All Forum Posts by: Brian Mcmenamin

@Kaisha Sharese Holmes Start small. Find a property that is in your neighborhood since you know that area best. Atlanta is a great market with a ton of job growth. Do not overextend yourself early, and make sure your numbers work. Don't settle. My biggest recommendation is to be patient and not rush into an ok deal just to stay busy. That has been my biggest issue over the years. Good Luck.

@Sarah London I appreciate your optimism on the upcoming Amazon decision, but I'm not convinced that it will be Northern Virginia or we will hear an answer before the end of the year. I think East Coast makes sense for Amazon so they can have a HQ on each coast, but i'm not sure about Northern Virginia. Time will tell....

@Drew Slew I love Jersey city, but they are working through some serious tax assessment issues right now. They are not increasing taxes on some of the lower end properties. Property taxes are a killer for Jersey City, but proximity to NYC make it a great potential for long term growth. Talk to Marge Crimmins if you haven't found a realtor yet. Shes amazing.

I have been looking in NC and SC recently, but haven't gone forward on anything yet. I like NC because of lower taxes and they are having some good job growth specifically in Raleigh and Charlotte. Both of those markets are a bit inflated, but there are still some deals out there. Good Luck

@Bill Ernst Thank you very much for your input. He is trying to offload this property. He bought it awhile back as a personal residence prior to joining the military, and couldn't keep up with the payments. He joined the military prior to the 2008 collapse, and has been underwater for quite awhile now. I'll sit down with him and try to lay out some options to help him out. Thanks again for the help.

A co-worker of mine owns a single family split level property in Apple valley, MN. He currently lives in San Diego. He purchased the property back in 2006 for $232K with two mortgages on it. They were both ARMs that increased to 11%, and he couldn't afford payments. He joined the military and because he is a veteran his rate dropped on both mortgages to 6%. He has not made a payment in 5 years, and is hoping for the lender to foreclose on him.

He had tenants living in there who completed trashed the place, and does not have any money for repairs. I'm open to any advice on how he should proceed.

I recommended contacting the lender and see about a shortsale. I also offered to lend him money for repairs, but i'm not sure if that would help. I calculated the ARV at $295K. I still need to find out how much money is owed on each loan and the amount of arrears.

I really appreciate any help since this is a bit out of my wheelhouse. PM me for more specific details. Thank you.

@Brandon Wade I've done a couple short sales before. You end up waiting awhile (around 6 months) for the bank to approve the sale. The bank will most likely not give you any money for repairs. These deals can work out really well because most investors do not want to wait that long to get an answer. Good Luck

@Leanne R. I had put washer and dryers in my units in the past. They always break. buying a used one is the best way to go, but get one of the simple ones with the knobs on it. Do NOT buy the ones with the nice electric face boards, the circuits always fail in there. Tenants always overload them, so expect them to break. I would recommend to have it written in lease that you are not responsible for repairs on washer dryer. This appliance as well as garbage disposer are the two biggest headaches in any rental. Good luck to you

@John D. Market is tight right now, but there are deals out there. I've always found my best deals in Norfolk in the fall and winter time, repositioned them for rent JAN/FEB timeframe. I recommend having your friend reach out to @Melanie McDaniel . I also have a realtor who works primarily in Fannie Mae Foreclosures, PM me for details, if your friend is interested in going down that route.

For financing, I've used Dominion Capital Mortgage who have done great work for me in the past. They have very favorable rates, and I would use them again in the future. I hope that helps. Good Luck to your friend

@Scott Barlow I am interested in your list. Please send me available properties. Thanks

-Brian

@Don Carey You shouldn't have to wait a year for seasoning. I've BRRR'd 2 properties in Norfolk in last two years. If you hold title in your personal name, i'd recommend talking to Clayton O'Neal at DCM Capital. He is great to work with. You can send me a message for his contact information. They had great rates and were easy to work with when I worked with them. Good luck

-Brian