All Forum Posts by: Matthew K.

I am considering a serious run at a foreclosure in a desirable area. When doing my due diligence, I saw that the unit is a designated Affordable Dwelling Unit; however, the 15-year control period has expired. My understanding is that a portion of the resale of an ADU goes back to the county. My question is; if I buy a foreclosed ADU with an expired control period, am I still held to the original ADU restrictions? If I decide to rent after rehab, will the monthly rent be less than market value? If I decide to rehab and sell, will I be responsible for sharing some of the profits with the county?

I currently have a house on the market that I previously lived in for the past five years. I want to rent it, cashflow the property, and take a HELOC out to do further investment. Is it possible to get a HELOC on a rental? I've been getting a little pushback.

I just recently moved into a new house and have my old house on the market. I'm hoping the brilliant Bigger Pocket members have some ideas/answers/feedback. Here's the deal. If I rent the property, I will likely cashflow about $300 per month. That's not including any reserves, that's simply projected rent minus my PITI. If I sell, I should get into the six figures after commissions are paid and note is paid off, but property values in the area are still climbing. With that money, we were going to finally start investing seriously into real estate. Is it possible to get the best of both worlds? Get a sizeable HELOC to start investing while renting the property and cashflowing about $300 per month? Or is it best to just keep it on the market, get my eventual payout, and move on to the next property?

There is a great property up for auction in the neighborhood I grew up in. I know this area is highly-desired with a great school system. I'm seeking up to $50K in financing. I know this post is light on details. If anyone is interested, please email me your terms at [email protected] and we can discuss offline. 

@Justin Pierce

Thanks for the welcome. I have not set any specific goals for 2015. I still have a lot to learn about the industry and I need to gain some experience before starting. I know that contradicts itself, but I just mean I need to talk with real people who are doing real investing. 

As for my interests, I have been looking at tax lien certificates and tax deeds a lot lately. I have no illusions that they are as foolproof as the gurus are making them out to be. I don't think I'll go this route, it's just a trend I've been seeing lately. In the beginning, I am not interested in holding a property a day longer than necessary. Gain some liquid funds, prepare for the future, and then consider holding for continual income. Long term goal is to run a successful business like yours. Well, long term may be too strong of a word. Again, I don't want to wait a day longer than necessary.

@Jose Sison

Thanks for the welcome. I know real estate investing works in Annandale. Before buying my home in Herndon, I looked at a townhouse close to LRT. It was flipped by an investor. I made an offer for full asking price a couple hours later. I was already too late. 

So what are your interests regarding real estate investing?

Well, I finally did it. I have known about this great website for a long time now, but decided tonight is the night I take the first step towards a better future. A future in which I can show my beautiful two year old daughter the value of hard work, all the while being adequately able to provide for her.

I live in northern Virginia (DC suburbs), but have always had the mindset of working nationwide. Perhaps that's too ambitious, perhaps that's just wise investing. Only time, and I'm sure many BP members, will tell.