All Forum Posts by: Adrian Stamer
Adrian Stamer has started 14 posts and replied 300 times.
Post: Richmond, VA (RVA RIC) DEAL
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
That area for north side isn’t that bad though it’s pretty block by block there
I would think given those numbers you are better off doing a flip then buying and holding. Also if you are buying and holding don’t get a 15 year loan, that’s why your cash flow is negative
Post: Need 2-10 unit multi-family property in Richmond, VA
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
good luck, Richmond va is a tough one to cash flow these days
Post: Looking for advice on Staunton VA market
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
I own several multi families in Staunton and grew up in that area and I wouldn’t recommend airbnbing with that location
I think rent vs sale depends on what he paid for the house vs what he can rent it for. Just like buying any investment property you need to look at the actual numbers and see if it’s a good investment
I haven’t found anything in Staunton in a while worth buying which means it’s a pretty solid sellers market which is good news for him. But that’s the case in most spots these days
Post: Tenant screening: arrests & felonies
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Jim Cummings:
@Adrian Stamer. Felons are NOT a Protected Class IAW Fair Housing rules.
You are correct but please read Fred’s post. Causes disparate impact to protected classes
Post: Tenant screening: arrests & felonies
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Andy Bondhus:
@Dick Rosen, I must of missed something, under what class are felons protected under?
If you cause disparate impact to a protected class even if it’s unintentional by other criteria it can be a fair housing violation
Post: Tenant screening: arrests & felonies
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Dick Rosen:
You need to be very careful with this subject. Denying a felon can be considered a fair housing violation. Denying for arrest would almost certainly be a fair housing violation. I know the rules are a little more vague with owner/landlords but you still need to be careful with this.
This, you need a policy on how to handle various charges and generally you cannot deny someones application after it has beeen a reasonable amount of years. Look up disparate impact
Post: Negative cash flow refi?
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
They base value off comps but they probably still look at debt coverage service ratio
Post: Multiple Offers - Do Real Estate Agent Secretly Share Info?
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Jeff Rodgers:
First, thank you for all the replies. This was my first post to BP.
Next, some of you are missing the point of my question. MY realtors keep telling me "it's just happens". No it doesn't "just happen". It happened because you or the selling realtor prompted others to make bids.
Understand, I do NOT have a problem with the realtor doing this. I have a problem with MY realtor saying "it just happens". That was my point (and based on my background in data analysis and probability). It doesn't "just happen". Realtors talk.
You can say "well that's common sense". No, it's not when you are told over and over "it just happens". Understand? The proper response that a realtor should say is "even though this hasn't been getting any action for 60 days -- if you low ball an offer, the selling realtor will let everyone know so it doesn't sell too low". That's the true answer.
I asked this question specifically so I could get others to confirm it doesn't "just happen". Thank you.
Get a new realtor if you are unhappy with the responses. Or get licensed. I got licensed partially because I wanted to have more information on the purchasing process for the properties I was buying
Post: Multiple Offers - Do Real Estate Agent Secretly Share Info?
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Originally posted by @Russell Brazil:
Happens all the time wether you believe it or not. Many people simply wont submit an offer until there is interest in a property. When we receive an offer we will then call everyone who has viewed the property to tell them we have an offer, so if you are interested to get your offers in. This prompts people who were sitting and thinking to get offers in.
This. It is the listing agents duty to maximize their clients’ bottom line, so damn right I’m going to let everyone know who has showed interest there is an offer before it sells at a discount.
Post: Boosting apartment values...nice win to share
- Real Estate Investor & Agent
- Richmond, VA
- Posts 319
- Votes 167
Cap rate is a measure of market risk, it is not the same thing as yield. You do not change the cap rate by increasing rents
If you improve the quality of a property and let’s say the class goes from B to A, then cap rate should actually go down. Which doesn’t mean you are suddenly making a lower return... no in fact you just forced a bunch of appreciation.