All Forum Posts by: Matthew Maggy

Robert Kiosaki says "Work to earn, don't work to learn." I work for a construction company and am learning the Project Management side as well as materials and methods for renovation. I'm also making great connections with investors, the City, Agents, contractors, tradesmen, and all manners of real estate related folks.

Just a thought: you might ask them to sign something relieving you of any responsibility for what was not done to Dept of Interior Historic Standards prior to your acquisition of the property and that you don't have to make any corrections to previous work. 

This is just spitballing, I don't know if this is something that's even legally possible.

Also I agree that I think your agent is more concerned without closing a deal than getting a good deal for you.

I would just ask the locality about the zoning issue and see what they would need to be able to zone it as a Tri-Plex..

I'm looking for a Bookkeeper for my real estate business as well as my Tour Guide business. I just need someone to do like 4-6 hours/month of bookkeeping. Anybody know someone?

Not really. $900 would be a low end guess, but I don't know that part of town super well. Try Rentometer.com

Also, 4 bed houses in section 8 go for like $1200-1300 I think

Be sure to apply for property tax abatement through City of Richmond. It will dramatically increase your cash flow. Go to the Assessor's office website and pull the form. Basically, you pay $125, they come out before rehab and appraise it, then come out after rehab and appraise it... and for 10 years your property tax basis is frozen at the pre-rehab assessment.

I have a property of E Broad Rock that I am in the process of BRRRing. I probably overpaid a little bit, but not that much and my numbers are similar.

I would count on more money for CapEx if it's long term. For properties in this neighborhood and at this price level, I usually use 17-20% (about $160/month). If you do the math on these things, it works out to a lot more than 10% cap-ex. Capex as a percentage of sub $60k properties is a higher percentage than on more expensive ones.

I've had good luck with Section 8 tenants so far. And with many lower level jobs automating (see the Southside McDonalds) the lower income tenants are at risk of losing their income.

The house looks great, but I tend to agree with @Mike Roy There's a good possibility you might get caught with your pants down at some point unless you put more money/month away for CapEx. If you plan on selling in 5 years, you may be fine, but once you get around to 7-10 years you will have some issues.

I don't do direct mail, but I suppose the question is how can you either screen those out? Or how can you turn that conversation to go your way?

BWB Construction.

I got a blower, pump, ducting, vents, etc. for $6k on a 3/1 1000sf property.

Also, ARV depends on the neighborhood. What part of town is it in? What street? I've seen flips similar to this sit on the market for a while.