All Forum Posts by: Cameron Rockwell

Good Morning BP Community,

I have just purchased another property and I plan to move into that one and rent out my current primary residence. I was house-hacking while I lived there so I feel I have a pretty good grasp on managing the property with individual tenants by room. I was just curious as to what some of the pros and cons are to continue to manage by room. Is it worth it to start from scratch and try to find a tenant that will rent the whole house? I am looking forward to hearing everyones insight and experiences. 

Cameron Rockwell

@Ali Croft Hey Ali, I dont know if you are still looking for an agent but I sat down with Helen Lowery and she seems like she might be a good fit for a newer investor. She works at Virginia Capital and can be found on bigger pockets using the networking tool. Let me know how the connection goes. 

@Dannielle Bulla Isenhour Thank you Danielle I really appreciate it. 

@Ali croft I am actually currently screening for new realtors right now as the one I used for this deal retired. I will let you know who I find to be helpful. 

Thanks a lot Josh. I will certainly take your advice. I thought it was very insightful that this is a circumstance where the realtor and the buyer are in a similar predicament. Thanks for the tips!

Thank you Brett,

Glad to see someone with a lot of short sale experience. It sounds like as long as you don't mind having capital tied up it can be a good way to acquire a property. Thanks for the advice. 

Thank you Steve,

I appreciate the advice. The broker situation is certainly something I will look into!

Thank you Jeff,

I'll have to do some more research on how Virginia does them. I am sure the language is important and understanding your exit strategies is probably most vital.  I also intend to sit down with a lawyer and get some advice on what exits I can include in the contract.  

Thanks for the tips!

Good Morning Everyone,

I have recently begun looking for my fourth real estate deal and I noticed a lot of short sales popping up on the market. I know the term short sale has always had a negative connotation in my experience so I was just wondering if everyone would like to share there knowledge of them and what to pay attention too. If the numbers work is there any other indicators that would make it a bad deal? Also, is there any specific strategy that works better with them? (Flipping, BRRR, Buy and hold, etc.) I have done two flips and am currently house hacking my primary residence so do you think this is too much of a task for someone with my experience level. Looking forward to hearing from all of you!

Cameron Rockwell

RockwellRealestateLLC 

Hey Anthony,

I am actually going through the process now. Currently looking at homes that need rehab but still inhabitable to some degree so banks are still willing to loan on them. When talking to my mentors they say it is possible to still get a conventional mortgage if you provide them extra information like a CMA (Comparative Market Analysis), an ARV (After repair value) assessment or a repair budget. The more information you give the banks on the work you do the more likely they will be willing to work with you. As for the actual cost of repairs I plan to do a Home depot project loan and just do everything myself. They allow you to use that money to pay for contracted work as well so if there is anything I need contractors for it will be nice to have that flexibility. My plan is to refinance once repairs are done. The strategy is very similar to something you would use hard money for, but is more relaxed because you are living in the place while fixing it. I find this to be a great strategy and allows you to practice some of the skills you mentioned above. Best of luck!