All Forum Posts by: Mike Webber

YES! I am a licensed agent now, for nearly a year. I've closed 6 buys, 3 sells, and currently have 2 buyers and one listing under contract :) It has been a wild ride and a lot of fun. I'm so happy I jumped in and turned real estate into my career. 

@Omni Casey

I'm an Ashburn resident as well. Working in the area. I know how hard it is to find great deals locally. Congratulations on the brrrr. I love what you're doing with your family! Very inspirational. I have 2 girls and a son on the way. I hope to teach them with hands on experience, just like this.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $59,000
Cash invested: $11,800

I bought my first rental property and it has me excited to continue my REI journey and buy more.

What made you interested in investing in this type of deal?

I wanted a buy and hold rental that would cashflow. My area is extremely expensive and hard to cashflow, so I went out of state, with the help of David's book.

How did you find this deal and how did you negotiate it?

I found it through an agent, and I used the agent to help negotiate.

How did you finance this deal?

Local lender

How did you add value to the deal?

I made a few minor repairs. (Gutters, floor on the main level)

What was the outcome?

It is cash flowing well. It is still early to tell, but if I need just 5 percent for vacancy and 10 percent for all repairs it will cashflow very nicely.

I would pursue the proper legal action as soon as possible. It may be a lengthy process or it may not, so the sooner it gets started the better.

@Aj Parikh depending how expensive the lawyer and court costs are, and how much your rent is/how fast you could fill it, offering cash for keys could potentially work. Literally pay the people to move out. It sucks to have to do, but so does the eviction process. 

Sorry you're stuck in that boat. I rented in Ashburn and South Riding both for years and I always assumed they were probably the areas with the best tenants in Loudoun.

@Chris Nerio

Oh okay, yeah I know those areas are a lot better for deals. I was hoping since he was talking specifically about ashburn, you were talking about ashburn as well. Never hurts to ask lol.

@Nick Thomas

I've also read on BP that in ashburn it is hard to find somebody who will accept your offer w an fha loan, so that's another thing to consider. Properties are not staying on the market very long, although I'm not as familiar with condos, and I saw on this thread somebody said they are not selling that quickly. Considering it is your primary residence, if you like thr area and the home I think that is the most important. Ashburn is really tough to cashflow. But that isn't your intention so it doesn't really matter. Ashburn will appreciate in the long term unless you must sell during some catastrophe.

@Chris Nerio

I think he does want it as his primary residence. Do you have any off market deals in ashburn? I'd be interested. The only place that I see going up cheaper than what he has is always the timber ridge (i think it's called) condos. I am actively looking in the area.

@Ashish Acharya

@Lien Vuong

Thanks you, that answers my question.

@Louis Fabrizi

I think that plan is great as long as you do not mind there being some time where it doesn't cashflow (because of repairs ect.) I don't think vacancy will be a big issue. I live in Ashburn and know how desirable an area it is. I hate to rely on low vacancy and great appreciation 😬 but it is hard to see ashburn any other way right now. Especially as we see a trend of more and more federal spending, the suburbs of DC will continue to explode in my opinion!

I like the plan. If you have the cash reserves for repairs, and can make sure you have a large enough down payment to keep the PITI down around 2kish like you have on the first one I think you will be set up very nicely.

In 10 years I think you will be very happy with the decision.

On a side note: what brokerage are you with? I am studying to get my real estate license right now :)