All Forum Posts by: Jon Deavers

Thanks Patrick! I'd be happy to help.

I'm also overdue for updating that... About time for a new neighborhood profile. :)

Richmond is definitely solid as a buy and hold given all of the economic development happening here and in the surrounding counties. Not just college driven, though being near U of R, VCU, VUU, and VSU definitely doesn't hurt. Speaking of VSU, the tri-cities area of Petersburg, Hopewell, and Colonial Heights is also a good place to look considering the proximity to Fort Lee and the numerous industrial/manufacturing employers in that area. 

It sounds like you're playing with fire here. 

I would consult with your local and state associations to verify what is allowed within the DPOR regarding assignment of contracts. Most associations have legal counsel that will provide a certain amount of guidance over a hotline.

As far as disclosing your agency, the answer is definitely yes. You need to disclose that you are a licensed agent in your state. I would think you should also disclose that and your brokerage on any direct mail you send. Trying to mask it under the name of an LLC is deceptive and fraudulent. I'm not a lawyer, but I would think you could easily be charged with improper dealing for trying that. The reason laws require you to disclose that fact is to inform the general public that you have more expertise and knowledge of the business and therefor may be negotiating from a more advantageous position.

I would suggest rethinking the wholesale strategy and trying to list homes you find with your campaign or holding off on the campaign until you relinquish your license.

Hi all!

Please follow the link below to see the listing details for a new listing just hitting the market. 

My client previously had the property rented out for $700 per month. Rentometer places average rent for area with a 2bed at $661. 

We're also priced under the current tax assessment at $59,000. 

Recently renovated and ready to move in including all in-house appliances. 

Located in a quiet B to B- neighborhood just west of the up and coming Manchester district in the city of Richmond, VA.

Feel free to reach out or post below with any questions and I am happy to work directly with you or with your buyer's agent. 

Great opportunity for a turn-key investment. Just need to close and list it for rent!

http://bit.ly/1CIG9Jo

Hi @JIm Simmons 

Welcome to the site from the west end! I would also check out the Bigger Pockets book on low/no money down investing. I believe you can find it under the resources tab under "store". Haven't read the book yet, but I've listened to all the BP podcasts and the guys do a great job gathering info and relaying it in an easy to digest for beginners fashion. Best of luck and feel free to reach out and talk shop!

Hi @Adam Stanton 

I'm meeting with an accountant from the Richmond area this week that was a recommendation from our local REIA. 804-514-3506 Mark Stewart, CPA.

Hey @Kevin Corbett 

Welcome to the site from just the other side of Broad St! Feel free to reach out sometime and we can catch up for coffee and talk shop.

Hey @John Rubino 

Congrats on the success of your business! The RE market is definitely heating up and it's as good a time as any to jump in and build a business but I do have a couple words of caution:

1) Being an agent is just as unstable as hard money lending. I would venture a guess that it's even more unstable since there's agents all over the place but precious few good hard money lenders. 

2) There could be some conflict of interest issues that arise from trying to operate both businesses. You should check with your attorney to understand the risks. Most institutional mortgage professionals are not allowed to hold licenses for both sides of the business due to conflicts of interest.

I would focus on building the lending business and bringing in investors to help fund more deals. There's tons of people looking for dollars to fund projects and very few people handing those dollars out. Could fill a big gap in the market.

Best of luck in whatever path you decide to take!

Hey @Mike Slugg 

You can check out a local REIA and see if you can find deals there. I know our group in Richmond has a "Deal Maker" session every month where people are able to stand up and pitch any property they have for sale to a large group. You could also start networking with wholesalers, although I would keep your agent in the loop on what you do just to preserve the relationship. It all depends on the market in your area and what's available on MLS/off market.

Hi @Ruth Samonte 

I think you're on to something. If you listen to the Bigger Pockets podcast, Brandon Turner has some great tips and recommendations on starting out with a small multi-family and living in it while renting out the other unit(s). It's a great way to have someone else pay your mortgage for you if you can find one at the right price and in the right place.