All Forum Posts by: Brian Mcmenamin

@Josiah Horn It sounds like it may have been split before. What is zoning for the property? If you went ahead and did it without it being zoned correctly you might run into some issues with the town. The separate utilities are going to be easier to deal with unless you plan on having other unit not have to pay for their utilities. Utility costs can get very high very quickly, so I have my tenants pay for their own utilities. Good luck

@Josiah Horn It sounds like it may have been split before. What is zoning for the property? If you went ahead and did it without it being zoned correctly you might run into some issues with the town. The separate utilities are going to be easier to deal with unless you plan on having other unit not have to pay for their utilities. Utility costs can get very high very quickly, so I have my tenants pay for their own utilities.

@Abigail Timbol I totally understand where you are coming from. I was the kid on the corner selling lemonade at 6 yrs old trying to make a buck or selling my parents stuff in a garage sale early in the morning. That mindset is great to have, but I always find myself needing to not rush into an "ok" deal. You'll find it Abigail. Stay with it.

@Abigail Timbol You will never be educated enough. I am always learning more. Some of it is just part of the process. Biggest recommendation is don't financially over-extend yourself. Take your time to find something you know will be a great deal. Youll find it. Stay with it

@Donald Walker I've used Dominion Capital to refinance a couple of my single family investment properties. I am starting to use Fulton Bank. I do most of my investing in Norfolk. Both banks did a good job. I'd recommend sticking with a smaller bank vice big institutional lenders like Wells Fargo, HSBC, Bank of America. Hope that helps

@Lana Lee This explanation might help to put them in their comfort zone. "I know owning properties can be a headache, so I'd be willing to help you. I'd be willing to give you some money up front, and then give you a little bit of spending money each month for the next XX years. I'm sure it would be nice to get some money each month and some immediate cash in your pocket."

Its also good to refer them to your website, facebook page, etc to show them what you have done in the past. Don't rush them to give you an answer on the spot. Its a process. Have them become your friend.

@Aaron R Pike I would recommend drafting a purchase contract and have it looked over by a lawyer. I also have a title company that I do all my deals with. I have a very good relationship with them, and they have done a great job for me. If I was selling a property, I would use them for drafting the deed. If you can find a good title company they can do most of the tasks you are asking for. I would also recommend taking one of the lawyers out to lunch if hes available so you can explain to him what you are trying to do. It would help to build a relationship with him.

@Jay Hinrichs I never heard of it before either. I couldnt believe it when I did. It would have saved me some travel time to close on a few of my investment properties in virginia. Notarize.com is one of the more popular companies. I haven't done it yet on any real estate transaction. I do business like you Jay at closing with wet signatures. https://www.npr.org/sections/alltechconsidered/2017/06/12/532586426/notaries-are-starting-to-put-down-the-stamp-and-pick-up-a-webcam

@Matt McElravy I dont know much about bank statement loans, but would you consider a HELOC or a refinance on the duplex? how long ago did you buy the duplex?

@Mary Ann I lived in Waikiki while I BRRRR'd a property in Virginia. It can be done, but need to make sure you have the appropriate team in place. My recommendation would be to have a few GC's to give you a few different bids. If you are planning on going ahead, the most important person in my opinion would be your property manager. If you can interview some managers set your expectations with them from the beginnning. A property manager should be willing and able to check on your property as it is being rehabbed send you pictures as it progresses. They will also be able to start their marketing campaign for a tenant as soon as the property is move in ready. It can be done. Stay with it.