All Forum Posts by: Brian Mcmenamin

Anyone have any good recommendations for a GC in Norfolk?

I've used LT Caplan before, but I prefer Jones, Walker, and Lake. they are very proactive. Can get deals done in less than 15 days if need be...

Random question.. How did you end up investing in Rapid City, SD? I've been there once and was astonished at the rental market out there, but never invested. That was 6 years ago. I'm curious to know how it goes for you.

I'm happy you started this thread. I'm planning on starting my first phone call campaign in the next month or so. I'm gathering all the data to get going. I might add in a direct mail campaign on top of that. I'm trying to get a deal done by the end of the year. I'll keep you updated on how it goes, if you could do the same.

Welcome Paul.. Learn as much as you can. This site is a wealth of knowledge. Good luck. Stay with it

@Matthew Paul You hit it spot on. You can watch a youtube video on how to do it. Super simple. Buy an extra one in case the first one doesnt sit right.

Usually banks will want to see a couple months of rent payments not so much for your ability to rent, but to show that the tenant can pay his rent. I did something similar when I bought my second place, but I was able to work the DTI to make the bank comfortable. One thing you could try to do is try to rent one unit or show that the multi is already pulling in income. That might help convince the bank. HELOC would work as well if you have enough equity built up since you purchased the house. Usually if you are living in the house banks can give you 90% LTV for a HELOC. If you are not living there the numbers range anywhere from 65% to 75% LTV. Good Luck

@David Gran I'm a long distance investor, but might end up in Virginia Beach in near future. Appreciate your efforts on setting up militarybyowner.com it's a great site that plenty of military personnel use to find places to live.

@Tony Castronovo Great work Tony. Nothing like being able to drive market rents up and really get full value out of the place. Congratulations

@David Gran Welcome to BP. Glad to see a few Virginia investors on this forum page. I've been investing in Norfolk, VA for past two years, but I am always looking for other areas. Best of luck to all of you.