All Forum Posts by: Tom Fisher

Hi Ricky,  
in the DC area the Go-to REI meet up is Traction, run by Tom Zeeb. His niche is wholesaling. Here in C-ville there are still some beat-up bargains but you'll need to work to find them.
And yes,  start with a house hack and keep learning.

power on

Check out David Greene’s brokerage.  The1brokerage.com. Someone there should be able to advise you.

Yes,  keep the obsession, read widely, go work for a contractor /realtor / investor, don’t over estimate the value of a degree, (especially an expensive one) and hone your BS detector. College may dull it. Be about something wild and fun and positive.

A work-around.  Find a rental in a desirable neighborhood and air BnB it.   (Be sure your owner is on board and be Very sure that the city zoning ordinance allows it.  ). Use your $5k to appoint it well.  Get super host status and add properties.  Go big (5+ Bedrms).

With all the Hedge funds and out-of-state investors buying SFRs, there is a boots-on-the-ground vacuum for good SFR management.

Once you learn the ropes and build up some capital, then you can buy safely.

Investment Info:

Small multi-family (2-4 units) other investment in Charlottesville.

Purchase price: $135,000

Project is an upscale design/build 5,000 SF townhome duplex under construction near the University of Virginia. Land purchase of a 0.11 acre, R-2 lot was used as downpayment for a conventional mortgage. Initially, the back unit will be the Owners' home and the front unit will be a 5 bedroom 3.5 bath Air BnB or short term rental in compliance with City zoning for transient stay rentals. Project is also designed as a "net-zero" solar powered development.

What made you interested in investing in this type of deal?

As an architect, the opportunity to design and build is a natural progression after having completed a series of buy and hold fixer-uppers

How did you find this deal and how did you negotiate it?

The lot was found in the MLS and an offer was made 5% below asking, and accepted.

How did you finance this deal?

Conventional. After the land purchase, for cash, the design drawings were appraised and the selected builder was qualified by lender.

How did you add value to the deal?

Seeing the potential of an odd shaped lot and providing design skills.

What was the outcome?

Project is still under construction.

Lessons learned? Challenges?

Developing requires a great team.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Broker: First Heritage, Mike Bitrick
Real Estate Agent: Roger Voisinet, RE Max
Builder: Chris LeBlanc, NOLA Builds
Legal: Tucker Griffen Barnes
Insurance: Wyant Hunter, State Farm
Accounting: ProVision, Kyle Bauman

Opportunities can be found in Waynesboro,  just over the mountain to the West and about 45 minutes from Charlottesville. Greene County to the north and Louisa and Orange Counties to the east are growing too. Charlottesville has been seeing growth in tech, research, retiree, tourism and urban flight demographics. Its is not just UVA students and faculty anymore.  People have to look outside of Albemarle County and Ch-ville to rent homes under $650 a bedroom.   Google Charlottesville Economic Development and select Business Data.  I've been buying in the area since 2015 but am now building rather than searching for the high priced mediocre properties that come up and would not cashflow.  I did find a 3 bedroom 1 1/2 bath fix-up auction property last year for $107K and there are still vacant places that could be pried from Owners by driving for $$.

Hi Aleksandra,   Nest has a good rep in Ch-ville.  I self manage, too, so can't help either.

  I'd be curious to know what you landed and how the numbers work out.

Best of luck. pls let us know how it goes.

I primarily use PayPal and Venmo. The trouble is that I think they may develop restriction for use into a business account.  I am considering a switch to Cozy or Zillow in 2021.  None of them have fees.   They get their income from holding and using your money for a couple days.

My understanding is that it is a lot of paperwork. You'll need to find an originator that has done these. Call Blane Stewart at NFM and talk to him about FHA. He'll give you a straight answer. 540 717 6237

I concur with Sean.  I invest mostly inside the Charlottesville by-pass and units are in high demand.  Check with Roger Voisinet at RE Max he in an investor in Ch-ville and a highly regarded and proactive Real Estate agent.