All Forum Posts by: Roberto Costa

@Adam Schneider.  I'm looking for financing for my deals as well.  I've been doing flips and rentals since 2013 in Virginia and South Carolina.  Should I send you specifics to your email?

@Justin Pierce Welcome to HR area. For your flood issues, I personally work directly with my RE agent and avoid any areas in or extremely close to a flood zone. He's given me enough access that I can check properties daily in the MLS and check off any properties in a flood zone. I've been pretty successful in the Portsmouth area but you have to buy it correctly. Just recently closed on a short sale for $140K (ARV $210-$215K) and got it rented in 12 days.

As @Patti Robertson mentioned, Norfolk is really good for rental property...but I'd stay away from the historical districts...too much of pain in the know what with renovations.

@Antoine Martel

I'm mainly staying in the $140K-$160K range.  I've got about $20K to spare per property so using 10% down let me buy it for $16K and I have about $4K for repairs if needed.

I am a RE Investor in the Hampton Roads area that has been doing buy and holds since 2013. My FCU was letting me buy the properties 10% down, 5/5 ARM, No PMI, 3.75% APR. They were financing in house. Unfortunately, yesterday they told me they discontinued that program. I'm looking to find another lender looking to do the same or very similar. The key for me is not putting more than 10% down. I'm ok with an ARM or 25-30 year mortgage. Anyone out there that could help?

I just purchased last property in May 2017 with 10% down, 3.75% APR and no PMI. My lender is not offering that anymore so I'm looking for someone else that offers something similar that I don't have to come up with more than 10% out of pocket. Any leads out there? This is for the Norfolk/Va Beach area.

I've been using ABNB FCU in the Hampton Roads area to fund my buy and hold properties. They required only 10% down and no PMI. Today I was told that program might be going away. Does anyone else have a lead for other banks that might do the same?

Details:

Loan is 5/5 ARM

Last Purchase made in May 2017

APR: 3.75%

10% Down payment

NO PMI

I've purchased homes both on Auction.com and Hubzu.  Auction.com took forever to close...something like 50 days where Hubzu was pretty quick 30 days.  I would recommend using your own title company.

@Tylor Hindery

I ended up sending all my attorneys 1099's and my contractors.  From what I understand if I paid anything thru a credit card, the credit card company will send a 1099-K to the responsible party.

@Aaron Z.

I do not but I know where Douglas Park is at....high crime area so I don't mess with it.

@Patti Robertson

Amen!  Completely understand your point.