All Forum Posts by: Sean Ploskina

I would imagine hard money lenders are familiar with a rehab project, but the timeline is what is throwing them off. Some banks will hold money in escrow for repairs that are needed to make it conform to fannie/freddie. I have had conventional lenders do this on a BRRRR.

I have used my PM's staff at Property services of Ocean View for several remodels on rental properties.  On my own home I have used Tidewater Building Group twice.  Once for a new bathroom and another for mold removal/moving water heater and HVAC to expand the pantry.  

I have one place in a flood zone and it comes down to your risk tolerance.  I bought this place because it is on a crawl of over 4 feet high and the numbers were great.  I haven't had an issue in the 4 years I have had it.  The tenants have had to move their cars twice because of water.  

@Jonathan Beasley  HRSD does most of the billing around Hampton Roads.  You can set up your own meters and back bill the tenants.  I just put in my first.  I have done flat fees for water/sewer/trash but this is my attempt to change wasteful behavior

Has anyone else had issues with water bills being way up lately in Norfolk?  I have duplexes that were 150/month now over 500!  They we are using the water but I have meters showing no where near the usage.

@Syed Shah.  It is an area you need to have eyes on the street and block itself.  Areas change very fast in Norfolk and Portsmouth.  Either get a very knowledgable property manager or realtor to keep you from being steered into a bad area

There is a lot in the turn of the last century then again around the 50s.  @Stephanie P.is right about the foundations.  Once you get that 100years old in this area they need to be checked.  Now for me I budget 10% basic repairs and another 10% for capex on just about everything in the area.  Also spend the money on inspections!  

Property Services of OceanView has handled my properties for 9 years now.  Marc will take care of you

@Meryl G.  Welcome to the forums.  Even if you have been around the block a few times there are a lot of resources to educate yourself.

I looked at several in Waynesboro but either the numbers didn't work or the property needed too much work for my first in the area.