Hello, I wanted to see if someone in the area of Hampton roads or close by would like to offer some insight On their first rental property purchase
@Trenell Brown What are you looking to find out? I live here and have lived in 4 of the 7 cities
Going through my first one right now. It may not close but it has been a fantastic learning experience. It's a FHA 203K, and the seller is selling as-is and is not willing to make any repairs. Just had HUD inspections and termite inspections done this week. Estimated repairs are 37k. A few Class A contractors are saying it is not going to take that much to get it rentable. I sent a offer to lower the price down by 25k due to the estimated repairs done by the inspections. A lesson learned is to not send the reduction in price if you are wanting to walk away. I may lose my earnest money if they do not reject or counter. Either way this has been a great experience and it only makes all of us better to get out of that 9-5 job. Hit me up if you have any questions!
Would you be interested in working together on a future investment?
I bought my first rental last year. Overall I have found it most important to work with an investor savvy agent. They are very suited to helping new investors and most will cross check your deal analysis to make sure you really are buying a good deal. I'm under contract for my second right now but finding an investor who is willing to help you along the way was critical for me.
@Ayana Miller Updates are that I walked away from the deal. It just didn’t feel right and I am much more confident now when analyzing a property. I kept my earnest money and am currently making cold calls on off-market properties on the Peninsula and the Southside along with keeping an eye on the mls.