All Forum Posts by: Matt N.

Hi Michael Johnson . Can you give me the address of your property in Falls Church? How is the hard lending business cash flow in comparison to renting out?

The properties are all in SE DC. I created a discussion in DC local forum. Thanks for the heads up.

Real Estate fans, 

Can anyone recommend a good experienced property manager in DC? The properties I want to be managed are:
2 condos + one two family home all in SE of DC

I have two condos and two apartments in one building. So 4 in total in SE of DC. Do you know of an experienced, reliable, not too expensive property manager that you can recommend?

Hi Real Estate fans, Can anyone recommend a good experienced property manager in DC? The properties I want to be managed are: 2 condos + one two family home

Hi All,

I have good news. I successfully bought my first multi-family unit with FHA loan in DC. Hooray. I'm happy for myself. It was a challenge and the fact that I got through it successfully is what makes me happy. What made me win was that I offered higher EMD, increased the price by $10k but also asked the Seller for $10k contribution in closing costs.

The property used to be 4 units but is now a 2 unit with four bedrooms each. 1st floor unit was rented out recently so the rent is not significantly lower than market. There were some last minute running arounds to get the TOPA but it ended ok. 

I have painted and changed the carpet of the top floor and its ready for a tenant. 

My installment is $2,900 per month. My income from rent of two units would be $4,400 per month. If I put aside $440 for maintenance and $440 for unforeseen costs I will have a net cashflow of $720 which I think is not bad. 

I think few big units is better than many small units: 

1. Because families tend to rent big units so it makes them less risky compared to single adults that may ruin and not take good care of their living space

2. Family's tend to stay longer so less risk of losing a tenant and low refreshing costs. 

3. Family's tend to cooperate more than individuals

4. You reach rent control ceiling later than when you have more units

I'm now interested in another multi-family with 2 units of four bedrooms in the DC area. Any recommendations?

Russell Brazil The ceiling is incredible detail. I'll check that. Is it a requirement of Section 8 or HUD? It would be a great help if u could explain or direct me to information on rent control? I don't know when it becomes applicable and how it's applied.

Its in a developing neighborhood so I'm expecting a good appreciation in 5 years. It has an unfinished basement which means opportunity for fixing and renting it out for income and will add value to the property. The units are also under rent and occupied.

Joseph Hennis Thanks. How can I get the seller's agent and ultimately the seller to comprehend this? Is their any document I can refer them to that shows or explains this?

@Chris Mason Good trigger.