All Forum Posts by: Malik Awan

@Malik Awan Buy six three-bedroom, one-bathroom single-family homes in DC. Turn each home into a six-bedroom, three-bathroom newly renovated home. Rent out each home to a Section 8 family. Refinance all six properties and take out the $1 million of capital. Repeat.

Obi, very interesting, I think you are suggesting leveraging to get the initial 6?

Id buy rentals along the Georgia ave corridor in DC and Silver Spring, like, where I already am invested. 

thanks for the reply, Russel. Yes have been looking in to rentals.

One of my properties is about 45 mins from where I live. So while I am the "landlord" I have a local team (plumbers, handymen, electrician, etc) that take care of any issues that come up.  This allows me to stay in control of the money (rent) while saving on the property management fee's.  When it does come time to place tenants, I put out several adds during the week and then schedule an open house where I set appointments every half hour with people who replied to the add.  By setting appointments and sending confirmation text messages, emails, and calls I increased the number of property visits significantly.  

@Malik Awan I am also in the Gaithersburg area.  How/ what are you doing to find deals in our area?  Dont give up on our local market as I have found some pretty good ones from SilverSpring all the way out to Hagerstown.  

In terms of what prop managers charge, I believe the going rate is 10% and one months rent for tenant placement.