All Forum Posts by: George H.

Hi All, 

Does anyone know of a good/trustworthy landlord-tenant attorney in Metro Detroit? I had nightmares tenants in my Westland, MI rental property that caused around $15k in damages. Any referrals would be greatly appreciated! 

Anybody investing in metro Detroit care to share the fee arrangement with their property management company?

@Brandon L. - Is it necessarily a money machine if I am losing money monthly?

@Francisco Torres - It is actually in Fairfax. Indeed, I agree that there will much more of an increase in appreciate in Alexandria and Arlington. But, real estate agents are also telling me that real estate prices have increased in Fairfax and are expected to do so in the near future. 

I own a 3 bedroom townhome in North Reston and have seen prices increased in the last year. I am considering renting it out for the next couple years or so to capitalize from the anticipated appreciation.

Do you deal with, or see many, leases with an option to buy in the area?  

@Geordy Rostad - Thanks for the reply!

In calculating the cashflow, I included tax, insurance, principle, interest, etc. I am comparing comps based on my knowledge of the area via craigslist, realtor.com, hotpads, etc. 

Although I also strive to invest for cashflow, I think this may be an exception, since house prices are expected to increase in NOVA. 

And, that is a great idea about renting with a purchase option!

After owning my primary residence for 5 years in northern Virginia, my wife and I are considering relocating. We are considering renting our house or selling it. However, if we were to rent it, we may lose around $300 per month. Although this is far from preferable my thoughts are two fold - 1) with amazon moving to northern Virginia, home prices are expected to go up in the next couple of years and I could hopefully sell it for a decent amount more within the next few years and 2) this could offset my profit from other rentals.

Question - given that I will most likely be losing $300 per month, is it worth holding on to this residence in hopes of getting higher resale value?

Thanks for any input!

Hi all, 

I am happy to share that, after carefully reading the plethora of information on this site for a number of months, I have purchased my first 3 rental properties (all SFHs) in 2018! 

However, I have a question regarding my 1st purchased rental property. I purchased this property, in March 2018, under market value, for $97k. Although I knew it needed about $5k of work, it ended up costing approximately $8.5k! Yet, by bringing it up to par, the market value is now around $130k+. Although I did not consider a BRRR at the time of the purchase, I am now considering as a way to get out some of my equity. With this equity, I could pay back a 401k loan that I used to purchased my 3rd rental property (approximately $8k) or purchase another rental property.

My questions are: 

1) Is it worth it to refinance, considering closing costs and higher interest rates? 

2) If so, should I pay back my 401k loan or purchase another rental property?  However, I may have to take out another 401k loan, since I prefer to buy rental properties $80-90k+. 

Any advice would be greatly appreciated. 

Cheers!