All Forum Posts by: Pete T.

could still do a 1031, but in a lot of cases people would rather use the tax free exclusion if they lived in the property 2 of the last 5 years.

Jason welcome to the site- its great to have someone w/ all of your knowledge and experience in the Va Bch area participating on the site.  BTW, I expect to close on that property today, but it is a teardown.

Kyle, what areas are you looking at? Have you considered leveraging your VA loan to buy a MF?

You won't be able to finance the rehab w a va loan and depending on what needs fixed, might not even be approved for use.  What is the end goal in the purchase?  What I would look for in a flip and hold are different and most likely in different neighborhoods here.

Other things to consider:

-More people to deal with

-More empty times to fill (weekly and daily is a job if someone else isnt doing it)

-More overhead (purchase, furnishings, cleaning, cable, utilities, insurance, etc)

Some place the amount you can make makes it worth it.

Check the small banks and local RE groups- Im sure youll find something.

Do any of you work with builders in the Virginia Beach area?

@Rusty Thompson I thought the Modular homes were typically cheaper than having a house built?

A motivated seller w/o a ready for retail property.

David where did you find the property?  If you are looking to buy at 70% you might have to look somewhere else.  Michigan is probably one of the best places to buy for cash flow.  I let one slip by that I could of had for 15k in a pretty good area.