Placing High Quality Tenants
Placing High Quality Tenants | 4-Step Verification The key to placing high quality tenants is simple and complex. The principles behind our approach is simple, but the process requires follow through and a detail-oriented mind set. At Snipes Properties, we use a 4-Step Verification Process. 1.) We run credit via Trans Union, one of the [...]
Should I Put My Rental Property in an LLC?
Here is some great information from Steven McDonnough, who is a Financial Consultant that we work with. His article clearly outlines the benefits of owning any rental property in an LLC. Many investors don’t put their properties into an LLC until they own several properties, and for some clients there may be reasons not to, but [...]
Doctor Loan/ Physician Loan – Buying Commercial Real Estate in Richmond Va
I just got word about this Doctor Loan or Physician Loan for use in buying commercial real estate. Basically, it’s a loan product specifically for Doctors and Dentists in the Richmond Va area being offered by First Community Bank. I ran into Kevin Ford, a lender with FCC, and he gave me the lowdown. Basically, a doctor or [...]
Duplex Buyer? Check out Homepath program.
If you are thinking of buying a foreclosed Duplex in the downtown Fan District of Richmond, Virginia that you want to live in or owner-occupy, check out this loan program through BB&T. The property must be a Fannie Maeforeclosure through the Homepath program, but you can get 97% financing with no Mortgage Insurance! Check it out: FANNIE MAE HOMEPATH MORTGAGE BY TRACY WARD, [...]
Smart steps to taking out a second property mortgage loan
Are you planning to take out a second property mortgage loan against your property? Well, when you’ve taken out a first mortgage loan and have started repaying it, you accumulate enough equity in your home. The amount of loan that you repaid is the equity and you can again tap that equity when you want [...]
How to Invest in Real Estate with No Money Down?
I’ll get this over with quickly. There is no such thing as Investing in Real Estate with No Money Down. Ok. Ok. Sure, I’ve seen deals and done deals where the investors didn’t put any capital into a deal. So, yes, in one sense it is possible. But, its not like it sounds. You can’t [...]
Real Estate Investing in Richmond, VA 101: Ready to Profit?
Let me start out this post by dispelling some common misconceptions about real estate investing, especially in the Richmond market. There is no such thing as “No Money Down” or “No Risk Investing”. These are hook lines created by nationwide telemarketers and to sell people books, cd’s and educational programs about real estate investing. Many [...]
Real Estate Investing in Richmond, Virginia: Cap Rates and Market Value
When dealing with multi-family properties especially in the Richmond, Virginia market, the only metric that really counts, is the income vs. cost approach. Buyers and investors of multi-family properties in the Richmond, Virginia area are looking for a specific ROI or Return On Investment. They want to purchase a property at a given price and have [...]
Real Estate Investment Property in Richmond, Virginia: Cap Rate
A look into the most recent (January 2010 through September 2011) triplex and quads in the Fan area reveals a relatively tight cap rate range of 5.41% to 8.52%, and an average of 6.51%; removing the highest and lowest rates brings the range to 5.72% to 7.17% and lowers the average to 6.31%. To read [...]
FACTS ABOUT VIRGINIA’S HISTORIC REHABILITATION TAX CREDIT
The state Rehabilitation Tax Credit has been in effect since 1997. Modeled on the highly successful federal rehabilitation tax credit, it has already spurred private investment of over $316 million in the rehabilitation of more than 264 landmark buildings. But the benefits of the rehabilitation tax credit extend far beyond historic preservation. The credit is [...]
