All Forum Posts by: Tyler Willson

Hello @Chris Messersmith, 

In response to the above post, I think that if you are living in the property and "house hacking" then putting the property into an LLC is not a good idea. I believe there are some tax or legal issues that you could run into there if I am remembering what I heard on a BP podcast correctly. If you won't be living there, then I think putting it in an LLC is the way to go.

You certainly want to make sure that you get copies of the leases for each tenant from the current landlord because you need to make sure that the property is currently generating the income that is claimed by the current owner. 

Inheriting tenants can be somewhat dicey, so I would also recommend getting access to the tenant applications, background checks, and credit checks. Make sure that they are current on rent, meet your criteria, etc.

I hope some of this helps! Good luck!

@Shawn Crawley No I have not been able to make it out yet. I have it in my calendar every week; I am just waiting for the week that I don't have something going on at the same time. Do you attend regularly?

@Matt Clark Thank you! I will certainly get in touch with them. It's difficult to make some of the estimates without knowing exactly how much leeway I have in terms of what materials I can use. Based on the city website, it seems like they care much more about the outside than work done on the inside.

Hello everyone,

I am looking to do a flip within Old Southwest in Roanoke, but I am not familiar with all the regulations and guidelines that go along with renovating historic buildings. I did some preliminary research on the city website, but I am hoping to find a contractor/developer who has done this sort of work in the past. I have the opportunity to do two flips that are side by side, and I am open to partnerships. PM me if you would like more details on real numbers for the properties.

Thanks for any advice!

Hi Derek,

I recently asked a similar question. Apparently rezoning does take a significant amount of time. You need to make an appeal about the zoning, but I don't know all the specifics. I attached a link below that is a nice reference for zoning in Richmond. There is another link floating around somewhere with subclasses like the a's and b's.

http://www.richmondgov.com/planninganddevelopmentr...

Hope someone else can be a bit more helpful! Oh and have you checked the tax assessor's website to see whether or not it is in fact zoned for MFR? Link below, good luck!

http://eservices.ci.richmond.va.us/applications/Pr...

I would love it if there was just a consistent meetup in Roanoke. Is there already a general one that I am not aware of?

Thank you both for your input! I appreciate the insights, and I am going to have central air installed. Also, I plan on holding the property for a long time.

I am not sure if this is the correct forum for this question, but now it is out there. We are doing a big renovation on a house built in 1948 that does not currently have central air. It was heated previously by an oil heating system that needs to be replaced. We are looking to apply the BRRR strategy to this property. Many other properties in the area do not have central air, but there are investors/flippers in the area who are putting in central air in some houses.

My big question is do we put the money in now to upgrade to central air or wait until we are closer to wanting to sell the property? The difference in price is my largest obstacle with central air costing us about $8000 (materials and labor) vs $3000 (materials and self-labor) for baseboard heat and window units.

Alright, I get it. Thank you again!

@Corina Eufinger Thank you for the reply. If I am personally guaranteeing a loan with a co-signer doesn't that negate the asset protection aspect of an LLC or does the loan just need to be structured such that it is technically in the name of the LLC?