All Forum Posts by: James McCartin

@Gregg Hutton @Austin WiseI noticed you are both in the Clifton/Centreville area and would like to hear about some of your experiences investing /looking for deals in the Northern VA area. I sent a connect request and I am also interested in attending the BP Woodbridge event. Best of luck to you both!

Chris,

I would be interested as well.  Please keep me posted.  I am located in Centreville so Reston wouldn't be too far of a drive.

Wow, this is some great information!  I definitely appreciate all of the feedback and will change my strategy and analysis going forward to incorporate what everyone has added here.

Megan - since this would be my first property, I was planning on doing the majority of the demo and reno work myself (to the extent that I can).  I do have a RE agent but I haven't lined up a loan officer as of yet nor do I have a RE lawyer.  The 25/M for insurance came from my own estimation based on the home value versus the value of my own home and how much I pay.  I do know a local insurance agent so I will make sure I follow up with them to get a better idea of what that cost would be.

John, thanks for pointing out the information regarding the ARV. I hadn't even considered the fact that I would need to roll all of the costs into the 70% value, I just rolled the rehab and purchase price into that. As for the ARV, I did use some comps in the area from recently sold homes and tried to stay a little on the conservative side so I wasn't over inflating my numbers.

Thanks again everyone for the feedback, it is really helpful!

Thanks for the welcome everyone! I have checked out the webinars, albeit infrequently, but I plan to make it my Wednesday night "real estate education hour" since the information taught is so useful.

Hello BiggerPockets Universe! 

My name is James "Jim" McCartin and my wife and I currently live in Centreville, VA where I have lived for the past 30 years. I currently work full time as a government contractor but I am looking to build a real estate portfolio so I can shift away from W2 earnings and begin to grow passive income streams that I can expand on over the next 10-15 years.

The townhouse I live in now is the extent of my real estate purchasing experience so far but I have been trying to absorb as much information as possible thought the podcasts on BP as well as reading several of the recommended books that are constantly thrown around on here to expand my education on investing.

My short term goal is to purchase my first property by the end of this year and have 4-8 SFHs or THs in the next 3 years. Utilizing Brandon's BRRRR strategy, my goal is to have a total of 20 doors by the end of 5 years.

I am open to any advice or tips on how to get my business off the ground and look forward to networking with the many experienced investors in the Northern Virginia area. Also, if anyone can toss out some suggestions on any good real estate investors meeting taking place in the Northern VA area, I would greatly appreciate it!

Thanks everyone!

I am a new investor and looking to get started using Brandon's BRRRR strategy to generate monthly cash flow while still being able to pull my money back out to roll into more deals. I am in the Centreville, VA area and I am looking at the Manassas and Woodbridge areas as my possible starting points. I found this property on Zillow tonight and in the spirit of taking action, decided to run the BRRRR analysis for it to see if it would be a good candidate. Being so new to this game, I would love any feedback from more experienced investors, particularly anyone investing in the Northern Virginia area. Please point out any areas you feel I may have overlooked.

Off the top, I planned to replace the main level flooring with laminate or engineered hardwood and replace the kitchen counter top and sink.  It appeared that the windows looked fairly new but the siding does look dated.  Any thoughts on changing the flooring in the whole house given the small square footage?

Thanks for any help with this analysis!

8514 White Pine Drive, Manassas, VA

Thanks for all the info guys!  I realized I had completely overlooked the cap ex costs because I had mistakenly counted them in my repairs.  Also, calculating the management fees is a good idea so that I can get a better picture of what I would cash flow if I stepped away from managing the property.

Hey everyone! I want to get into real estate investing, particularly utilizing Brandon's BRRRR method after finding qualifying properties that I can use a buy and hold strategy on. I am new to real estate investing outside of buying my own personal home but have been reading as much as I can on BiggerPockets to try to soak in all the great knowledge on here.

Recently I found a property in my area (Centreville, VA) and using an Excel spreadsheet I put together with the help of some of the well discussed calculations on here, came up with a good deal of numbers.

Here is the link to the google doc version of my Excel Spreadsheet (which looks much better)

https://docs.google.com/document/d/143SsQF0ZTpE9-F...

I came up with the rent figure by doing some research on what similar homes in the area have been renting for (number of bedrooms, bathrooms, updates, etc...) and came up with the mortgage and tax figure by using an online mortgage calculator at 3.89 percent with a tax rate of 1.1%.  All of the behind-the-scenes formulas I got from this recent blog post.

Based on what you see here, does it look like I am missing anything?  It seems to cash flow with the numbers I have plugged in but I want to get the opinions of some more seasoned investors.  Any advice you can offer would be greatly appreciated!!!