All Forum Posts by: Ben Sears

We just closed on this 3/1 in Farmville, Virginia. We actually got it as a package deal with another property that will more than likely be a tear down. Plans are to complete an extensive remodel and rent the property out later in the summer. We did get the property cleaned up a little bit so we could at least walk around in the yard.

Purchase price: $20k
Remodel Estimate: $45k
ARV: $90k
Estimated Rent: $850/month

@Matt Clark good thought. Thanks for that. 

Thanks @Matthew Irish-Jones I appreciate it! 

@Matthew Irish-Jones is there anything special I need to know about billboards? Traffic counts or something crazy? Or is it just as easy as stick it up and market it to businesses?

@Scott Mac I agree completely. Our area has a ton of history with the civil war and railroad. In fact the state park is adjacent to the property that was converted from a rail line to an 80 mile walking trail. Apartments are my first choice. We just need to investigate the septic system since it shares with the fourplex. 

Thanks for all the replies. The building is actually a two story heavy timber (2400 sq ft per floor). It looks to be previously used as a storage warehouse, antique store, and recently storage for the owner of the fourplex. I've attached some pictures. 

We are in escrow on a fourplex that comes with an additional 4800 sq ft two story warehouse. It shares a well/septic with the fourplex and we're actively looking for something to do with it. This property is located along a major thoroughfare yet in a rural area of Southside Virginia and located about 10 minutes to "town" with a population of 15k. I would love to convert to more apartments but I'm not sure that the well and septic will handle it. Storage units, rent to a business to build out on their own? I'm looking for creative ideas from the BP crowd. On a positive note, our rent will cash flow positive even with the building staying empty but we would love to have a some additional income. 

@Hud Floyd firefighter/paramedic for Henrico County Virginia here. Been a contractor for almost ten years but seriously got into real estate over the last seven or so.

Thanks @Jaron Walling. I do have the cash to purchase but wanted to have some cushion for overages, other deals, etc. I can certainly put some skin in the game or just purchase one outright if needed. I guess my real interest is how do seller financed deals typically interact with private money loans as far as first and second positions. It's something that I have very little experience in up to this point. 

I have the option to purchase two properties from the same owner. The owner is willing to finance one or both on a land contract and I have two private lenders willing to fund the rehabs. One lender requires a first position loan and I'm assuming that the other will as well. Do I ask the seller to take a second to the private money or is there a better way to structure?

The purchase price for one property is $10k and the other is $20k. Both require $50k in repairs each.

Thanks in advance for any creative ideas.