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All Forum Posts by: Tyler Daniel Flinchum

Tyler Daniel Flinchum has started 0 posts and replied 6 times.

Post: Hello from South West Virginia

Tyler Daniel FlinchumPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 6
  • Votes 6

@Alyssa Perez Leal I’m happy to help too. I work for a contractor so I’ve never really had to meet any, but just picking up the phone goes a long way. I’d be happy to talk more about this on DM if necessary.

As for appreciating newbies, I’d say find some way, any way, to help the investor whose brain you’re picking if you really want to impress them. It doesn’t have to mean bringing them a deal (which is maybe the ultimate winner) but can just be using your network for something even if unrelated. People like to have problems solved for them and they won’t forget it. In my experience, however, people appreciate ambition and interest alone, and chances are they’ll give you a lot of helpful information just for reaching out.

Hope this helps.

Tyler

Post: Hello from South West Virginia

Tyler Daniel FlinchumPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 6
  • Votes 6

I'd second @Cel Arrington and @Jeremy Hart and say focus on Christiansburg rather than Blacksburg, which doesn't really behave like SWVA in general because of that excellent University there that draws all kinds of out-of-state money. It's really hard to find buy-and-hold deals that cashflow in my experience, so it's more of an appreciation/cash lockup play. Plus, there's a weird preference among some landlords who just love owning college rentals, which bids up the prices even more. I went to college in Blacksburg and never saw a rental house that was taken care of. The parents are usually paying the rent, but the houses get destroyed and you have a 0% chance of getting a long-term tenant, which is where the real money is made. 

I'd also say that setting up an LLC isn't too hard and there are great guides online. I've never used a lawyer to set up my LLCs but I would if I wasn't comfortable. It's definitely nice to have an accountant who is familiar with real estate as well.

Post: Hello from South West Virginia

Tyler Daniel FlinchumPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 6
  • Votes 6

Hi @Kyle Nield @Cel Arrington @Alyssa Perez Leal @Dustin Morris.

I'm a landlord and builder in Roanoke with experience in rehabs and flips as well. Glad to see other people talking about an often-overlooked market on here. From what I'm seeing deals are still pretty hard to come by right now and properties going over asking is still common. For one data point on collection: we're doing fine. Actually since Section 8 was mentioned, I'll say that the only tenants not paying for us are those on Section 8 with partial rent due.

Let me know if I can help any of you in any way, I love the dialogue.

Post: Owner Finance - Buying a Duplex from a Family Member

Tyler Daniel FlinchumPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 6
  • Votes 6

Hi David. Just recently dealt with a similar situation (grandma is selling me her house) and ended up not doing owner-financing after much deliberation. 

As to: "What things do I need to do or think about before I approach her", Here are a few top-of-mind: 

- How will owner financing benefit her (i.e. why would she do it)?

Dealing with family and owner financing can go sour from a personal standpoint pretty quick if someone feels wronged. Especially without a down-payment, unless she really wants to help you out, you'll need to convince her that it's worth her while. 

- Price, interest rate, loan term.

Can you give her more than she's getting on the open market? ("She isn't getting the price she wants.") How much will you pay her to lend? Usually owner financing carries a higher interest rate than a mortgage. How long will the loan be for? How old is your aunt? 

Relatedly:

- What happens if she passes away and you haven't paid the property off yet? 

You don't want to be in a situation where the estate gets the property and they have the choice to either allow you to keep paying them off or sell it now, because the latter is usually what people want to do and you don't have any say. Obviously this is a lawyer/contract issue to be sorted out with them.

Hopefully these things get you started down the right path. The conclusion I reached for my situation was that it wasn't worth messing with family relationships or long-term uncertainty with property ownership, but it may be completely different for you. Hope this helped! 

Post: Rent in SFR vs multi family properties

Tyler Daniel FlinchumPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 6
  • Votes 6

Hi Katie! I'd say there is no hard and fast rule about SFR vs multi-family rental rates. It's highly dependent on market, location within market, etc. One thing that will make a difference of course is bed/bath count. For instance, multi-families often have 2-bedroom/1 bath units and it's easier to find 3 bedroom/1 or 2 bath SFR. For a single data point: in my market, they're close. That is, a 2 BR/1 Bath unit in a duplex will rent for close to the same as a 2 br/1 bath house in the same neighborhood. Rent-o-meter is a good baseline, but if you really want to find out a target rental rate for a certain property, try calling a property manager that has units in the area (look for signs in yards) or you may even be able to find listed units online. Hope this helps!

Tyler 

Post: Already own a home, low on cash and want to buy a rental.

Tyler Daniel FlinchumPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 6
  • Votes 6

Hi Michael! I'd Second @Bob Okenwa, but you can actually use a HELOC and a cash-out refinance for maximum effect. First get approved for a HELOC. Then spend many hours on these forums and BP articles reading about picking the right deal. Buy the rental with the HELOC with room for rehab left on the line. Rehab the property and get it rented, then cash-out refinance into a conventional/commercial loan and pay the HELOC off. Repeat this a few times and you'll have a portfolio.