All Forum Posts by: Andres Piedra

My first investment in this area was a condominium, and it worked out well. I bought it prior to truly understanding my strategy, but that's how we learn, right?! My condo cash-flowed, yet the condo fees here are significant, so you need to evaluate each deal for what it is individually. I use a pro forma spreadsheet to evaluate my options, with a slew of inputs, to help me figure out if a potential investment makes sense from day one, and how it likely will look 10 or 20 years down the road as well. You should do this with your condo as well. 

I've had a slew of clients "tell" me that Crystal City is an incredible investment due to Amazon's upcoming move. We actually had a client ratify a contract the VERY day Amazon made the announcement. He purchased a condo I advised him to avoid, as he wanted a cash flow investment after he was to move out of it 3 years later. He over paid to beat out multiple other offers too. The problem is, I don't view buying something with the hope of a value increase down the road as an "investment." To me, it is speculation or gambling. I want/NEED my investments to cash flow the moment I put a tenant inside. Any increase in value is that incredible cherry on top I love to see, but it's not paramount. 

Just food for thought!

Hey there. I have a lender here who might be able to assist you. They don't do commercial, but they do have portfolio options, so you don't need to sweat the fannie/freddie requirements. They do those loans as well, but it's an option for investors they created, for those of us who fannie/freddie out.

Our area is highly regulated, as you are learning fast in this forum post :) Whether its local government or the HOAs, chances are, your STR plan is going to run into a lot of obstacles. If you've already been investing in the area, and whatever you are doing is working out, keep doing it, my friend! If not, keep learning and stay excited. I picked up my first long-term investment here in 2009. Depending on your criteria, buy and hold can work here

I have a few buy and hold investments about half way between Alexandria and Richmond. One of them was a BRRRR as well. Feel free to hit me up anytime and we can chat about it.

There are a lot of unknowns to your question. Based solely on what I can surmise from your writing, I would suggest you contact the police.

I agree with just about every response here. Finding market-listed properties that will provide your that cash flow is very hard around here. You need to get sporty with offers on market-listed properties, and unless you’re an agent who is willing to write tons of offers, you’re going to be hard pressed to find one in this hot sellers market to do that for you. I own a few in tertiary markets here in NoVA and I buy with the intent to hold long term, AND they must cash flow the moment I place a tenant. It’s hard to do in Quantico area.

Most of the folks I mentor there become accidental landlords, and that pays off, because they’ve lived in the house long enough for rent values to surpass their holding costs over the course of several years before moving out of the home and renting it out. 

Good advice. It's definitely two parcels though :(

Straight up conventional loan conforming. Well, now it looks like two of those. Purpose of the duplex was to go from 1 SFR to get two units w/ one loan. Is there a way to have these re-done to be one survey'd property?

I'm 1031'ing into a duplex in San Antonio, TX. I'm under contract and the duplex has two separate addresses, one address for each unit, and two surveys. Any ideas how to do this w/ one loan. I have one contract w/ the sellers. 

Welcome, James! I'll PM you here shortly.

I'm a local investor as well. Chinmay is spot on....it's not easy right where we live....but if you go an hour south, you're in good shape.

I'm a Realtor in NoVA but I also invest.