All Forum Posts by: Stephen Lynch

This all makes good sense. How did you find a particular area that made sense & agents within those areas?

@Jeffrey R. White Thanks, I'm going to read this as well.

@Theresa Harris Gotcha, assuming you have a property manager to offload finding the tenants, collecting rent, coordinating repairs etc?

Hello,

I live in Virginia Beach where it's not the easiest to find cash flowing properties (homes are expensive, rent is fairly low). I'm considering purchasing outside of Virginia but I currently have a fear of the unknown.

1) Having to find a broker, agent, property manager, etc. 

2) Finding a location that I can confidently buy and rent. In VB, I know the neighborhoods, rental costs, etc. 

Has anyone dealt with this before/how did you get over it?

Thanks, 
Stephen

Thanks! 

Thanks for the feedback, @Patti Robertson. I couldn't find TinyMax anywhere. Do you have a link to their website?

Hi all,

I live in Virginia Beach and it’s been very difficult to find new cash flowing properties lately for a decent price. I’m reaching out as I’d like to explore finding properties out of state. I need to find reputable agent and a broker in whatever area meets my criteria below.

Less than 250k property
20% down (50k)

Prefer to avoid HOA, but I'm not against it if the numbers work.

Up and coming cities, good job market etc

Must be in a good neighborhood/quality schools. 

2-3 bedrooms

Targeting $400 a month return per month (between cash and equity). Not accounting for misc. repairs and vacancies.

To be fair - nothing has been too excessive and you make good points.
Damages thus far have also been paid mostly by the tenants for things like spills onto the carpet or the person who backed into the garage door O_O.

All,

I already put the lump sum on the loan to remove the PMI and now it's eligible to recast. Right now the loan pay off date is 2038 (19 years). If I recast it brings me back to 2045 (26 years). That's what I mean by extending the pay off date so to speak.

Sounds like everyone agrees recasting is the best option. 

@Scott Westfall Maybe not - given the rising sea levels. I could see selling it in 20 years (6 years from its pay off date). 

@Andrew B. Yep, definitely would try to buy another. Hard to find a good cash flowing property right now in Virginia Beach. I don't hate STR but definitely more work!