All Forum Posts by: Erick Pinzon

For the quad we gave full asking price and paying all closing costs and closing within a month. For the duplex we gave asking price and 2% closing costs. It had not been updated in about 20 years and was going to need about 10,000 worth of work. We had no contingencies on either one. Both of them got full price cash offers with a week closing. 

VB native here. The numbers look pretty accurate. Not sure if you're going to be mowing the lawn yourself as $20 seems quite low. I think your money can go a bit further in this area based on three deals I have bid on in the last month. When Quads pop up in the area they go quick but are around $300k. Hanson Ave in Norfolk went under contract last week for $305k and brought in $3000/month. Was looking at a duplex in Norfolk highlands on Hazel. Went under contract last week for ~$275k bringing in $2200/month. Yours is not a bad deal by any means but not a home run. But beggers can't be choosers in this market. Not sure if helpful but is my opinion. Good luck!

Most realtors don't have a clue about running numbers on rental properties. I can send you a good excel sheet when I get home That has all of the variables in it or you can probably search for one but you need to do some more homework and see what good numbers actually look like. Have you read any of the bigger pockets books? That would be a good start. 

 I'd love your source for the deals you are finding off market. Are you a wholesaler? 

The market is pretty crazy right now. Ask any real estate agent and people are paying over asking price for their dream home. It's so competitive. If you can get a house priced well near damn neck base It will do quite well. I have one in ocean lakes and the longest it's been empty in the last 10 years is 3 days. The schools are great and perfect for military families. Happy to chat more 

Not sure if you're a big reader but I have a couple of books I could share that I have already read. One of them being Brandon Turner's Real Estate Investing book that is full of info. There are also a couple of local groups on Facebook that are great for learning and networking. 

@Taylor Hudgins can you send me some of the contacts you have for a handyman? Turning over a property in Norfolk and new a few small things done. Exterior door, fence, and light paint work to start. 

Late to this but Mark Robertson is pretty awesome. I was referred to him buy an entrepreneur friend with multiple businesses. Just used him for a third year and he's awesome. Usually $600 to get my taxes done if I do all the prep work. That's with a business, a W-2, and two rental properties. 



https://www.rgcpa.biz/

See you guys there!

 Thanks! Just requested to join.

For anyone that couldn't make it, we had an awesome night at the casino night with TRIG. Even won a smoker!