All Forum Posts by: Cassidy Burns

Hi @SeQuann A. Mincy, congrats on getting approved.  Just wanted to give you a few points:

1.) You were approved for a loan up to 450k.  Do know that if you buy an investment property you will need 20-25% down of the purchase price.

2.) If you are buying as your primary residence, you can do 3-10% down.  

Completely up to you on how you would like to spend that $$$ but just wanted you to know the difference.  

Good luck, let me know if I can help at all!

DC can  be a good market if you are liquid.  IF you are looking to house hack a multiunit in DC you may have to go to lower income / less desirable areas.  This is where you have to ask yourself:

1.) Are you ok with living in this area?

2.) If you aren't OK with living in this area, are the types of tenants that you are looking for going to want to live in this area?

I always suggest young individuals who want to get into it , have to live in the city, and only have the cap to put 3-5% down, to buy a condo or even better single family house and rent out the rooms to friends or even potentially AirBnB, if you have the single family house.  

Good luck, let me know if I can help!

I just read this entire thread and I want to say, thank you.  Thank you to everyone that contributed as this has been eye opening.  I definitely fell in the "cash flow or nothing " "2% rule or nothing" type mentality.  But have since learned from my lessons, planning exit strategies, and ready to refocus. 

Great feed.  

Thanks all.

@Brian Ellis , great advice and was definitely the way I was leaning.  Thanks for the input!

Hi BP,

Quick question:

How are you using your $$$?  I am coming onto a larger sum of $$ from 2 flips that will be closing soon and just want to have my ducks in a row.  So I have a Line of Credit on one house that is at 5.75% and has $23,000 left to pay down.  Should I take this excess cash and pay this down to get rid of that monthly payment or should I put it into consolidate it with the rest of my RE investing stash and move on to my next building?  

Just curious how everyone else is distributing their $$.

Thanks

Also, in DC and selling multifamily, its not as much in marketing as it is having the right network of investors in the pipeline that will sell the property.

Its really dependent on the particular neighborhood.  I have seen a few lower appraisals but they are mostly from larger corp America banks.  When an agent is accepting an offer , the purchase price isn't the only thing you should be looking at.  The "team" of the buyer is just as or more important in making sure everything moves smoothly .

@Jason Gottschalk welcome to BP and Washington DC~

@Jaron Walling the appraisal off the initial purchase or the new appraisal from the new loan?

Hi BP,

If you have an investment property that you did the BRRR strategy on but want to eventually do a 1031 Exchange, does the capital gains credit based off of the original purchase price or the new loan on the property?

Thanks!