All Forum Posts by: Adrian Stamer

 I don't think we as none thais can buy houses there can we?

Hi,

@Linda D. Thanks for your suggestions.

I have also been looking around Monument Ave. and there are few properties within $150k to $165k range. Seems like a good area given U of R is around. There are few on auction too. But haven't explored this option.

One question, what is a typical ROI you look for on Investments around RVA?

For example, I have found a property around $165k. With 20% down it will cost me around $930 after mortgage, taxes and insurance. So around $250 remaining will give me around 7.5% ROI. Is that a good deal in Richmond? I didn't include the variable costs like vacancies, but hoping it will be minimum given it's an area on demand.

Looking forward to your thoughts.

Rafiq

I've lived in Charlottesville for 10+ years and focus on multifamily units. It is difficult to find a multi with ROI of 8+% in Charlottesville but deals still come along. There are a few areas I would personally stay away from. I can find multiple deals with 13+% in neighboring cities such as Waynesboro, Staunton, or Harrisonburg if 1 hour is within reach for you. If you want to discuss offline I'd be happy to do so.

Well @Mindy Jensen as I read the article, I thought great job @Scott Trench but at the same time I was a little uncomfortable with how easily the bank is willing to lend so much money. Basically he is saying with house hacking he could acquire $1M worth of real estate with 5% down and less than $50K per year income. That is amazing.

Maybe I am just jealous that as a seasoned investor, I need to put 25% down on my conventional mortgages, even though I have higher salary, high net worth and longer track record. 

One key point worth repeating is owner occupied and four plex to maximize units on conventional mortgages. 

Great article and good luck with your book!

From me going to investment meeting, I always here that section 8 is used for a backup. If I buy a property and can't get a tenant section 8 would be a last result. I've also heard and read that some this is the initial person they rent to. Of course there is also a lot of horror stories. 

What area(s) are your properties at in Richmond?

I work for a bank and I can say with certainty this is illegal. Banks will often use the relationship as a factor but it cannot be used to deny the loan. That's a lawsuit waiting to happen. Equal credit opportunity act forbids this practice.