All Forum Posts by: Joaquin Camarasa

I think it depends, if you are going to be in northern Virginia for more than 5 years, househack can definitely make more sense. If not, probably you are better off investing on the stock market or buying out of state. 

What's the address? I'd be happy to share my thoughts

Hey Blake,

I’d recommend continuing to save and waiting until you have a clearer idea of where you'll be staying for at least 3 years before making any kind of investment. A poor first investment can really set you back.

By the way, I'm based in Springfield, VA about 20 minutes from D.C.if you ever want to connect or chat more happy to do so.

Welcome, Aida!

I’m also based in Northern Virginia, specifically in Springfield, fairly close to you. Right now, it is a challenging market. It is a good time to slowly learn the ropes and define which strategy could work for you. 

I recommend first confirming where you'll be living next year and beginning your research on that area.

I'm not sure exactly where you're currently located in Virginia, but if you're in Northern Virginia, it generally doesn't make financial sense to purchase a home unless you're planning to stay for more than a year—especially if you're not putting down a significant down payment. If you were planning to stay for 4+ years, buying with a low down payment might start to make sense, depending on the specific market and type of property.

Hi Devid, 

You could potentially buy with 0% down with the maryland mortgage program MMP.  You could then negotiate the closing costs with the seller. However, eligibility requirements apply, such as income limits, credit score minimums, and completion of a homebuyer education course.

I believe with the MMP there is a way to avoid the PMI for people with disabilities. Best would be to talk to a local lender.

Some condo associations allow for 6 months leases. The average stay for MTR in our area is 3 months. I don't think MTR is a good strategy for condos due to this limitation. In terms of the monthly condo fees you need to look at the finances of the association as a whole and try to estimate future projections or potential special assessments.

Your approach sounds reasonable. You’re covering all the key points, proper notice, screening of any replacement, and maintaining tenant responsibility until a new leaseholder is officially approved. Just be sure to get everything in writing including any addendums to the lease and you should be good to go. 

Make sure the current tenants understand all the conditions needed for somebody to be approved as replacement to avoid drama later.

Enhorabuena Ale! Thanks for sharing your story. Excited to see where your leadership takes this great community.

Muchos exitos! 

The biggest challenge with out-of-state investing right now is also making the numbers work. You also need full trust in your agent and contractor, things can go wrong fast if details are missed. Bad tenants or big early expenses can cause a lot of stress.

I have a property in Colorado, I initially bought it as a househack, now it's rented (managed by a close friend) and two here in Springfield, VA that I manage myself also bought as househacks. It works because I knew what to expect when I purchased so I prepared accordingly.

I’ve seen people chase better returns in riskier markets and run into trouble. If you go out of state, be there for the purchase and really learn the area to avoid surprises.