All Forum Posts by: Adrian Stamer

I am new to investing in the Richmond area, closing on my first SFH this week on the South Side. I will be employing the BRRRR strategy, and am reaching out for recommendations on small local banks that are investor-friendly to do my refinance. I would prefer to use a bank with a short seasoning period, as my rehab will only take about 2 months. Thank you in advance for any guidance!!

My husband and I are beginning to research into the Tidewater/Coastal area of Virginia, anywhere from Richmond to VA Beach, and we are both hands on individuals. Taking a tip from Brandon Turner's book, we are hoping to meet with any landlords or investors in the area, and learn what we can and we are more than willing to help with any projects that may need to get done - painting, wood working, etc! We are beginning to look in the area ourselves, but this is a great platform to reach out even further! Are you in the area? Do you know of anyone who may be interested?

Hello! My name is Alexander Stromberg. I go by Alex usually. I'm mostly a homegrown Virginian. I currently am an Air Traffic Controller, although I'm hoping to change that through investing, and I'm mid way through a business degree. I learned a few buzz words from a TED talk on youtube, which led me to BP. I've watched quite a few podcasts over that past month and am done lurking in the shadows! 

I'm not quite sure what my exact niche will be yet, though I am working my way through some of the suggested begginners tasks. I'm leaning towards a house hack into a multiplex, followed by more buy and hold rentals. Atleast I was, until I had my mind blown with the potential of buying non-performing mortgages, and just finished podcast 229, which showed me how AirBNB can be more the a small side gimmick. I'd love to hear about more people's experiences to help me finalize my choice of initial area of study. Whichever route I take, I know that I'm planning to build a system to enable the business to be truly passive. As Brandon likes to say, I don't want to buy a life time job.

Hello Im Jeremy Moore and I currently reside in Richmond, Va. I have no past real estate experience outside of paying rent BUT I'm currently looking to get my start in investing through wholesaling and scaling my business up to a focus on renting/flipping muti-family units and some single family flips and wholesales. I previously owned a fitness studio for 3 years and worked at a steel mill 7 years prior. I was looking for an opportunity that made sense and I came across real estate investing. So after my research, which led me here, I'm very confident and ready to start making moves. Im here at BiggerPockets to network, learn as much as I can, and transition into a valuable contributor to the site! Feels like I just typed an interview lol

Hello,

My name is Jared Tricoli and I've been living in Richmond for 2 years now. I purchased a duplex in 2009 where I took turns living in one half while I fixed up the other. I sold this property when I moved to Richmond and used some of that money to buy single family home to live in as well as a sfr in Pinson, AL with a turnkey company. I still have some cash to invest and I'd like to do so locally. The more I read about the BRRRR strategy the more I think it will help me meet my REI goals. I work full time and I would need to find a contractor in order to implement the BRRRR strategy. I'm looking forward to meeting new people and networking in my area!

I have looked at/analyzed hundreds of deals in the Richmond, Va market but have not found much of anything that will cashflow even $100 per month. I know that house prices are inflated here much like the rest or the country but it also seems rents are low. 

This has really driven home that good deals are "made" and not "found" so that is my focus. And, here...is my question...

I have been analyzing a bunch of SOLD multi-families using the actual sales price and I cannot for the life of me figure out how anyone is making money!? Do they know something I don't? Do they have an advantage in some area that I am not considering? Or are they ALL getting bad deals?

Examples: 

*Duplexes with rent potentials of $1,500 per unit selling in the $500-700k range

*Quads with rent potentials of $800 per unit selling for $500k+ (that need about $80k in repair)

...I mean just quick 1% rule would make me RUN from this type of property...right?

What gives?

Hello BP Community. I pride myself in being self-sufficient, creative and resourceful when it comes to figuring out "how" when trying to overcome a challenge. Right now though, I'm running into a bit of a wall. In 2016, I put together a deal for two smaller 2-bedroom properties in the east end of Richmond, VA (technically, east Henrico). The transaction was a lease purchase where I am paying the seller slightly more than he is paying the bank at a slightly higher (0.25%) interest rate. The agreement is a two-year term with an option for a third (at a $750 extension fee).

Now I am trying to cash out the seller and get my own title and I've been actively talking to lenders/brokers and it seems like every product has some aspect where they can't lend to me. Keep in mind I have also have two other rentals- both with great equity as well- that I'm willing to lump into the loan or refinance individually. I've hit the following snags when trying to get the deal done:

1.) The lender with a lease-based, no doc product won't lend to me because the properties will only appraise at $80,000 and their product requires a minimum of $88,000

2.) Another lender won't loan to me because their product requires the properties be 750 sq. ft. or more. One is 696 and the other is 624 (my other two are much larger).

3.) Most lenders simply look at my tax returns and because I'm a 10-99 and have changed my income source in the last year + write off a lot, they won't lend to me because my schedule C shows a loss or close to a net zero.

Does anyone know another route I can take to refinance these two- or maybe all four- properties? Please keep in mind I make decent money and have a good credit score. Thank you in advance for any referrals, advice...