All Forum Posts by: Dan Robinson

Don't know your credit score or how much you are putting down or term of loan. Having said that, seems a bit on the high side.

I would either get all the tenants out or have the current owner get leases signed prior to closing. I would not buy a property in DC with tenants with no leases. You won't be able to get them out after you've closed on it if they don't meet your application requirements.

I'd say that website looks like a good start, but I would also add, you'd better make sure there are no HOA restrictions if you are in a neighborhood that has one.

I think you can find something that will cash flow or at least break even in those areas if you look hard enough. You'll want to keep it under probably $300k though.

The dig out is not horrible, but you will need to dig some test pits to see how far you foundation goes. If it doesn't go down far enough, you may need to underpin the foundation which is costly. Also to make it legal, you need to make sure you have sufficient egress, fire separation between upstairs and downstairs and technically you need entirely separate mechanical/plumbing/electrical systems. You may also need sprinklers, but I'm not exactly sure when you do and when you don't anymore.

It depends. There is no state property tax. Here in Northern Virginia you pay county property tax. There is no separate school tax. If you are in an incorporated city, there is likely also a city tax. Again, a lot of this is going to depend on the exact municipality.

I have not been able to find it for PG county, but most other counties in the area I've been able to find relevant info through the GIS/OIT departments. There is often a property tax database that you can download.

I don't know of any reason you could not add an LLC to the deed, but you may want to talk to an estate planning attorney. Not sure exactly what your goals are, but there are several other options you could look into.

it depends on the jurisdiction. i would start by looking for your county's GIS services website and see if they have a property records database you can pull. there will usually be some sort of indicator for primary residence or homestead tax deduction, or worst case you can see if the mailing address matches the property address. otherwise try list source and pay for a list.