Updated over 5 years ago on . Most recent reply
Northern Virginia, Buy/Hold/Rent
I read quite a few posts on BP for Buy/Hold/Rent in NoVA. Unfortunately most of these posts are a year or two old (I feel that's old and maybe not-so relevant information, given we are this new Covid economy for almost 8+ mos now). We bought a single family in 2019, rented my condo (in Fairfax) for a year (just sold in October 2020). I unfortunately didn't have enough cushion to weather the non-paying tenant for too long, and apparently I learned it was a challenge to rent out the condo compared to a townhome. My observation in townhome rental market over past year has led me to believe that is easier to rent townhomes in NoVA then any other type of property. I was able to take the equity from sold condo and reduce my mortgage on my SF.
Now, I am looking to refi my SF in beginning of 2021, get a Heloc and invest in a townhome in FFX, PW or Loudoun counties. Any recommendations on how to look for deals? (MLS isn't going to help me, I am open for a bit of rehab [not a total fix/up]). Looking to make some good connections in this market.
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@Nick Shri I agreed with you on town homes. They are a sweet spot although I think small single homes do just as well. The trouble is our area is very tough to cash flow but you can still find creative ways to come close. And condo rentals may be softening in some spots. But do not discount the MLS entirely. I think you have to decide on how you mine it for good deals. Ironically all these sites that people love like RedFin, Zillow, all get fed by MLS.