All Forum Posts by: Christopher Miller

All-Thanks for the feedback. We got a quote and a couple options to install separate HVAC in the upstairs-and it is NOT cost effective. I am going against the grain and recommendations here and will have one furnace, one thermostat, and have that thermostat locked. Neither tenant will have control. I talked to my property manager and they claim this is common in our area. I also have a colleague who lived under similar circumstances. If this costs me $50/month in rent for both units then so be it. Also-I will have the utility bills(s?) in my name and will increase rent by historical averages to make up for it. I will advertise as such to make clear the increase in rent will be offset by this utility savings. 

I am curious how this will "sell" once on the market. We are a couple weeks out. I will make sure to update you guys on struggles or successes.

In my area it's quite a bit cheaper to own than to rent. That's why rental properties make good money. I also want to keep my kids in the same school so I don't move around.

GC is entertaining, but you have to remember he has an agenda. 

@Christopher Miller I asked this exact question during a the meetup hosted by @Adrienne Green just a couple weeks ago. Glad it's not just me. My take seems to be that, yes, there's always SOMEONE making money but in this area it is (mostly) not the small newbies. Those who appear to have found ways to wrangle millions at once can definitely make some more money though (@Levi T. Hope to see a "how I built this" blog entry some day). If I were to try here I would take @Scott Matthew C. 's advice and look west out 50, I66, and Rt 7. The trick of course is figuring out how far is too far. My solution was to go way south, in North Carolina.

Seems like there are a few BP Podcast guests that are making it work in the section 8 game. I think it was podcast #356 https://www.biggerpockets.com/...

@Christopher Miller

I’m from Chantilly and know NOVA like the back of my hand. Consider 66 west, Route 50 West past South Riding, past Dulles Airport and there you will find opportunities. Go west of Fairfax County perhaps even to Front Royal. It’s a lot of work and a lot of traveling.

My advise, consider note investing. Ditch the actual property and learn note investing from the comfort of your home.

Best of luck and thank you for your service!

Hey @Christopher Miller! I love the frank honesty of your post.  The struggle to find deals in NOVA and the DC area is real.  I know some people who're making money with fix and flips, those are people spending a lot of time and money finding the deals, though.  The other thing I see people doing is house hacking by renting out extra bedrooms.  You're right it doesn't turn a profit, it effectively lets them live for cheap or free.  I also see people keep prior primary residences as a rental when they move on, but most I've spoken to aren't cashflowing there.  They're just counting on the appreciation.

I moved away from Northern Virginia last year in part because of the lack of real estate investing opportunities there.  Now I'm in Chattanooga, TN, where the median purchase price is $230k and 2020 appreciation was 13%.  I help out of town investors buy in the market here, and that's such a big thing here that the "team" exists- property managers, contractors, etc.  Maybe out of town investing is your way forward?

@Christopher Miller

Have you increased the radius where you are looking? It seems development has been spreading south along the 95 corridor for awhile. Perhaps there is value to be found while capturing eventual appreciation there.  There is quite a contrast in prices when you open up the search area, an hour or more away. It's kind of crazy, even 45 minutes away in a rural area, a multi family is half the cost with 12 times as many units compared to a single condo in Alexandria for instance. Not apples to apples for sure but the contrast at less than an hour away is remarkable.