All Forum Posts by: Alvaro Arango

Jeff Bridges thank you very much for this information. This is very useful!

Hello everyone, I’m moving out of my condo. I’ve been reading some of the forums. Do I need to get a rental license in Washington DC? Can someone share some information regarding this. Thanks Alvaro

@Sebastian E. thank you very much for your input. The total of $2700 includes everything. Which I will break even. I will be moving at the end of year. 

I know a few investors who are buying  in Anacostia and I think it's def a great market. I've also been looking into Baltimore, I think it has a lot of potential but I don't know the neighborhoods that well. Let me know which areas you are thinking, maybe we can bounce ideas off each other. 

Also, I will def keep you in mind about the Roomate situation. 

Thanks

Alvaro 

Sara N. Thank you very much for your input. I'm thinking about moving soonish or finding a second part time job to save faster for the next property. Indeed, Real Estate is very pricey and competitive in the dc area. Are you also investing in the dc area?

Thanks @Deshawn Lewis. This is currently a 1 bedroom condo close to H street. So I think the only way make this work is move out and rent out. I might break even but at least I would have someone paying my mortgage. One of the issues I'm having is regarding the FHA loan. I purchased this condo with an FHA loan and I'm not sure If I wait to wait a year to be able to rent it out without issues. I have heard conflicting stories on both ends.

Thank you @Russell Brazil for your input. 

@Jim Sakalis. I currently pay $2400 + $380 for the HOA. Not to mention, I also have school debt around 1K monthly. I feel that if I have free up my mortgage payment and move to a different area, I can save money faster and have the flexibility to start investing earlier. Any thoughts?

@Jim Sakalis Thanks for your feedback. I did check with my HOA and we are allow to rent out the condos if the rental to owner ratio is below 50%. Which in this case it is. I'm not sure if I should move out now or wait 6 months to save more money to move to a second property.

Thanks

Alvaro

Hi BP,

I currently own a condo in Washington, DC but I felt it was almost a mistake. I bought it before I knew about BP and what I could have done but I have to move forward. My mortgage is pretty high but I was able to save some money to put down for another property but I'm not sure what I should do next . I have a couple of ideas. 1. I would like to rent my current condo and move to another (cheaper) part of the city and buy a house with roommates in about 1 year or so or 2. Should I invest right now in a second property?. I need some ideas, thoughts or anyone out there has gone through a similar situation?. I'm not sure what will be the best next move. Thanks for the feedback. 

Alvaro

Hello everyone, 

I started listening to the bigger pockets podcasts this past month and very excited to get started. I have been interested in doing real estate for the last year or so. I currently bought a condo in Washington DC. I've throwing ideas around regarding increasing cash flow. One, is to move out next year and rent it out my condo or  start investing in duplex/quads family housing. Any recommendations out there? Suggestions? Any tips will be greatly appreciated. 

Thanks,