All Forum Posts by: Dawn Roy

Edgar,

Thank you.  Feel free to shoot me any local investors that you know....I am happy to add them to my list.

Cheers!

That area has become very popular.  Most duplexes are renting for 1700-1800/per unit.  Have a delightful young lady who bought one last year and is living in one side and renting the other for $1800/month.  

Cheers!

We are in the ballpark for spending 65-70K. It needed HVAC and all of the things. Moved a wall to make the downstairs into a 2/1 and the upstairs into a 3/1. Looking at an ARV of 405-410K. We are super short of inventory here in Richmond, so....fingers crossed on possible multiple offers.

Cheers!

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $220,000

We are in the middle of a flip of this duplex. It was off market at the time of acquisition. Had previously been in the MLS for 275K. Total renovation. Will keep you posted!!!

Lucas,

A word of caution with the idea of working with family or friends.....DON'T.

You are welcome.

Cheers!

As other responses have suggested....DSCR loan is a great option.

Cheers!

Great question Austin,

I have found the best way is to network with local investor groups.  There are many here in my local area and your area is likely to have the same type of meetings.

Most of the deals that I fund are by meeting investors in person at these groups and creating strong relationships.  You will find that every PML has a different business model.  

Make 2025 the year to build those relationships.

Cheers!

My response is not relevant to this transaction as it appears everything is going to work out with your lender.  However, for future purchases as investments or otherwise, as a Realtor, I never take a commission on my purchases.

For one, I don't want to pay taxes on it or split it with my brokerage. As we all know, you are really paying for the commission in the purchase price. I prefer to negotiate the purchase price removing any seller commission. Now with the NAR settlement, all buyer commissions are negotiable in the contract. Whether the seller was open to a buyer commission or not, I wouldn't put an additional cost into any personal purchase.

Congratulations on your new investment property.

Cheers!

Alex,

Every decision boils down to the numbers.  Can you buy a house and be within reason of what your current rent?  I would speak with a loan officer to get an idea of what I would qualify for with that level of student debt.  That phone call may be the decision maker.

I would also look into Virginia Housing.  There are loan programs specifically for Virginians.

https://www.virginiahousing.com/en

Good luck and Happy 2025

DealMaker Richmond and Richmond RING are two good ones.