All Forum Posts by: Jason Piccolo

Awesome. Thanks Russell. 

Does anyone know of any good mortgage brokers in the DC area that can do more than 4 investor loans, one of which is a jumbo? My "go to" mortgage broker said he can't do more than 4 financed properties because of Fannie Mae guidelines.

Thanks Kevin.  Yeah, that's what I was thinking too.  Pentagon city is undergoing a lot of good changes and they are putting a Whole Foods walking distance down the street.  You can't beat that.

Hi Everyone,

I am going back and forth on renting or selling our primary residence.  The mortgage is $3505 a month and we can rent it for about $3900.  The principal gets paid down by about 1k per month.  The only issue is that money will be tight since we are only putting 10% down on our new home and the payment will be high.  The primary house is in an excellent location walking distance to shopping, restaurants and metro, so I know that a long term hold may be worth it. It will require about 8-10k for a new paint job before we rent it though.

On the other hand, if we sold the house, we would be losing around 20k after realtor fees, closing costs, etc.  What do you guys think?

Hi @Brendan Henry,

Yes, it is really hard to find cash flowing properties in Northern VA and DC. My wife and I own three cash flowing condos in the Fairlington area, but we had to put 30% down to make them cash flow positive (approximately 75k plus closing costs on each). The only nice thing is that they are close and easy to manage/screen tenants. I expressed my frustration at one of the local REIA meetings and they all said I would be better off investing outside of the DC area. My only issue with that is finding a good property manager that is going to make sure the property has low turnover and is occupied with good tenants. I like your idea of investing in the Richmond area. Let me know how you make out.

I would look into Keller Williams. I have been with them for 7 years and the commission splits are really good. 64% till you cap at 4 million in sales (DC market) then it's 100%. Depending on the market you are in, the cap can be lower. You can make money from the agents you recruit based upon what they sell. The training is also top notch.