All Forum Posts by: Amy H.

@Annie Witkamp have you thought about a renovation loan since you are currently owner occupying? I have a few lenders that are knowledgeable in those type of loans locally. Feel free to send me the address and photos. I have a lot of colleagues always looking around the city, although I stay in the surrounding counties.

@Matthew Reichert I agree with @Bill Hancock. 

I think they are also looking at all the multi-family apartment buildings being built in the area. My company is financing and has financed a lot of deals over that way on the other side (east) of Cowardin Ave (301). They are probably banking on a buyer that looks to the future for the possibility of appreciation because of all the apartments that are in New Manchester (Terraces at Manchester, Links, City View Place, City View Lofts, Miller Lofts, Hopper Lofts, etc.).

@Bryan Cavellier I think Kwikset makes digital locks that are also SmartKey Security but I haven't tried them. I just do the regular keyed entry knobs and deadbolts. So far they work like a charm. I get the keys to rekey them from Home Depot, but I've heard others get them from Amazon as well. I have no complaints... super easy to install and super easy to rekey. I just don't have experience with their digital locks.

@Donte Handy if you are local to your property and don’t mind doing it yourself...

Kwikset Smart Key. So much cheaper than paying someone and it’s so easy to do.

@Taylor L. Thanks for tagging him for me.

@Stephen Glover I sent you a message.

I am about to close on another BRRRR property and am looking for a few contractor recommendations. I have my usual go to people but some are way busy this month and/or out of town and I might have to wait longer than I had originally planned if I don't find another contractors.

Looking for recommendations for these type of jobs for contractors that service around the greater MSA Richmond, Virginia (Central Virginia area)

-Siding and other exterior work: removal of wood siding, install of vinyl siding, soffits, fascia, gutters, wrapping the windows, repair of a few window sills, and repair of some door frames. 

-tree company: need pruning of a couple branches

-electrical company: my go to electrician is out of town the next two weeks.. looking for a licensed electrician to fix a room that has no working outlets. Not sure if it's a short circuit or a blown fuse or something completely different. 

-asphalt company: reseal an asphalt driveway (most companies right now in the area only want to do a new driveway job! ugh)

-cabinet company: I need 1-2 cabinet doors that have somehow the wood has split into two pieces. Either need someone to try to glue/reconnect the two pieces of wood or rebuild the cabinet door to match the style and stain of the cabinets

-This isn't for this BRRRR in particular but if anyone has a good HVAC service company. My go to company has been hiring lower quality technicians the last year or so. I am looking to move all my service contracts to a new HVAC company in Richmond.

Thanks y'all!

@Gary Boggs I will have to disagree with @Samuel Koch on this one. Atantic Bay may be good for owner occupant loans in Hampton Roads, but I have found that them and CapCenter don't have good rates or closing cost fees for investors. 

I assume you mean you are looking for an investor (non-owner occupant) loan. I don't have any hard money lender recommendations, but I do have some conventional loan suggestions.

I am in Richmond, but I feel like these lenders will work with someone in Hampton Roads too. Personally, I get quotes from George Mason, First Heritage, First Bank, and a broker from Home Loan Zone. I have a lot more success with companies like that than a CapCenter or Atlantic Bay. I got quotes from all of them a few weeks back for a loan I'm closing next week and Home Loan Zone and First Heritage had given me loan estimates that were almost identical to each other and beat out everyone else. Make sure to compare APR and closing fees (underwriting fee, discount points, etc) and not just the interest rate given.

@Jordan Page I usually find that the sales at Lowes and Home Depot are cheaper than the brand combos that they sell as a package or any scratch and dent appliance. I just ordered a range, dishwasher, fridge, and vent hood for $1,490 and that includes the sales tax for my county. They will be mismatched (some GE and some Frigidaire) but they will be all stainless steel which I find in my market, the tenants care about color matching more than brand.

@Shane Gaboury I'd go 30 as well.. your tenants are paying the interest anyways.

Also, who did you get a 3.875% from for a 30 year recently in Virginia?! I just locked in yesterday for a property and the lowest I could find was 3.99% without paying a crazy amount of discount points.

@Christian Rojmar sorry I should've been more clear. I want what I consider "gross CoC" at atleast 12-14% in a less risky area (so just rent-PITI). I want to net at least 7-8% after ALL expenses. But I'm not a risky investor by any means.. I have a few friends that invest in riskier areas south of where we live and they are getting gross around 20-22% and netting about 12%. They are braver than I!