All Forum Posts by: David Cherkowsky

@Jamal Kamara I think there's better folks in BP that can be speak to different areas of DC better than I could. I'm closing on a duplex at the end of this month and will be househacking in the Bloomingdale neighborhood of DC. I could provide better insight in a few months after getting some experience, but happy to answer any questions.

I think rent by the room is a good strategy in Alexandria because it allows you to house hack.  The main benefit there is house hacking allows you to put down a lower down payment than an investment property. You'll have to live in the property for a year before turning it into a full time rental, but you can rent it portions of the house the first year as long as you live there. Lots of good info on househacking on BP.

A traditional rental in this area probably won't cash flow at today's interest rates, and will require 20% down. I have one that I bought last year, and knowing what I know now, I may not have bought it.

Another strategy to consider close to Old Town is short term rentals. I think that's a way to get potentially positive cash flow in an appreciation market like northern Virginia. Only thing to be cognizant of is that laws vary by city. Alexandria city is the least restrictive area in the DMV for it, but if you're looking for something more active, a house hack with STR seems like the best option in the area to me. That's what I'll be doing in DC.

Hi Jamal, from what I've seen, duplexes are pretty hard to find in northern Virginia, but DC has a lot. Have you considered expanding your search to across the river?

The best strategy for househacking in Alexandria seems to be a rent by the room strategy. Not that I have too much experience, but happy to chat more.

 Thank you Jay. This is exactly what I was looking for. Appreciate it!

Hi All,

I purchased an investment property in the middle of last year and to this point have been using 0.75*lease value in my DTI calculation. I have just received a draft of my tax return with the schedule E. I'm wondering how rental income is now calculated. I have heard the value from the schedule E is used (rather than 75% of lease). Can someone explain how the calculation works?

Thank you.

 Thanks for the response Jay. Just sent you a message.

Thanks Sasha. So I guess one option could be to do a DSCR loan, Airbnb the property in full, and then in the future, refinance into a conventional when my DTI allows me to down the road. For the property I'm considering, I think another year or so would allow me to qualify for a conventional.

Hi all, I'm interested in thoughts on creative financing options for an Airbnb in Northern Virginia. A property is available off market that seems to be a great deal. I am interested in living in the basement, and renting out the upper unit on Airbnb. The property is likely a little too expensive for me to qualify for with a conventional loan based on DTI. However, I'm wondering if anyone has thoughts on creative financing. Maybe a DSCR loan? Any thoughts would be appreciated.

 I'll give them a call. Thanks Greg!

Hi all, I am looking for any contractor recommendations for installation of a bathroom addition in Alexandria VA. Earlier this year I reached out to a handful of contractors and was ghosted by most of them after a few emails or in most cases, after they came to view the house in person.

If anyone has recommendations, it would be greatly appreciated.

Thanks!

 Thanks Patrick. I will ask that. I appreciate all the help and info.