All Forum Posts by: Marcel Pean

Hello BP!

I finally took the plunge into real estate by buying my first property! This is a single family house I had to purchase as a primary residence. There is a finished basement with a bedroom and bathroom where I will live. I intend to rent the upper 2 levels as a 3br house. 

I am currently advertising on Craigslist but I haven't had as much traffic as I hoped. I'm sure part of it is the time of year and I'm wondering if it's worth reducing the rent in order to attract a tenant. 

What are some successful marketing tactics to attract quality renters?

Following this....hopefully someone answers. I have the same question.

@Russell Brazil Riverdale?  It's East of College Park, North of Hyattsville and West of the New Carrollton Metro station. As a first time home, this could be a good deal. 

Hello BP community,

I would like to start investing in real estate but I live in Washington DC which is an expensive market. I found a 4 bed, 2.5 bath house in PG County, MD that I could house hack. I would live in the basement and rent out the other bedrooms to cover the mortgage.

My concern is not being able to find quality tenants that can afford the rents I’m looking for to be able to live for free. Or at least less than what I currently pay in rent. PG County isn't the hottest market in the DC area but the property is located near the future Purple Line so there is appreciation potential. But the property is recently renovated and at $380k is it worth the investment?

The goal is to produce income to be able to scale to multi family properties.

Any feedback and advice on the topic and area is much appreciated. Thanks in advance. 

@Yi Zhao Thanks! Good points. Life over ROI always but for now the plan would be live in it no more than 2 years and sell/refi and do some variation of it again.

@Mark Cruse I agree with you and anticipate historic Anacostia and Congress Heights near St. Elizabeth's will gentrify in the near term (10 yrs). Not so sure about the other neighborhoods across the river - definitely a 20 yr+ outlay. NE in Ivy City and Trinidad near Union Market are also rapidly gentrifying it may not be too late to find a property at a good price there, no?

@Caleb Heimsoth, @Russell Brazil, @Michael Garofalo, @Mark Cruse, @Cassidy Burns - Thanks to everyone for the feedback. Truly helpful and much appreciated. 

This particular house was in Fort Stanton, about 25 min walk to the Anacostia metro station. Since the time I posted the question, I came to a similar conclusion as you all where I might do better looking somewhere else. But as a youngish, professional, millennial; I'd love to stay in DC - preferably NE areas that currently being developed, like Ivy City, Trinidad, East of H st., etc....maybe Deanwood even. But I understand that you get a lot more for your money in Montgomery/ PG county...especially if it's your first property. 

When you mention house hacking in Montgomery County, do you recommend doing the BRRR strategy and finding a fixer upper to or could this also work with a recently renovated property? Thanks in advance!

Hello BP community,

I would like to start investing in real estate but I live in Washington DC which is an expensive market. I found a 4 bed, 2.5 bath house in SE that I could house hack. I would live in the basement and rent out the other bedrooms to cover the mortgage. 

My concern is not being able to find quality tenants that can afford the rents I’m looking for to be able to live for free. The area isn’t the hottest part of town either. But the property is recently renovated and at $375k is it worth the investment? 

The goal is to produce income to be able to scale to multi family properties. 

Any feedback and advice on the topic and area is much appreciated. Thanks in advance. 

Hi!

Has anyone ever wholesaled a property through a substitute of purchase aka power of attorney?

Let me clarify, I am a wholesaler and an investor called me saying he has properties he bought at auction, put a deposit, and now wants to sell. He says he has the power of attorney but i am not familiar how all that works. I am familiar with the traditional seller to wholesaler to buyer transaction but have never dealt with a situation like this. Can someone give me a basic understanding how that works? How do I buy? How do I sell? Can this still be done as an assignment? Sorry if my post is not clear, please let me know and I'll try to provide additional information.

Thanks in advance for any feedback!

Hi!

Has anyone ever wholesaled a property through a substitute of purchase aka power of attorney?

Let me clarify, I am a wholesaler and an investor called me saying he has properties he bought at auction, put a deposit, and now wants to sell. He says he has the power of attorney but i am not familiar how all that works. I am familiar with the traditional seller to wholesaler to buyer transaction but have never dealt with a situation like this. Can someone give me a basic understanding how that works? How do I buy? How do I sell? Can this still be done as an assignment? Sorry if my post is not clear, please let me know and I'll try to provide additional information.

Thanks in advance for any feedback!

Hi!

Has anyone ever wholesaled a property through a substitute of purchase aka power of attorney?

Let me clarify, I am a wholesaler and an investor called me saying he has properties he bought at auction, put a deposit, and now wants to sell. He says he has the power of attorney but i am not familiar how all that works. I am familiar with the traditional seller to wholesaler to buyer transaction but have never dealt with a situation like this. Can someone give me a basic understanding how that works? How do I buy? How do I sell? Can this still be done as an assignment? Sorry if my post is not clear, please let me know and I'll try to provide additional information.

Thanks in advance for any feedback!