All Forum Posts by: Johnny Napier

@Kenneth Liz Hi Kenneth, Sounds like you want to hold and rent them. You didn't mention what the rental prices would be nor any of your monthly costs such as insurance and taxes. How much do you want to cash flow each month? Its very difficult to know if your offer makes sense when so many pieces of the math are missing. Have you tried using a BP calculator? They are very helpful for discovering what your offer strategy should be. Hope this helps you. Regards, Johnny Napier

@Melanie Heiges. I also live in Gloucester and would be happy to help you two on your journey. Regards, Jay Napier

@Melanie Heiges. Hi Melanie. There is a REIA on the Peninsula and its named PREIA. We meet in Hampton every 2nd Thursday at a Chinese Buffet. You pay only for your meal. You can find out more at this link... Check out VA Peninsula Real Estate Investors Association (PREIA) http://meetu.ps/c/3c6d/BgJjs/d on Meetup Welcome to RE.

Nathan brings up a great point.  I forgot that you mentioned duplex.  If you're not paying utilities, it's probably the most cost effective solution for 2 separate doors. 

Had one done last February for 4/2 1200 sq ft with a 2 ton split unit including all new electrical and ducts for $5200.00.  Last December did a replacement 2 ton split unit for $4,000 in a 2/2 1000 sq ft.   This past July I had a replacement 2 ton split unit without duct work and electrical for $3,900.00 in a 3/2 1160 sq ft home.   I gave you $6k since you didn't mention size of the house.  

@Andrew Merritt Hi Andrew. There seems to be two trains of thought so I think it comes down to your personal preference. On the one hand, you can keep the window beaters and keep your costs low for maximun cash flow and minimal out of pocket. On the other, and what I do, is pony up to have a central HVAC system installed. Central AC will usually bring the appraisal up for refinancing purposes and you can expect a better tenant and get a touch more rent for an offset. $6k on a 30 year adds less than $40 a month. If your exit strategy is to one day sell it, it may help tremendously to sell it and probably pay for itself because folks don't want to own a window beater home down South. Kind regards, Johnny Napier

Nevermind.  I found it.  Stessa.

I couldn't understand what Brandon's Show sponsor for the latest podcast #294 was.  It was a cloud based accounting software company that I'd like to check out but I can't get the spelling close enough for Google to help me.  If anyone knows what it is, please tell me. 

Thanks forum.

Hi Betsy,

Williamsburg is fairly diverse with the majority of properties leaning toward the higher end as compared to Newport News and Hampton.  You can still find flips and rentals that will cash flow in the area.  Just be prepared to pay a bit more than in the surrounding cities.  Do you have a more specific question?

Kind regards,

Jay

@Christa Kirby Hi Crista, My name is Jay Napier and I live in Gloucester. I have a few rentals now from Yorktown to Charles city. In the middle of a rehab now. Its been awhile since I've been to a PREIA meeting but want to attend. Perhaps I'll see you there. If you want to chat about rentals, I'm a bit obsessed so always happy to discuss. Kind regards, Jay Napier