All Forum Posts by: Pete T.

Joe, it depends on your goals. There are indicators, but no one knows the top or bottom of a market. IMO, if you plan to buy and hold, you need to just get in the game at the sideline to avoid waiting for the perfect time that may never come. Perfect example is a house that I bought at the top of the market for retail in 2006. It dropped way below the price I bought it for and is just starting to approach break even. However, it doesn't really matter if I don't have to sell bc it rents for more than my expenses. Value only matters when you sell or refi and if you never have to, you control that. I would think it would be easy to find a 4 unit that carries all of the expenses and allows you to live in one or close to. An OO 4 unit is the fastest way to grow IMO if you are willing to do it.

Mini splits are a great option in older places w/o duct work, but it all depends on the neighborhood and what the competition offers.

its easiest to include everything in your analysis and roll it into one rent payment to make it simple for everyone.

Why?

What about NNN is a parking place to avoid taxes and hassle?

4 or 10 are standard answers, but the truth is every bank is different, especially smaller local banks.  And there are usually other products to do the same thing that cost a little more when lending tries up.

it only matters that it was a OO when you bought it. You wont get any cash out for downpayment unless you do a cash out refi or sell.

There are probably more places near VB (Hampton, NN, Portsmouth, Norfolk) that meet what you are looking for than Virginia beach or Chesapeake.

Just wanted to bump this up to see if anyone else had anything of worth to add on a rarely discussed topic here.

I would not advise a lawyer, if you are already familiar with the laws.