All Forum Posts by: Jasmine Hu

Unless days on market moves above 45-60 days, still seller market.

Now DOM is below 10 days for more properties.

Even Fed moves up rate, mortgage rate is likely to stay low. I predict no slow down until 2023 (if fed rate hike is fast), or even longer.

Sorry for those people who try to wait then buy.

This will be a big problem. Instead of selling, the landlord could just hold on forever. Why pay tax on gain plus the depreciation? It will be less transaction for sure.

@Alice Ay if you get RE license, you would also need to pay NVAR association fee, lockbox fee, MLS access etc, in the end, it will cost you about 2k per year. I feel what you need is a broker who is willing to be a transaction broker for you, doing the documents on your behalf. Assuming you would not need your agent for showing. In that case, you can PM me. I could do that with a flat fee or hourly fee.

Personally I believe the real estate brokerage will change profoundly. Real estate agents will become more a consultant by selling experience and insights along with transaction help. 

Buyers now can get lot more info and lot more savvy compared to 10 years ago. Yet the info from zillow and redfin still can't compete what agents have. Market change can be sensed by agents much faster than data shows, this is especially true during 08 crash time and 03-04 upgoing yoyo time.

To get license, it is best to access 1st hand data. If you can do 1 transaction per year, you kinda break even. Ideally 1+ deals per year. 

The key is that after you sell, what can you do with the profit? if future is higher, sell may be a good choice. If not, why sell

As title.

Per CNBC news, some people are leaving downtown like NYC. I wonder if there would be same for downtown DC. For long run, I still feel downtown has its charm yet before Vac, it is tough to ride the metro or go through elevator. Seen some trend, not sure if it will last.

Another issue is whether Tech companies would allow employees to work from home permanently. This could be huge.

My prediction or guessing:

1. for commercial real estate, those retail under mixed use etc in DC Arlington, its value would drop for sure. Just don't know how much.

2. for apartments or condos, those 2BR new ones would cost 3500 per month at Arlington/tysons, touch  market. Garden style may come back in favor over high rise.

3. Areas like Ashburn could benefit - both rental and sales. There are little land left for development in Loudoun. Builders can't compete with data center.

Question:

1. Will secondary cities like Richmond benefit as well? I went there 2019 looking for multifamily, prices are so high.

2. Do you think economy will go pretty bad so next year the foreclosure rate could go up significantly? Then we could wait for the opps.

Any input?

Thanks!

Some info:

In Fairfax or entire VA, very easy to evict, 3 weeks to 1 month. In Maryland, generally 60 days. In DC, if you can evict, 90+ days. It is very tenant friendly. I won't touch it unless it is high end, you will have no cash flow or negative cash flow. Or you need a very good PM.

In general touch in any democracy state, easy life in republican state.

PG county I heard needs 5% county tax, a pain. Yet downtown silver spring appears to be interesting. 

Nova is more expensive in general due to strong high tech high pay jobs. Remember AMAZON H2Q impact?

Montgomery county is slower. Could consider howard county I feel in MD.

Just my 2 cents. you can get builder about $125/sf yet it is very  hard to build 5000 SF below 1.5 mil in vienna or similar areas. Lot will cost you 700-900K alone. you may not even get a good lot.

Hi there, I hope to give people some idea what is going on.

For resale real estate in nova, there was a panic time, for about a month in March/April. You can get some discount time yet things change dramatically now.

For rental, landlords are getting multiple applications for townhouses etc in Ashburn area. I expect rent will go up at least for now.

Now people have figured out that this pandemic will last much longer than expected. Nova is also full of tech people, so they could work from anywhere. I have seen people try to flee esp older people from city center to great falls / loudoun area. Single family is at high demand. One builder I know just sold all new spec homes during pandemic. Their house price range is 1.5-1.8 mil in McLean/Langley/Marshall high. There are people to buy in order to move in Jun or Jul time. So I don't think you can get any deal now. You may have to face competition for right listing. Multiple offers would come back.

I hope more listings come to market during summer time that could ease it up a bit. Yet I am not sure. My feeling is this would be a great summer for sellers.

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For custom homes or new homes, here is the basic formula for cost:

Lot cost + Lot prep cost + utility connection cost + custom house + permit/architecture fee if you want your own design etc = Total Cost

If you are going to get construction loan, there is also carrying cost. There are quite some uncertainty for this route yet you can exactly get what you want.

Custom home option is best for infill lots in those more expensive area. The time frame in general is about 1.5 years .=> 3-6 months permit and 8-10 month construction.

I am available for consultation based on reasonable hourly fee or project. 

Good luck for all! Custom home is fun.

I have a friend and we decide to go together to invest in multifamily. She has knowledge of financial analyst and she can do tax for the entity. She will be much smaller investor so I will be the one, who finds deal, negotiate, financing etc. We will use property manager yet on daily basis, I will be the one.

Her share/my share could be 20/80 or her share could be smaller ( I mean bringing cash for investment ).

I don't plan to charge extra money for pulling together. 

What is a good deal structure? I will need to make final calls on all decisions. 

Any exit strategy? e.g when cash flow goes low and we need to bring extra dollar in??

Thanks a lot!

Nice thread. Just curious, in downtown Baltimore area, say nicer location with single professional, will it be easier to rent 2br or 1 br? The price difference between those two could be $1100 vs $1600. in this case, will you buy 2br facing roommate situation or 1 br? Which case would be better? I assume there will be economy downturn before 2022. We are close.

I have seen 2 br shared by couple and single. Young professional yet messy. They do pay rent though, just can't keep up with property, could clog the toilet. 

Thanks for your input!