All Forum Posts by: Stacy E.

@William Brown which REIAs are you a part of?  There seems to be so many here I don't know which ones are good and not so good...

I have a rental in Ashburn.  It's done pretty well for me over the years but doesn't meet many of the "rules" for rental properties.  It's just in a great area.  I bought it in 2011.  It is difficult to find deals in the area because it is so desirable.  One thing to keep in mind is if you do sell your house would you be able to find an investment property and/or primary residence?  I think if you have the basement rented out and it's helping to pay down your mortgage--- I would stay put.  If you think you can sell it for 385 then you are thinking the appraisal will come in that high--- so you could pull money out in equity.  Just some things to think about.

Hi @Brandon Madden--Your goals will really drive the train. I'm not aware of a specific time you have to stay in a place before you move out. If you are thinking of possibly selling down the road you will want to stay in it at least two years. (In order to sell without paying capital gains, you have to live in it 2 of the last 5 years.) The PMI (Mortgage insurance) is something that you should factor in when you run your numbers. For me it was an extra $110 a month. For others it is significantly more. I believe the only way you can remove it now is to refinance the loan. Getting in a house for 3.5% is a great opportunity. I just wanted you to be aware of the extra (somewhat hidden) cost.

Welcome @Brandon Madden! I bought my first house using an FHA loan. I still have the house as a rental. It was great for me at the time. (Keep in mind you will likely be subject to PMI for the life of the loan but these rules keep changing). If you can find a multi-family with your parameters it is a great way to get in the game. Many investors have done the same thing! Pros- Low cost of entry, multiple units, great rate Cons-Multiple tenants to manage, PMI, Possibility of starting too quick--- Good Luck in your journey!

@Brite Zhou--- Congrats on almost closing your first deal!  I haven't done room by room rentals but thinking as a former college student--- I'm not sure how college students would value a shared office space.  It wouldn't of made a difference for me.  I went to the library when I needed a quiet place or wanted to print out documents or just used my computer in my room.  Will there be a shared living area?  If so, I would deck it out with a big TV and comfortable seating.  The extra room might be able to be rented out as extra storage for one of the students.... As far as competitive edge-- price appropriately, the closer you are to campus the better.  Good Luck!

@Account Closed--- I think the first thing is to figure out what type of real estate you would like to do. If you don't own a home buying a multi-family and living in one would be a great option. There is certainly money to be made in flipping but it is also a full time job if you don't have a full team. If you are interested in flipping pick up JD Scott's book on flipping. It's the bible! Condos will offer you a lower entry point but may have more rules and limitations + HOA fees. Good Luck on your journey. I would also recommend viewing the weekly webinars. They are very helpful for a newbie!

@Damian Pearson --- PM me about your deal in Henrico.  FYI-- specifics of deals should be done via  private message or posted in the marketplace.  (You need to be a plus or pro member to post in the marketplace.)

Fredericksburg has some opportunity. My aunt has a long term rental there and does pretty well.  I'm in Richmond.

@Mike Oconnell which REIAs are the best?  It seems like there are a ton.  I'd love to meet up. Feel free to PM me.

I'm interested as well---