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All Forum Posts by: Sam H.

Sam H. has started 14 posts and replied 20 times.

Post: getting RE license in Va

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

Hello,

I am interested in getting my real estate licence in VA. I'd like to know what the best ways are to do it quickly and cheaply. Can you do it online ? Once I do the studying and passing the exam, how do I find a broker that will let me hang my licence with them? I'm more interested in finding properties for my investments, than in listing for others. I don't mind listing for others, but I plan to do that part time.

Thank!

Post: Networking in Northern VA

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

@dan MacDonal

Thank you. Can you please provide the link to the meetup?

Thanks

Sam

Post: Networking in Northern VA

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

HI everyone,

I'm starting out in the Washington DC/No Va area and would like to know if there are any meetups or REI groups in the area. Can you please shed some light on how I can join a few? I have not been able to find many that are active.

Thanks!

S.

Post: LOC on two properties

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

Hi,

I own two condos in TN. They are reach worth 60-65K. No current liens or mortgages. They are both rentals in a strong rental market. Just bought cash. I'd like to take out a LOC on them. I'd also like to discuss some other creative financing options like portfolio lending, etc.

Can you please provide guidance or contacts? I am based in Northern VA but invest in Memphis TN. I am really looking for a one stop shop that will be able to serve my investing needs across both states and be a key part of my team.

Thank you all.

Hi everyone,

I cannot tell you how fortunate all of us are to have this great forum to ask and answer questions.

I am about to close on two properties (condos) in TN. I live in VA. The properties will be in my name but I plan to move to one LLC after close. here are my questions:

1. I have a LLC created in VA. Should I create one in TN to do this?

2. How difficult is it to transfer the properties to the LLC? What are the steps and costs (roughly)?

3. If the properties are held by a LLC, will this cause problems if I wanted to take out a HELOC on them? They are going to be paid in full so no loans/leans.

Thank you all

Post: how do I become a hard money lender

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

Hello,

I am interested in utilizing my funds to lend hard money instead of owning RE out right. How do I become one and any tips?

Post: Undervalued markets

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

Thank you J Scott for the reply. I am more of a buy and hold type investor. The market here never really dropped and it is rising fast in and around washington DC. I am long term investor and looking to buy, rent and hold. My goal is to buy a property or two a year. That is what I can afford in my market. I can however buy many more with the same amount in other markets. That's my dilemma. to give you some prospective, a townhome in my area ranges from 320-700K depending on the location. A SFH anywhere in northern VA is at least 500K for an old run down property that needs TLC. I bought my primary residence in 2010 and got it for 50K less than listed but trust me, it is not a deal when your're talking in the sub $1M price range in the area. That is the reality here.

Post: Undervalued markets

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

Hi everyone,

I am just starting out and have read a ton of info and have practiced through a couple of deals. My question are:

1. What are the best places to invest in the country? Where is it undervalued?

2. I live in Northern VA. Needless to say, it is very expensive here and all the ratios we talk about (2% rule, 70% rule, etc..) don't work here. What are some ideas/thoughts on what is reasonable from your experience. Since I am new, I'm a little timid about investing anywhere outside of an hour drive, but I may have to in order to stretch my dollars.

I appreciate it.

Post: Comprehensive spreadsheet for evaluating investments

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

Hi everyone,

I am a newbie from the Northern VA area. I am trying to find some good ways to evaluate investments of all kinds (TH, SFH, etc..) but have not been able to get my hands on anything more than the basic formulas of rent vs. liabilities/expenses for the unit. Is there such a document that can include the intangeables such as your tax effect and depreciation, loan costs and pay down, any other benefits as in net worth, etc.? I am trying to get a full picture of an investment, not just in the hard dollars that I pay or receive monthly, but the overall impact on my tax situation, depending on my filing status and tax bracket. Any help and guidance on this would be greatly appreciated.

I am new to all of this and tend to be conservative and methodical so I like to better understand what I amn getting into and learning more. You all have been great and I have been reading non stop.

Thanks

Sam

Post: New to RE in Northern VA

Sam H.Posted
  • Landlord
  • Vienna, VA
  • Posts 20
  • Votes 1

I live in Northern VA and I am interested in starting to invest in RE. I have been watching the market and it looks very over heated here with properties going up in price and getting snagged in bidding wars. I am a buy and hold kind of person; primarily looking for cashflow and long term appreciation/tax benefit. So a couple of questions:

1. Are there any out there who would possibly offer to be mentors or just a sounding board for me to guide me through the process of identifying/targeting deals?

2. Given the high prices here and the high costs and barriers to entry, what would you recommend the best approach to get in? Condo, Townhouse or Single Family Home?

3. I have cash on hand for a large down payment or even buying a condo out right (price dependent of course :)). What are some approaches/tactics employed by others in the area.

4. I'd like to target higher end renters and families who could take care of the properties. Any tactics there?

I appreciate any help/guidance you can provide and I hope and plan to be active on these boards to pay it forward.

Thanks!

S.