All Forum Posts by: Nicole Hunt

Investment Info:

Single-family residence other investment in Norfolk.

Purchase price: $65,000
Cash invested: $98,000

Just closed on our refi on our first BRRRR project in VA. We bought the property for $65K in late March, spent $33K on renovations. We have had it rented for 3 months now at $1200/mo and cashed out $109K. With our new mortgage our cashflow is now is about $350/mo. There were of course some delays due to the riots earlier in the year and weather of course, however it turned out to be a great investment and learning experience for my husband and I. I would high recommend this strategy!

What made you interested in investing in this type of deal?

The income potential to fund future deals.

How did you finance this deal?

Cash

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes Shannon Ward of AtCoastal Realty in Norfolk.

Thank you for all your responses. My PM's do track in each state. I was looking for something to merge them together for myself. I started using Google Sheets and it is doing what I need for now. I will be looking into Cloudbooks as well.

My husband and I own 5 doors in TN and they are all managed by the same company. We recently ventured into VA and are in process of purchasing 2 more doors. They will be managed together with a property manager there. I am looking for a user-friendly platform to keep track of them all in one place. Any recommendations?
I recently signed up for the trial on Landlord Studio, anyone use this?
Is Google sheets enough since I do not manage them myself? 

@Brian G. Clarksville :) it's about 30 miles North of Nashville and close to Fort Campbell. 

Do both! Purchase a duplex to live in one side or large home (with a few rooms to rent out) in the East Bay where it is a bit more affordable, get someone else paying the majority of your mortgage, then buy a cheaper property out of state as well.
I live in the East Bay Area and made the choice to invest out of state since we already had a full house and could not start with a house hack. We have found great success in TN and just started in VA. Once you find a good team of people it gets easier with each rental!

My husband and I just closed on our first BRRRR project in that area and are getting ready to close on a move-in ready rental in the area as well. There are great opportunities out there! I would start by researching top producing agents in the area and reaching out. They usually come with great teams of people they can refer you to. Making these kinds of contacts has served us very well in both TN & VA.

I was a signing agent for a couple years & continued after getting my real estate license for a short time. It did help me learn about the paperwork that is required in the closing of a real estate transaction. 

One thing I wish I would have know starting out - Depending on how closings are handled in your state, whether that is title companies or attorneys, make contacts with those that schedule signings for the office. When you do direct signings with them not only do you get more jobs, all the paperwork is printed and ready for you when you arrive. When working with an online 3rd party scheduler, most often you will be responsible for printing and prepping the paperwork which can be very time consuming and even costly at times. Also, the 3rd party schedulers obviously have to make their money too so the jobs don't pay as much. It's definitely not a bad side gig!