All Forum Posts by: Jordan Scroggins

What's going on JD! I would post this again in forum for New Member Introductions instead of Classifieds. It would also be helpful to do a little more research so that you have a better idea of where you would like to start. 

Have you come up with a buy box? 

Asking some lenders what they would need to prequalify you would be helpful as well, unless you're investing with cash.

I see that you said that you are looking for deals. What type of deals are you looking for currently?

Hi Kate! Syndications sound awesome. In a way, I have done this by working with family. Not the exact syndication model that we all hear on Bigger Pockets. I have taken down a property using partial seller financing as well.

Is the goal to build a company that acquires single family and small multi family where people can invest?

I was thinking recently that having partners and being the person doing all of the work on a smaller scale is similar to a "Syndication" but I know there are a lot of rules and regulations around that depending on whether you are advertising for a security or real estate.

What has you interested in going the syndication route?

Hi Ana! We never know what we have until it's gone right? If you've already purchased properties before then you are way ahead of the game! 

Are you a W2 employee now? I'm asking because I didn't know if you are thinking about using the Real Estate Professional tax status to help offset some income.

I own several properties in Richmond city. We took some massive tax cuts doing exactly what your post was talking about. Bonus depreciation is great but phasing out, as you may know.

It's a little tedious to come up with a detailed strategy but I would say it's the best way to go! 

If you're W2 then Short Term Rentals may be the way to go. Which route are you thinking of going?

Hi Hussein! Congratulations on taking the first step! You become an investor as soon as you make moves to make it a reality.

I'm a Realtor and Investor in Richmond, VA. Have you picked an area/property type and size to get started with?

Good luck on your journey!

Quote from @River Sava:

@Jordan Scroggins do you know of anyone? 

Thanks for the mention River! I would check out either Awning or Stayfair for RVA area. Property management on a local scale for MTR and STR is harder to come by but both of those companies are highly rated/referred.

Quote from @River Sava:

Hey Michael, 

@Jordan Scroggins might be able to help you out here! 

Hey there! Thanks for the intro River. 

Michael, check out furnishedfinder.com/stats

Type in your zip code and you’ll get a good bit of data on what people are looking for.

Then, I would go on furnishedfinder.com and look around as if you were wanting to rent a MTR yourself. You’ll get a good look at your comparables that way.

I would be glad to point you towards some more resources if needed. Happy Renting!

Investment Info:

Other commercial investment investment.

Purchase price: $375,000
Cash invested: $14,000

3 Unit (Triplex) that we are working on developing into a 6 unit Commercial Mixed Use.

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

Location, Location, Location.

How did you find this deal and how did you negotiate it?

MLS. We negotiated back and forth with the listing agent for about 3 weeks.

How did you finance this deal?

Direct Lender and Seller Financing.

Hey Danny, a lot of our friends here are pretty on point. I didn't see that you specified not going into the Greater Richmond area, outside of the city limits. You will have better luck there or in areas like Northside, East End (Church Hill area), or Southside. Each of those areas have their own redevelopments going on. 

As far as approaching agents - look for ones that are on Bigger Pockets or other investing platforms. Many of our agents in CVR MLS do not invest or care to know about the ins and outs. They just sell houses. Ask them two important questions if you have a chance to connect: Where do you currently invest? Also ask, "What strategies do you think work best in this market?"

Good luck to you!

Richmond, VA is a hotspot for multifamily. Good turnkey multifamily inventory doesn't stay on market longer than 3 weeks at most. The weaker areas sit a bit longer. The ability to get into multifamily and bring in some more cash flow via a medium term rental has made the interest rate environment less relevant. If you have 3 or more units, you can also make one of them a short term rental in certain zoning districts.

Investment Info:

Other commercial investment investment.

Purchase price: $715,000
Cash invested: $11,000

4 Unit Building that we are adding another unit to and renovating the rest of the building. Previous owner held building for over 40 years. Mixed Use Building in a prime district in Virginia's capital.

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

My family and I wanted to make an impact bigger than just buying a piece of real estate. This is a chance for us to breathe new life into this corner in The Fan District.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS. We negotiated 300,000 in seller financing. In the beginning, the seller was not interested in seller financing but time went by and the price continued to drop.