All Forum Posts by: Paul Rolon

Thanks for all the advice guys, its looks like its not a good deal, I will be walking away from it. It looks like I need to shot for properties under 100k  around the areas that I want to rent too, might have to do some rehab work.

Thanks again for everyone's input

Getting the price lowered is gonna be hard giving that its a short sale. The current seller bought the house for 180k. Its a great property acre lot, with really high quality upgrades in the house. Its fit more for primary residence than renting actually.

May I ask if the 98,500 purchase price was with move-in ready or where there renovation expenses to it? 100,000 for the areas I am looking at would be so ideal. 

I have a 3% loan 30 year fixed for up to 150k. I am going to put 12,500 down which is 7.5%, i used a VA Loan.

I was able to get a VA grant and the seller to pay all the closing cost. The mortgage is 579.71, taxes 110.38 and insurance is 50. But yeah i didn't even think of the vacancy and the cap exp. After factoring those cost with 1150 my annual return is -0.20%. Yeah this deal sucks. lol Even if I raise the rent to the max at 1,300 my return its only 5.8%. Thank you for the advice this is probably why there is so many similar listings like this one out there.

Hi everyone,

I am currently analysis a deal in Richmond, VA in North Chesterfield. Its a Buy and Hold. This is my first deal, I am doing a buy and hold strategy for a 3 bed 2 bath house around the Midlothian area.

Purchase Price: 150,000

Mortgage with taxes and Insurance: 740

Maintenance cost: 74/month ( had the house inspected and its in really great shape only minor cosmetic things)

Total Expense: 814

Rent Range: 1100-1300 

Expected Rent:1,150

Expected Cash Flow: 336

Is this a good deal? Any advice or recommendations would be really appreciated. 

Thanks Peter, its good to hear that I am strating out as I should.

Welcome John, Richmond is a great place to be, It has nice areas for investing.

Hi every one,

My name is Paul, I am a recent Finance graduate from VCU. I am currently working fulltime as an Accountant for a local bank here in Richmond, VA. I have been reading and educating myself to become a real estate investor. I have found that buy and hold seems like an area I am very interested in learning. I am currently taking the real estate course to get my real estate license based on the advice I have heard in BP. I am hoping to be able to use my corporate analysis skills to be able to analyze real estate deals. Very exited in getting to know other like minded investors in BP and Richmond.