All Forum Posts by: Ben McMahon

Hey Joseph,

   I agree with @Russell Brazil , I think that investing in your backyard is the one of the best strategies to mitigate risk.  I also agree that buying the cheapest property isn't always the best.  I have bought both cheap and expensive property, and most of the time there is a sweet spot.  Find the Frickin Sweet spot and you can make some money.  Not too cheap and too fancy.

Hey Carmelo,

   Where you are in woodbridge is one of the cheaper areas.  Manassas is cheap.  Not sure on the Maryland side. Maybe @Russell Brazil can answer that better

Hi Chase,

 I live and invest in the Front Royal and Winchester markets.  Not sure if you can still get 1% but you can get pretty close in some cases.  PM me if you want to know more.

Ben

Hey Chris, welcome to BP.  I think you are really onto something by starting out in a niche area.  Thats something overlooked by many.  I own rental properties, and can tell you that its a growing market with the baby boomers.  Feel free to PM if you want to chat more or ask any questions.

@Ben Baci Welcome Benny B!  Dump the skins, they will only disappoint you.  (winning the NFC East is not an accomplishment) I have lived and worked in the DC metro area for 15 years.  If you are looking for cashflow, its not a good market.  If you are looking for appreciation, it is.  If you are set on something close, consider the suburban outskirts.  The further you get outside the city the better the cashflow, but probably worse on appreciation in most cases.  If you have any other questions feel free to PM me.  Happy investing

@Steven Torres 

If you are going to do turnkey investing, make sure that you know nothing is completely turnkey.  It definitely doesn't mean that you can just put your money into something and walk away.  Specifically when it comes to the property management.  Granted some property managers are better than others, but they still need to be regularly checked.  You make money on a property when you buy it right.  True statement.  But if you are looking to cashflow, its all about the management.  A couple months vacancy will kill your year, a bad tenant could kill a couple years if you are looking at the overall cashflow performance.   Just my two cents

Whatever you choose to do, make sure that you gain as much from the project as you can. I would get down into the weeds about every detail.  Sometimes when a contractor does a project for you, he just fixes something and you have no idea how difficult or easy the task.  I was a contractor for many years and there is a huge advantage to experience.  If you don't do the work, ask a bunch of questions.  You can learn a lot, and you will be able to use that on the next project.  As a former upstate New Yorker I would also advise you to move south.  Its awesome!

It could be efflorescence, but there are a few more options.  Sometimes you get a type of fungus that attaches to the brick in higher moisture areas.  Either way, like Roy mentioned you should be able to power wash or blast it off.  Than apply a clear sealer and it will keep it from coming back.  It will also stay looking new for much longer.  I recommend you try just using a power washer first since its the easiest and most efficient.  If that doesn't work there are chemicals and/or sandblasting.

@Doug Hill I am new to Bigger Pockets, but it seems like there are a number of professionals to message and ask the specific question. Or utilize the search options and most of the time your question will get answered. If your investing in tax liens you are probably more sophisticated than I am, but I have a real estate attorney that I go to with all my questions. Hasn't failed me yet. I can send you his name and number if you want. Also, he's in Winchester VA, so not that far from you.

@Erik E. I would certainly go in the direction of Single Family. The DC Market has strong appreciation and if you do your homework, you can buy in an area that is on the rise. Also, like David, I would find something that you can add value to while living there. I have advise people to buy a two year home, fix it up while you live in it, and sell it without paying capital gains. (look into the capital gains, it matters a lot when you sell it) Its a great springboard into REI.

  I bought a house in 2009 and ended up using the appreciated equity at least 3 times to buy other investment properties.  You can do a lot as long as you get in the game and do something.  Good luck, if you need advice I live only an hour from you.