All Forum Posts by: Thomas Fortune

@Herman Hall - are you doing vacation homes or primary residences there? When I started this thread originally I had an opportunity to buy in North Ridge in nags head, and wasn't really sure if that was a 2nd home neighborhood or primary.

Call other other local banks. Prepare your financials just like you would if you were any other business seeking a business loan. Don't call the bank and ask "do you do this". Call and ask to a commercial lending person. Tel them about your business plan and ask if they have any options that could help free up capital. If they like you and your business model, they will lend.

@Glenn Tucker - what size buildings are you looking at?

@Tim Gruber Very cool. For what it's worth, my closing costs on the backend have averaged around 10% of sales price - 6% in agent commissions, 3% in buyer closing cost assistance, and 1% in miscellaneous title/closing fees. If you stay on budget and on time with reno, and successfully find a buyer at your target ARV you'll still be in good shape on the project.

congrats! Couple questions:

What neighborhood? Park place?

What do you estimate your holding & closing costs to be? 

Thanks @Sean Ploskina I'll check them out.

Any recommendations?

Has anyone gone through the process of applying for the tax credits associated with renovating in a historic district? Question I have:

1) How difficult was it to renovate to the historic architectural standards?

2) Did you receive the entire tax credit you expected? (In VA, eligible properties can get 20% state credit and 25% federal credit)

3) How much longer did the renovation take compared to a similar non-historic renovation? 

@Pete T. - I may be able to help, my day job is with a lender based in VA. What specifically are you looking for? And what has been the issue with other lenders you've tried?

@Norman Campbell - A couple questions:

What kind of rent/price ratio are you looking for?

Class of neighborhood?

Looking for a rehab project or something that's already ready to go?