All Forum Posts by: Jacob Sloop

Dont buy an old house.

Dont change the layout.

Get a contractor to walk the property with you.

Know your margins in the area.

Pick a property that's around the median sale price for the area.  Don't go too low or too high.

Make sure you understand the costs involved with the hard money if using that.

Its scary the first time but you can do it!

Welcome!

I'm up the road in Virginia Beach ;)

Would love to hear more about the Outer Banks STR's, have been interested in that for awhile... go there every year

Nice work.

This is in blacksburg sounds like?  Should do well!

14k to get in is a great deal

Still going in my area.

Things have slowed down for sure but there's always ways to make money in real estate.

We are being cautious, more conservative on the ARV's but others are continuing like nothing has changed... I predict a lot are getting in over their heads

@Nathan Gesner

Correct me if I'm wrong but you don't have to be a veteran to assume it however the original loan holder loses their entitlement.

And yes this deal is too skinny.  Rent is 2800 and total expenses are 2500?

This is not accounting for repairs, cap ex, vacancy or reserves.. negative cash flow

Sometimes the low interest rate can cloud your overall view of the asset, but you have to be objective.

@Nick Belsky

Is this a delayed financing scenario though?  As in, it was truly a personal all cash purchase with no lien?

Hey Tom!  Good problem to have ;)

Cash out refi or HELOC

Both have high rates right now so make sure the debt payment works for the return your looking to get from the investment its buying!

Buy J Scotts book on Flipping houses.

Set up a search on zillow, redfin, etc. of houses you think people are flipping. 

Track them.  See what people pay for them, the rehab done and how much they sell for.  Monkey see , monkey do.


Find a hard money connection. 

West Virginia...53%  whattttt

@Abiy Tedla

Congrats!   That's a major step up.   I would love to hear the details on the Norfolk properties and would be happy to help if there's anyway I can.  I'm in the Norfolk/Hampton Roads area too