All Forum Posts by: Matthew Maggy

Thanks for the link. We're investment hunting today.

Okay. So I see what our options are. I suppose it's just going to be something that I have to work out with the seller beforehand whether it be a delayed closing, buying a tenant out of the lease, or having the owner terminate the lease and waiting. 

The mortgage broker (Frank Acevedo, Prime Lending) that we're using said that the bank may reject it since it's an investment property if there's currently a tenant.

My Realtor says normally the seller just buys out the tenant's lease.

We're going to look at Monday and see if it's actually something we'd want haha.

My girlfriend and I are going to use an FHA first-time home buyer loan to purchase a duplex. My question is that if you need to live in an FHA loaned property, but it's already tented with leases through the next year, can one still purchase this property w/ FHA first-time home buyer financing? Does this nullify a lease or what? I don't want to kick somebody out who is paying their rent.

Thanks all. Appreciate the kind words. What areas of Richmond are you in @Jennifer Jesse. Mostly the burbs?

Speaking from what I've read on other posts on this forum, but not from my own experience.... if the numbers don't look good (which they don't accoridng to most other posters here) and you can't get the seller down, then it's okay to walk away. Don't get caught up in the sunk time cost myth.

Congratulations on selling. If it's in this area, I'm sure you've done fairly. well. Where'd you buy and rehab at? IE: The Fan, Church Hill, Northside, etc.?

Welcome, I'm new from Richmond as well. It's a great place to be at (BP and RVA).

I traveled around the world after leaving Reno and a year in Americorps; and ended up in Richmond, VA a little over a year ago. I started a Walking Tour business (http://www.RichmondTourGuys.com) and I also got a job as an Assistant for a General Contractor that specializes in Historic Restorations (Restoration Builders of Virginia - http://www.RBVAinc.com). I previously had no construction experience, but have learned a lot, which has really come in handy for assessing potential deals.

As far as real estate investing experience goes, I bought a condo in Reno, NV in 2010 cash (I could not obtain credit) which has cash-flowed and appreciated nicely. I'm now looking for a multi-family unit property in Richmond, but deals are getting harder and harder to come by in this very heated market.

If any of you are local, or looking at coming to Richmond, or whatever, instead of buying you a cup of coffee, I'll invite you to come on my Historic Walking Tour for free. If your looking to invest here, I can teach you about the City, or if you're a local, it'll be great to meet a fellow BPer. If you want to come on a tour, just hit me up via Reply and we'll work out the deets.