All Forum Posts by: Dan Bernstein

@Gwen Johnston - My group currently has a development project in Arlington, we are building two luxury townhomes on an R5 lot and currently going through a PUD since the lot is 350 square feet short of a by right development. I'm very familiar with the zoning, feel free to pm me to discuss.

@Snehann Kapnadak - I would advise against a condo right now. Do you have enough money saved to do an FHA or VA on a small multifamily. If you watch the DC market, they are popping up constantly and some of them are decent deals.

@Bianca Sackey Recent changes to VA loans have made it much easier to acquire a small multi 4 units or less- live in one and rent out the rest. Happy to connect, just PM me.

What is the zoning?  My group is doing a 14 unit condo conversion in Trinidad.  It would depend on whether you would prefer to cash out now.  There is virtually no supply in the market and it would sell fast.  That area is going crazy.

@Peter Chan the seller pays the buyer side agent’s commission. In northern va, budget 2.5% of the purchase price for closing costs (if you are using financing) plus your down payment for the loan.

Chantilly's market will not increase with the same velocity as properties closer to the beltway.  If it was closer in, near Arlington/Alexandria, I would expect rental increases due to Amazon and Vtech campus.  Another thing to consider, is if you sell now, you won't be subject to capital gains because you live in the home.  So you can take all your equity out without being taxed up to $250K for an individual and $500K for a married couple.

I have called DCRA and DHCD (housing and community dev) in the past and they have been very helpful on explaining the process for increasing rents and whether you are exempt from rent control.  You may be exempt.  If you are exempt I believe you will need a business license, a C of O etc.  Call them and ask.

https://dhcd.dc.gov/sites/default/files/dc/sites/dhcd/publication/attachments/RentControlFactSheet.pdf

@George H. - Hi George, if you aren't cash flowing, generally you would be better off selling. Consider how long you would have to wait before that property nets any return? Also, if you hold onto it long enough, you will be subject to capital gains tax. I would sell because the market is high in Northern VA and based on your cash on cash return which sounds not very favorable. Move that money into a new property or a project that will net you a stronger return makes sense.

@Alexis Nworah - this depends on your budget as to where would be a good place to buy.  

Hi John,

EXP Realty would be a good company since its cloud based and is located in all 50 states.  PM me and we can chat.