All Forum Posts by: Account Closed

Jeremy's advice is probably worth $.08

@Bruce Morris, when and where does the REI group meet?

I'm interested as well.

@Jeremy Hart I am looking locally now. I have an Oak Tree townhouse under contract right now. Looking to close, renovate, and rent by Feb 1.

We still need to meet up for coffee sometime!

Hey Aibek,

College markets are great although its tough to buy a cashflowing property in Blacksburg, especially off the MLS. Take a look at adjacent towns such as Christiansburg. Also look around JMU and Liberty.

Make sure you research what rents are and all associated expenses and you should be fine.

Good luck!

Andrew

Hey Daryl,

Start with talking to folks that are currently in your sphere. Family, friends, coworkers, acquaintances. Finding and joining a local REI club would also be another great way to source funding. Also, the Biggerpockets marketplace. No need for the lender to be in your area.

How much are you looking for? Shoot me a PM.

Hey everyone,

Come and network with your fellow investors and BP'ers at our first NRV meetup on Monday, October 10th, 6:30pm - 8:30pm.

Investors of all different levels should attend from newbies to experts. Join in on the networking, education, and fun. Everyone is welcome so feel free to invite your family/friends.

Location:

Lucie Monroe's

1600 Roanoke Street

Christiansburg, VA 24073

The owner of Lucies has offered the room for free as long as we support his business, so come hungry!

Radford, Christiansburg, Blacksburg, Floyd, Giles, Riner, 24141, 24073, 24060, @Katie Reaves, @Caleb Bryant, @Will Handley, @Jeremy Hart, @Kendahl Weikel, @Virginia Jones

Welcome to Biggerpockets! Are you planning on staying around Blacksburg after you graduate?

@Bill S., I think what I've learned from looking at the numbers on this deal that there's no way it can be financed with a 20% down payment and have cashflow. Even with a 5% down payment on seller financing wouldn't work unless the purchase price was down around $200k. 

It's a really nice duplex. I'm coming to the conclusion that its not a good investment. Rents would need a significant jump and the market won't support it.

Matt,

I don't think there's enough information. I would really hope that the water and electricity is individually metered, and if so, that is a large upside as it will greatly reduce your expenses. What is the condition of the building? what will you set aside for capex? What do you anticipate your vacancy to be? How will you be financing it?

Simple answer is that if tenants cover all of the expenses, and you cover taxes, insurance, capex, vacancy... and the building is in a stable market, I would think anwhere between 175k (1.35%) - 230k (~1%)