All Forum Posts by: Stephen Glover

You want someone in the RVA area, understandably. Just wanted to drop in and state that there are several qualified property management accounting companies that can "outsource" accounting and take care of your biggest headaches for less money.  We use Appfolio, so we have only focus on Appfolio-based accounting companies.  We haven't outsourced yet, but have been researching it for quite some time now.  Seems like some legit companies are out there.  Good luck!

@Joel Lomnick Welcome!!!  RVA is a great place.  Tons of good people and great opportunity!

@Amanda G. Thank you!  I'm pumped. Terms are about what I expected, seems fairly reasonable and we will both make money with the right deals.  

Just had my first meeting with a private lender after we were connected by a mutual friend.  We got to know each other over the span of an hour, and I left the meeting with an understanding that he would be willing to finance up to $750K of his money at any given time on my real estate deals.

I'm new to investing and new to BP (although I've been learning from the podcast for some time now). I haven't been going to local REIA meetings and haven't been cold calling investors or offering to pay them to be my mentor :) NOTE: Not knocking REIA, I've registered for some upcoming meetups, but have been using my current network to this point.

My beginner advice to finding money-  Be genuine.  Build your relationships and reputation one friend at a time.  Look for ways to add value, and give back more than you receive.  People sense passion and they invest in it.

Meeting with this private lender has opened a lot of doors.  We are lining things up to begin with my first investment in January.

@Matthew Paul  haha I figured someone would say to keep it out of the family.  We've done other business before, unrelated to RE.  All is well.

Alright folks.  Have been on BP a few days but have listened to 150+ BP podcasts :)  Still trying to dig through many of the forums, but I'm coming down to the wire on this opportunity so I'm asking for some advice!

Background: I just bought my primary residence (future rental, closing 12/17), and now I'm in a position to begin investing. My father-in-law owns 20+ SFH in Richmond, VA, all free and clear except 2. Most of his homes are in need of repair, but will be excellent rentals. The BRRRR method will be awesome to utilize when the time comes on the majority of his homes.

He has one home he wants to sell immediately, however it is one of the 2 that he has a mortgage on.  He has buyers lined up, but knows I'm interested and would rather keep it in the family and we have a good relationship.  He's doing well financially, but I believe he is selling this home to get a chunk of cash- his wife is pushing for a new car!

This home would be a fair purchase at $120K, doesn't need many repairs, and would rent for $1200 with a low vacancy rate.  I own a property management business, so I have that covered. His current remaining mortgage is $65,000.  I want to do this ethically and don't want to have to worry about any banks finding something out (regarding due on sale clause).  Additionally, I don't want to wear him out on this deal with so many others potentially in the pipeline.

Any ideas on how to structure this deal with low money down while taking care of his mortgage and getting him the chunk of cash he wants?

**I also welcome any ideas on how we can structure a BETTER deal if he sells me multiple homes now instead of just that one home. Maybe, by buying more than one, we can cover the mortgage easier, get him the cash he wants, and I could somehow continue with a low money down situation. The other homes likely will need a lot of work and can be purchased well below ARV if that makes a difference with lending strategy.

Appreciate your insight!

Taylor,

I'm not a multi-family investor (yet) but would like to start networking in that space now to be ready when I make the jump.  Would love to drop in as a guest to see what it's all about!  

Tim,

Thanks for reaching out.  I've been in Richmond most of my life, but did live in Ashburn for a couple years.  RE is much less expensive down here!  I'm happy to provide insight as a resource, and there's no pressure to use our services.  Just happy to help.  Also would be cool to have the chance to check out your property in person and to learn more about what you're doing in the Rehab phase, and what you expect to get out of it.  I'll send a DM.

Shera,

Thank you for your welcoming response. I was looking through different meet ups today since I was stepping into BP as well. I plan to attend the January REIA (cannot attend December, closing on a house same day), and I'll look into RING. I also registered to check out RPOA as well.

I haven't employed BRRRR but it seems like a strategy that would be a great fit for my goals. Great to hear it's been working well for you in the local market. Looking forward to speaking more, and hopefully crossing paths at some point in the near future.