All Forum Posts by: Cassidy Burns

Welcome @Eugene Cho

Thank you @Debbie W. and @Christine Kankowski I have asked the tenant for proof of deposits!

Hi BP,

I just had a new tenant apply for one of my rental properties.  Older gentleman, very nice guy and checks all the boxes that he would be a great tenant, BUT.... I have no way of verifying his income.  He is collecting a check from social security and then has retirement income as well.  Any advice on how to verify?

Thanks in advance.

@Rhonda Harrison agreed with @Russell Brazil.  Yes investors are actively purchasing but in my opinion it is good for the district's economy.  With growing population, taking a single family lot and putting it to its highest and best use, based on zoning, is giving more individuals the opportunity to move into the area.

That being said, there are still plenty of ares that the middle class can purchase.  Once they purchase it is a great opportunity for them to begin to generate wealth as the developers/investors help their property appreciate in value by increasing the comps.

5-10 years down the road they will be extremely pleased that they purchased when they did.

Hi BP,

A little late, I know, but I am interested in how everyone answers.

1.) 2017, how did it turn out for you?  Goals achieved?  Did you surprise yourself?  Maybe it didn't turn out like you wanted....

***Which leads me to question #2

2.)  What do you want to accomplish in 2018???  Let me learn some big goals!

Hey Lisa,

You have many options:

-Continue to Buy and hold

-Convert to condos and sell.

-Sell as-is , 1031 Exchange and purchase another multifamily/investment that will have more manageable tenant situation.

-Sell, pay taxes, ,enjoy the profit.

Please feel free to reach out!

Hi @Olivia Byanyima welcome officially to the site!  Please feel to reach out if you have any questions regarding the real estate market in DC.

Hi @Garrett Hogan, this is extremely helpful.  Thank you.  

One more question, would I be able to rent it out as a single family residence while going through the zoning process?

Hi BP,

So I have an opportunity and am trying to decide what the best use for the space would be.  Below are some of the numbers, I'd appreciate any advice on how to go about the conversion and also which scenario looks best.

Single Family Home.  206 Chestnut St. 

-4 bed 2 bath

-2 kitchens

-3 levels

-Asking Price: $49,900

-Appraised Value $61,300

-Has a commercial garage that is  being rented on the back of the house by a plumbing company.  Company has occupied for 12 years.  $500/month.

Renovations Required:

-Paint

-Update Flooring

-Deep Clean

-New Fixtures (Fans, lights)

Capital Expenditures: 

-New Roof (2 years old)

-Water heater replaced 3 years ago

-Updated electric.  Baseboard Electric Heat.

-No A/C

My question is what would be teh best use for the space.  It can be converted to a Duplex if I desired to.  I have a Duplex that is down the street collecting

-Unit #1: $510

-Unit #2: $510

I think safe numbers for this home would be: Could be higher 

-Unit #1: $450

-Unit #2: $450

The Single Family Home could rent for : 

-$650/month

My biggest concern is the Sale after I hold for 5 years.  The Duplex Comps would probably only go for $60,000 based on the current market but there are 3 houses on the same block that have sold for $90,000 in the past year.

So Final Numbers: 

Single Family: $650 + $500= $1,150

Duplex:  $450 + $450 + $500= $1,400.

Which would you do?

Welcome @Neil Brown.