547
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Ernest Grindle
Rental Property Investor · Suffolk, VA · Member since 2017 · 143 posts · 78 votes
8y
@Jeffrey Clark Welcome to BP and happy to have another investor in the area. @Patti Robertson is correct about Section 8 for Franklin--she's usually right about everything :). This evening I'm going to check out a property in Franklin...$30k, recent updates, $720/mo rent, existing Section 8 tenant, partial seller financing. It'll be my first investment in Franklin (and my first Section 8) but this one seemed on the surface like a deal worth doing. I've been thinking about focusing more in Franklin so this will help to get me more familiar with the area.
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Patti RobertsonBusiness Member
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
8y
@Ernest Grindle -
That deal sounds like a no brainer! I have found that when most investors are dumping already updated property for really low numbers they usually are also under renting the property. Gotta love these landlords who don’t get educated and create opportunities for the rest of us! If you buy it, just make sure that either your or the current owner notifies SEC 8 just after the seller received the last payment that should go to them. It can take 15 days or so for SEC8 to turn off and on payments. SEC 8 will put them on hold until after you close and you complete the paperwork to become their new Payee. You will likely have a delay on your first rent payment, but you will get it in the second month, as long as you get everything submitted in a timely manner.
757-472-2547
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