All Forum Posts by: Jeremy Vogan

Absolutely

Welcome! What type of deals are you looking for?
JV

FOR SALE: Oceanfront Beach House Shares, Norfolk VA
- Nicely furnished, located in quiet residential area, beautiful beach/decks
- Sleeps 14, 5 bedrooms / 4 baths, game room, loft with roof deck
- 13 shares available, 4 weeks per year, first 2 shares already sold before redecoration is completed; when they're gone they're gone!
- Payments from $553/month, nothing down owner financing available, easy qualification
- Must call for appointment! Showing date coming up soon, call Jeremy Vogan at 540 487 0480

Thanks for the well wishes Adrian! The investor offering has been extremely successful since we rolled it out last year. 

I do not understand your statement about expenses being unrealistically low. Insurance, taxes, and HOA fees pretty much are what they are. Other expenses are paid by the seller in this deal, which was one reason why it was so successful.

$16,392 is a generous number for a well-maintained property in a great location that will have only a couple of turnovers during the contract period. At the very most (historically speaking for our properties) we will drop $8-10,000 into it to keep it up. Maybe you are used to dealing with older construction that needs a lot of cash invested to make it livable for the next tenants? This is not that kind of deal.

Our investors were looking for a hands-off portfolio that would run itself for 5 years while the market value of the property appreciates due to inflation; that is, a true buy & hold deal. And it is worthy of note that the cheaper and better cash-flowing properties that you end up having to sink a lot of cash in to keep them going are not going to appreciate like ours are. That is what we are offering, but obviously it is not for everyone.

JV

Don't count Central Virginia out! Plenty of deals that make sense.

http://www.biggerpockets.com/forums/517/topics/178493-tired-of-looking-at-virginia-turnkey-that-arent-really-turnkey

There are some great deals in Virginia right now. Welcome!

Very simple. The owner either holds clear title to the property, or has the "due on sale" clause waived for his underlying mortgage. Owner then finances purchaser directly preferably with a good down payment in place. Owner-occupant vs. investor does make a difference.

Do it, but make sure they have a decent down payment as equity. If not then keep looking for a tenant that has some skin in it. If you have some finance connections you can owner finance it to them and give them some rent credit to help with the down payment, but then you'll need to sell the note to get your money back out.

Bill Gulley is right. Your personal credit will carry the weight. However, owner financing can be a great way to get into the game if you have some cash to work with. Make sure it is a 30-year am with modest interest rate adjustment caps, and no prepayment penalty. That way you can refinance it but it is your decision, not theirs. Then buy and hold!

JV

rick stein pegged it, due on sale clause is a big deal