All Forum Posts by: JM Payne

Absolutely.  To what degree is up to the appraiser.  If you can, be there when he is to walk the property with him.   Good luck.

- JM

So your profit from sale is around $40K?  Assuming you all are still working and already in control of your finances, I would immediately divert any personal overage to pay down the student loan, and then I would go a third route...use the $40k from the sale to purchase another rental.  Refinanced at 5% isn't terrible, but I would still try to maximize income by buying more investment properties while reducing expenses (by paying off loan and controlling a budget) as much as possible.  Good luck with whatever you choose!

- JM

I am assuming this has already been considered, but you haven't personally lived in the property for 2 years of the past 5, right?

I would call the city manager, Jack Tuttle, and discuss it further with him.  It's referred to as the three-person rule.  Alternatively, any rental property manager in the area would also be able to provide insight.  I can send you recommendations if you need.  Good luck!

- JM

I wouldn't try to manage an AirBNB from two hours away, so unless there is a management company or someone local that you would partner with, I'd take that right off the table once you move to the city. 

As to the friend/6mos route, are the downstairs and upstairs completely separate with outside access and whatnot?  If so, go for a market tenant and duplex it.  If not, find a friend and rent to them so you can crash on the couch when you come back. 

I hope that helps, good luck!

- jm

If you are inside the city limits, Williamsburg has laws about how many unrelated people can live together.  Will you be occupying (house hacking,) or is this strictly an investment property?  Address?

Here is a link regarding some changes to AirBNB in VA Beach. VA Beach is the California of Virginia in a lot of ways. I would aim for a gentrifying area of Norfolk, or one of the surrounding communities (Suffolk/Chesapeake) with a focus on reducing traffic for the sake of my own sanity. Will you be at Oceana?

Become a wholesaler!  You'll be a millionaire by Friday!

Seriously though, get a budget on paper and stick to it in addition to spending less than you make.  Like Marcus said, you need to solve the underlying problem itself or else you will continue down the path that you are on. 

Short of that and to answer your actual question, your best bet is one of the loan products that cater to people in your situation, such as FHA loans, title/secured loans, or private (family) loans. Good luck!

- jm

@Stephen Glover Yes!  The elevator pitch is key!

@Ludovic Ott If you haven't found the "Events" section of BP under the Network tab, be sure to slide over there and do a search for events local to you as well.