All Forum Posts by: Pete T.

I would get everything in order- collections, budget, savings before venturing into RE.  too risky w/o a net.  I'd think twice about to 10k place on A ave in Norfolk.

Read through the Virginia Landlord and Tenant Act.  Most of your answers IRT deposits and what you can and cant do are there.  Becoming familiar w/ the laws and customs are step 1 of your due diligence.  I have not owned section 8, but I wouldn't look at it as an easy fill, bc I can just as easily fill my place no problem just placing anyone in.  The key is screening.  Although there are a lot of people are successful w/ Section 8 and there are many benefits, it is much easier in other neighborhoods dealing w a more responsible tenant with more to lose.

3 hrs is too far.  If you are going to do that, you might as well look for the best out of area options.

I agree w/ family first and it is probably a little better for both you and your family for you to do a few deals on your own first, which will make everyone more comfortable.

Where are you looking to buy and what are your long term goals?

@nick what company did use

Don't do it.  if you cant find a tenant w/o multiple red flags, you need to change the way you bringing tenants in or find new places to buy properties.

I think @Joe Villeneuve 

hit the nail on the head.  I think the people that lost their shirts overreached.  The more you have locked into absolutes (what you are going to pay, etc) and better you are prepared for issues (things will come up) the less chance you have of losing.  Everyone will have the own individual measure for risk that will determine their speed of growth, but at the end of the day, the more profitable places you can gather, the less risk you will have at the end of the day.

@Karen Margrave 

Thanks for the input!  Its not that I am looking to build using steel, its more that I am curious why it isn't used more and what some of the reasons were.

There are a lot of things that are important that we want our kids to learn, but there is only so much time.  For the reasons above and many others, I do not think that is something that needs done at the schools.  What I would like to see schools concentrate on is holding a higher standard, remove lousy programs like no child left behind, and give kids the grades they really earned.  It will allow the children to learn better and give those that put in the effort, the ability to standout.  Standardizing and testing can not only show where kids stand put point to holes in the various schools.  Before I get everyone angry- I understand there are issues and drawbacks to all of these things.