All Forum Posts by: Daniel Almodovar

Hey John,

I'm a Fred head myself. There's a REIA (Real Estate Investors Association) that meets here in town the first Thursday of the month 6pm. Here's the link:

https://www.meetup.com/Rappahannock-REIA/?_cookie-...

There's active Investors there that are willing to sit down and drop some good info for free.  It's worth a look for sure.  Hopefully I'll see you around.  Best of luck brother!

@Therese V.

http://www.meetup.com/Rappahannock-REIA/

@Therese V.

I haven't seen a FB page but they are on meetup.com. Rappahannock REIA

Congrats on the property! I'm curious to the area since I live in Fredericksburg also. Definitely keep the updates coming. There's also the local REIA meeting in Fred that meets once a month if you are looking for other investors in the area. This coming Monday it will be in Woodbridge this Monday but normally its right off of Rt 3. Congrats again!

Great job! I've been looking in to wholesaling the mls and was getting disappointed with many responses I've seen.  Most investors will just leave discouraging comments and not even attempt to answer an honest question.  Thanks @Michael Leech !

Thank you for your input gentlemen.  Certainly did not look like a money maker but I was hoping there would be some way I could help this person.  Other than them doing a short sale any advice you would give to them?

@Brian Gibbons

@Reed Starkey

Hey BP Fam,

I know this one is a long shot but I wanted to see what the collective wisdom of BP would have to say about this. I reached out to a seller yesterday and spoke with them today. They seem like a really nice couple who made a purchase at a bad time. They are absentee owners. The SFH is here in VA close to me and they live in Denver. They are upside-down on the home and are willing to pay to get out of it. They've attempted evey avenue to re-finance but can't get any relief without damaging their credit.

So.....that's the back story.  Let's get to the numbers:

House-  3 bed 1 bath, 1123 sq ft

No equity and owe roughly $198,000 on the home.

Monthly Mortgage payment is $1400 and they are paying a portion of it to entice the current renter to stay.  Renter will be leaving 8/1/15.

Comps for this home renting is $1,250

Comps in the area for this home selling are roughly $165,000.

Home inspection completed about three months ago with about $5k of minor repairs.

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I'm under no illusions that this is a good deal, but I wanted to see if there was a possibility of doing something creative to make a win/win for us both. 

My initial thoughts are looking to see if I could get a payment from the couple and acquire the home subject to.  I do have another couple looking to rent to own but I think the $1400 rent is a stretch. However it is a really cute house.

Maybe a Lease option could be effective as well.  Again getting a payment from the couple looking to sell.

Any thoughts would be greatly appreciated! Thanks in advance!

@Sean Becker Thank you very much.  

Hello @William Wert  

The local REIA will be on 7/6/15. If you are looking to get some good information and network with other local investors, this is the place to be!

Hello Donald,

I'm definitely not a seasoned investor but I'm also looking to connect with local investors in Fredericksburg. The local REIA meeting is coming up on 7/6/15 and meets every 1st Monday of the month. I will be there and there are at least 30 other local investors there usually.