Looking to Purchase First Property/Investment
Hi Everyone! I am in the NOVA/DC Area and am wanting to start/build a rental portfolio. I am a licensed Real Estate Agent in VA so the process of finding the homes/purchasing is not what concerns me. It's more so learning the in's and out's of doing things on the investment side. And all the tools that are out there.
Ive got close to 100k cash that I can use towards a down payment on a 1br,1b condo(which seems reasonable and easier to rent near me). And already have a LLC set up for my Real Estate Sales business. Some questions I have are
- Should I create another LLC to be purchasing these homes?
- My Lender suggests I live in the home for a year or so to benefit from the lower interest. This I am not opposed to as the properties I am looking at are very close to where I rent currently.
- Are there any tools out there that could potentially project what the property could rent for? I have MLS access and have been crosschecking the numbers that sites like Rentcast.io provide and they seem pretty darn accurate. MLS is obviously more in depth but for a rough number Rentcast seems to be great?
- Condo prices I am thinking are in the 350k and below range. Thinking a BRRRR strategy? They are mostly older condo buildings so they could def use some remodeling to increase the value. For sake of region I am in the Tysons|Mclean area.
Any advice is obviously appreciated and looking forward to hearing from you all :) Thanks!!