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All Forum Posts by: Dawn Roy

Dawn Roy has started 10 posts and replied 76 times.

Post: Vacation home (STR) Lender referrals

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

Christopher,

For a vacation home that you are going to use for STR, I would look at a DSCR loan product. Those products look at the income of the property and not the borrowers qualifications. There are other choices and options for lower down payments as well. You could also negotiate owner financing depending on the deal you find.

Cheers!

Post: Looking for knowledge

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

Kevin,

The best advice I have is to connect with other investors, wholesalers, PML, etc at local meetups each month.  There is a wealth of knowledge there.

Cheers!

Post: To sell our home, or rent to continue growth through equity?

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

Congratulations on being in a positive equity position.  Like others who have responded, $200 above your mortgage isn't cash flow.  That will get consumed with yearly expenses, especially a 3 acre lawn to maintain.  

A rule of thumb is...don't rent or lease to anyone you are not willing to evict.  A friend may not be the best choice for a tenant.  Have a property manager give you an estimate of potential rental rates for your area.

Cheers!

Post: Rookie investor seeking to learn the ropes

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

Joseph,

Congratulations on making the decision to invest here in wonderful RVA.  My suggestion for you would be to surround yourself with other investors.  There are several good meetups every month. As a dear friend of mine always says, "be in the room".  

Cheers!

Post: Richmond VA 1% Rule?

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

@Andris Linauts congratulations on identifying a wonderful place like RVA.  We are rocking here and have a very strong real estate market.  I also commend you on having a baseline for your investing strategy.  

Homes at 200K and below are very hard to come by here.  Even the multi-family units are selling quickly, regardless of condition.  I was in a duplex this week with a starting price tag of 175K that would need at least 125K in renovations.  Sold in one day with multiple offers. 

Finding off market opportunities is a must.  There are meetups here that allow for networking with wholesalers and others in the investor space here.  Networking is key.

Like another post suggested, you should also consider all options. Not only LTR but MTR and house sharing. There is a huge need for good rentals and so many ways to provide that service. FYI, the City of Richmond has become unfriendly to non owner-occupant STR's.

All the best to you in your investment goals.

Cheers!

Post: POWER AGENT looking to start investing and helping others.

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

@Chris Ayars,

Welcome!  This is a great resource for you as you build your portfolio.  Also, tap into the local investor meetup groups.  There are some amazing ppl and meetings in the RVA area that will help you on your journey.  

Cheers!

Post: How do I start with 220K?

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

@Luke Crouterfield

Congratulations on putting yourself is a positive position.   Keeping as much of your cash available is the first goal.  With this in mind, there are different strategies for you to consider.  

A DSCR loan, as suggested earlier, is a good option. It is based on your credit score and the income potential of the property. I would suggest getting into duplexes, tri's or a quad. The thing here is to be mindful of the current leases and whether you can turn those units over as many are under rented here in the Richmond area. There are a couple really good choices at the moment but these do go quickly.

Another option is to buy a fixer and do a BRRRR as previously mentioned. There are loan options for this as well that will lend on the property and the renovation as long as it conforms to 70% ARV. Those deals are typically off market. Tap into the local investor meeting groups....there are some really good ones here....and network like crazy.

Protect your cash, take your time and create a business model (buy box) that supports your investment goals.

Cheers!

Post: Networking in Richmond Va.

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

@Caleb Stuart

Congratulations on your success!  Would be happy to connect and heaven knows, always looking for a good GC.

Cheers!

Post: New to real estate investing, with $100k to start. Any advice?

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

@Dielita McKnight see you there!

Post: Introduction: Henry Fuentes el tortuga

Dawn Roy
Posted
  • Real Estate Broker
  • Midlothian, VA
  • Posts 76
  • Votes 41

Congratulations on your successful deals.  Here is to a robust 2024.

Cheers!

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